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Chronic Pain Market 2024 - By Size, Share, Trends And Growth Prospects 2033
Chronic Pain Market
As per the report, the chronic pain market size has grown strongly in recent years. It will grow from $72.13 billion in 2023 to $78.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The chronic pain market size is expected to see strong growth in the next few years. It will grow to $106.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
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Risk Of Chronic Pain Patients Drives Growth In The Chronic Pain Market
The prevalence of chronic pain patients is expected to propel the growth of the chronic pain market. Chronic pain patients refer to individuals who experience persistent or long-lasting pain that lasts beyond the normal healing process or persists for an extended period, typically exceeding three months. The high prevalence of chronic pain patients drives the growth of the chronic pain market, as the increasing demand for effective pain management solutions, including pharmaceuticals and medical devices, creates opportunities for innovation and development within the industry. For instance, in April 2023, according to the Morbidity and Mortality Weekly Report (MMWR) published by the Centers for Disease Control and Prevention, a US-based national public health agency, the prevalence of chronic pain among adults in the United States varied between 20.5% and 21.8% in 2021. Additionally, the prevalence of high-impact chronic pain ranged from 6.9% to 7.8% during the same period. Therefore, the prevalence of chronic pain patients is driving the growth of the chronic pain market.
Innovative Portable Nerve Stimulation Devices Transforming Chronic Pain Management Market
Alternative pain management technologies are a key trend gaining popularity in the chronic pain market. Companies operating in the chronic pain market are focused on developing innovative portable and user-friendly nerve stimulation devices that use electrical impulses to stimulate nerves and reduce pain, providing a non-invasive pain management option, to sustain their position in the market. For instance, in December 2022, Abbott Laboratories, a US-based healthcare company specializing in diagnostics, medical devices, nutrition, and branded generic pharmaceuticals, launched Eterna, a state-of-the-art spinal cord stimulation (SCS) system that is currently the most compact implantable and rechargeable device available in the chronic pain treatment market. Eterna SCS employs Abbott's exclusive low-dose BurstDR stimulation, the sole waveform technology with extensive clinical evidence (1A evidence), demonstrating a 23% greater reduction in pain compared to conventional waveform technology approaches.
The chronic pain market covered in this report is segmented -
1) By Product: Drug, Devices
2) By Indication: Neuropathic Pain, Arthritis Pain, Chronic Back Pain, Cancer Pain, Migraine, Fibromyalgia, Other Indications
3) By End User: Hospitals, Clinics, Research Organization
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Major companies operating in the chronic pain market report are Pfizer Inc., Johnson & Johnson, AbbVie Inc., Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, Abbott Laboratories, Mitsubishi Chemical Group Corporation, GlaxoSmithKline plc., Eli Lilly and Company, AstraZeneca plc., Becton, Dickinson, and Company, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Biogen Inc., Endo International plc., Noven Pharmaceuticals Inc., Anika Therapeutics Inc., Collegium Pharmaceutical Inc., Heron Therapeutics Inc., Paradigm Biopharmaceuticals Ltd., Braeburn Inc., Taiwan Liposome Company Ltd., Axial Healthcare, AcelRx Pharmaceuticals Inc., Centrexion Therapeutics Corp., Vertanical GmbH, IKI Health Group, Tonix Pharmaceuticals Inc., Paperplane Therapeutics
Contents of the report:
1. Executive Summary
2. Chronic Pain Market Report Structure
3. Chronic Pain Market Trends And Strategies
4. Chronic Pain Market - Macro Economic Scenario
5. Chronic Pain Market Size And Growth
…..
27. Chronic Pain Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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