Global Chronic Pain Market Insights Forecasts to 2030
- The Chronic Pain Market was valued at USD 69.1 Billion in 2021.
- The market is growing at a CAGR of 5.8% from 2022 to 2030
- The global Chronic Pain Market is expected to reach USD 140.5 billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The global Chronic Pain Market is expected to reach USD 140.5 billion by 2030, at a CAGR of 5.8% during the forecast period 2022 to 2030.
Chronic pain is caused due to pain triggered at the nervous system which persist for a couple of months or year. Pain which persist for minimum of 12 months is normally considered as a chronic pain which occurs due to arthritis, cancer, and neurogenic pain but some people suffer from chronic pain without any sort of past injury. Some of the commonly used medicines to treat chronic pain are opioid pain relievers, nonsteroidal anti inflammatory drugs, and adjuvant analgesics. However, healthcare professionals and patients normally search for alternative pain relief therapies due to increasing awareness about potential implications of prolonged use of pain relief medicines like risk of side effects and addiction.
Impact of COVID 19 on Global Chronic Pain Market
People who are having pre existing ailments ten to suffer from stress during the COVID 19 outbreak which increased the use of medicines and care. Furthermore, medical diagnosis and screening procedures were heavily impacted at cancer care centers and hospitals. Not only this but also pandemic has resulted into the sharp rise in the usage of medicines such as non steroidal anti inflammatory drugs and opioids by patients. Hence, the market has witnessed positive growth during the second half of 2020 owing to the reopening of hospitals and healthcare centers which is booming the chronic pain market.
Key Driving Factors
Increasing geriatric population is driving the market
The rise in the number of geriatric people are highly driving the global chronic pain market including the rising cases of chronic medical ailments, increase in the use of opioids, rising demand of over the counter drugs and large network of retail medical stores. Apart from this, the increasing cases of chronic health issues like diabetes, cancer, neuropathy, multiple sclerosis, and osteoarthritis are also propelling the market growth. The World Health Organization (WHO) has mentioned that cancer has led to 10 million deaths across the world in the year 2020. In fact, the various therapeutic steps like physiotherapy, medicines, psychological therapy, etc. are also used to reduce pain as chronic illnesses are becoming common these days.
Key Market Challenges
The global chronic pain market is highly stimulated by the increase in acceptance of alternative pain management techniques owing to the knowledge of risk related to the increasing use of painkillers.
The neuropathic pain segment is dominating the market over the forecast period
Based on indication, the global chronic pain market is segmented into neuropathic pain, chronic back pain, arthritis pain, migraine, cancer pain, fibromyalgia, and others. Among these, the neuropathic pain segment is dominating the market with the largest market share over the forecast period. Damage in the body is impacting the somatosensory nervous system which results to neuropathic pain which is a type of chronic pain. In 2019, around 65% of people from US who are aged 65 or more are reported suffering from chronic pain.
Global Chronic Pain Market Report Coverage
|Market Size in 2021:||USD 69.1 Billion|
|Forecast Period 2021-2030 CAGR:||5.8%|
|2030 Value Projection:||USD 140.5 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||105|
|Segments covered:||By Indication, By Product, By Region.|
|Companies Covered:||Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Novartis AG, Johnson & Johnson, AstraZeneca PLC, Bristol-Myers Squibb Company, Becton.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The drug segment holds the largest market share over the forecast period
On the basis of product, the global chronic pain market is segmented into drugs and devices. Among these, the drug segment is dominating the market with the largest market share over the forecast period and is going to continue its dominance over the upcoming years. The growth is attributed to the easy accessibility to over the counter medicines and affordable prices. In fact, these medicines have the capability to treat various types of pains such as migraine pain, lower back pain, and excruciating headache.
North America is dominating the market with the largest market share over the forecast period.
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North America is dominating the market with the largest market share and is going to continue its dominance over the forecast period due to the increasing barriers to receive adequate care, patients suffering from chronic and acute pain. In 2020, over 52 million cases of chronic pain have been registered in US.
Europe, on the other hand has witnessed fastest market growth owing to the increasing cases of chronic pain due to which the sale of opioid medicines is largely increasing. The European market of chronic pain is mainly dominated by Germany, France, Spain, UK, and Italy.
Recent Market Developments
- In September 2020, NeuroMetrix Inc. has introduced wearable technology to treat chronic pain named Quell which is wearable nerve stimulation device for foot, knee, and leg pain users.
- In January 2021, Abbott Laboratories has made an announcement about the launch of NeuroSpace myPath which is designed to track and report on patient perceived pain relief.
List of Key Companies
- Eli Lilly and Company
- Pfizer Inc.
- Abbott Laboratories
- Medtronic Plc.
- Boston Scientific Corporation
- Novartis AG
- Johnson & Johnson
- AstraZeneca PLC
- Bristol-Myers Squibb Company
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Chronic Pain Market based on the below-mentioned segments:
Chronic Pain Market, Indication Analysis
- Neuropathic pain
- Chronic back pain
- Arthritis pain
- Cancer pain
Chronic Pain Market, Product Analysis
Chronic Pain Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa.
Frequently Asked Questions (FAQ)
1. What is the market size of Chronic Pain Market?The global Chronic Pain Market is expected to grow from USD 69.1 Billion in 2021 to USD 140.5 Billion by 2030, at a CAGR of 5.8% during the forecast period 2022-2030.
2. Who are the key market players of Chronic Pain Market?Some of the key market players of Chronic Pain Market are Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Novartis AG, Johnson & Johnson, AstraZeneca PLC, Bristol-Myers Squibb Company, Becton.
3. Which segment hold the largest market share?Drugs segment hold the largest market share is going to continue its dominance.
4. Which region is dominating the Chronic Pain Market?North America is dominating the Chronic Pain Market with the highest market share.
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