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Chronic Pain Treatment Market - Global Industry Trends and Forecast - 2023
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As the world population finds itself on the brink of a chronic pain epidemic, the need to address chronic pain as a public health problem by public health practitioners and scholars is gaining strength. Analysts suggest that nearly 20% of the world’s population presently suffers from chronic pain. Factors such as rising prevalence of chronic diseases, increased number of surgeries, rising geriatric population, and changing lifestyles continue to add nearly 10% new patients to these numbers every passing year.
These factors have triggered the favorable expansion of the global pain management therapeutics market in the past few years and will continue to drive the market at a healthy pace in the next few years. Transparency Market Research suggests that the market will exhibit a 3.7% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$60.2 bn in 2015, is expected to rise to US$83.0 bn by 2024.
Cancer Pain Medications Lead Market, but Demand for Back pain to See Most Promising Growth
The WHO states that the number of new cancer cases registered across the globe was nearly 14 mn. Also, over the next two decades, the number of new cancer cases is expected to rise by nearly 70% worldwide. The enormous rise in cancer cases in the past few years naturally makes the disease one of the chief drivers of the pain management therapeutics market and also the key stimulators for the market’s future growth prospects. Transparency Market Research analysts state that the cancer pain management segment accounted for a dominant share of over 28% in the global pain management therapeutics’ market’s overall revenues in 2015.
The segment held the largest share in the revenues of the pain management therapeutics across key regional markets, including North America, Europe, Asia Pacific, and the countries in the Rest of the World. Cancer pain management will continue to account for the largest share in the global pain therapeutics market over the period between 2016 and 2024. However, the segment of back pain management will generate the most promising growth opportunities for the market over the said period. Factors enabling the lucrative growth of the pain management therapeutics market in the back pain indication will be hectic lifestyles and rising geriatric population across the globe.
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