chronic pain treatment market Outlook
Pain management is a medical specialty that is growing rapidly and takes a multi-disciplinary approach to treat all forms of pain. Pain can be frustrating and debilitating and can interfere with activities, time with family and friends, work, and sleep. Pain management can offer relief so people can enjoy life. This covers a huge spectrum of conditions such as post-operative pain, sciatica, neuropathic pain, and others.
The global chronic pain treatment market is predicted to grow at a 6.0% CAGR over the forecast period (2018-2023), as per the latest Market Research Future (MRFR) report.
Various factors are propelling the chronic pain treatment market growth. These factors, as stated by the MRFR report, include increasing technological advancements, rising prevalence of cancer pain, improved reimbursement policies, especially in developed countries, and improving regulatory framework. Additional factors boosting market growth include increasing government assistance, rising competition between market players, unmet medical needs, and growing research funding.
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On the contrary, poor healthcare systems, lack of trained or skilled physicians, and high cost associated with technology in middle and low-income countries are factors that are likely to impede the chronic pain treatment market growth over the forecast period.
Key Players
Leading players profiled in the chronic pain treatment market report include –
- Teva Pharmaceuticals
- Stryker Corporation
- Sanofi
- Purdue Pharma LP
- Novartis AG
- Merck & Co. Inc.
- Nevro Corp.
- Dickinson and Company
- Becton
- Neurotech Na Inc.
- Braun Melsungen AG
- Smiths Medical
- Halyard Health Inc.
- Pfizer Inc.
- Boston Scientific Corporation
- Jude Medical Inc.
- Medtronic PLC
- Mallinckrodt plc
- Johnson & Johnson Services Inc.
- GlaxoSmithKline plc
- Forest Laboratories
- Hoffmann-La Roche Ltd
- Endo Health Solutions
- Eli Lilly & Company
- DJO Global LLC
- Codman And Shurtleff Inc
- Bayer AG
- AstraZeneca plc
- Astellas Pharma
- Allergan
- Abbvie
- Abbott Laboratories
Market Segmentation
The Market Research Future report provides a wide segmental analysis of the chronic pain treatment market based on end user, mode of purchase, indication, type of pain management drugs, and type of pain management devices.
Based on pain management devices, the chronic pain treatment market is segmented inti ablation devices, analgesic infusion pumps, and neurostimulation devices. The neurostimulation device is again segmented into spinal cord stimulation (SCS) and transcutaneous electrical nerve stimulation (TENS) devices. Of these, the neurostimulation segment will have the largest share in the market over the forecast period.
Based on the type of pain management drugs, the chronic pain treatment market is segmented into antidepressants, antimigraine agents, opioids, anesthetics, anticonvulsants, non-steroidal anti-inflammatory drugs (NSAIDS), and others. The opioids segment is again segmented into methadone, meperidine, fentanyl, codeine, tramadol, hydrocodone, oxycodone, and others.
Based on indication, the chronic pain treatment market is segmented into post-operative pain, migraine, arthritic pain, chronic back pain, fibromyalgia, musculoskeletal pain, facial pain, cancer pain, neuropathic pain, and others. Of these, the neuropathic pain segment will dominate the market over the forecast period.
Based on the mode of purchase, the chronic pain treatment market is segmented into prescription-based and over the counter.
Based on end user, the chronic pain treatment market is segmented into research and academic institutes, medical device companies, pharmaceutical companies, hospitals and clinics, and others.
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In the Year 2019: Conroe, a leading pain management investment company, has acquired VIP Surgical Center. VIP is a renowned center which uses cutting edge technology to enable physicians in offering exemplary treatments to patients.
Regional Analysis
Based on the region, the chronic pain treatment market report covers growth opportunities and the latest trends across Europe, the Americas, the Asia Pacific, and the Middle East and Africa. Of these, the Americas will lead the market over the forecast period. This is owing to the growing prevalence of chronic pain, high health expenditure, well-developed technology, and the presence of various leading players in the region.
The chronic pain treatment market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to the rising competition among marketers and rising contribution towards R&D.
The chronic pain treatment market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to increasing healthcare expenditure, a huge patient pool, and rising demand for treatments.
The chronic pain treatment market in the Middle East and Africa will have the lowest share in the market over the forecast period. This is owing to poor medical facilities, lack of technical knowledge, and low development in the region.
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