Global Chronic Pain Treatment Industry Analysis, Share, Growth Drivers and Forecast by 2024

Chronic Pain Treatment Market

New York, United States, 2019-Jul-22 — /EPR Network/ —

The Chronic pain treatment market is expected to reach $105.9 billion by 2024. The market growth is primarily driven by the rising prevalence of chronic conditions, surging geriatric population, and increasing government support toward chronic pain management.

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Chronic pain treatment products are used in several application areas, including musculoskeletal, neuropathy, and oncology. Musculoskeletal indications constitute the largest application area of these products and are estimated to generate revenue of $31.8 billion in the chronic pain treatment market in 2018. This can be mainly attributed to the high prevalence of musculoskeletal disorders, such as osteoarthritis, back pain, and rheumatoid arthritis, across the globe.

On the basis of distribution channel, the chronic pain treatment market is divided into direct and indirect modes, of which the direct mode of distribution led the market in 2017 with 60.1% revenue contribution. The growing emphasis of drug and device manufacturers on direct sales is driving the market growth in this category.

During the forecast period, the chronic pain treatment market is expected to witness the fastest growth in the APAC region. This can be mainly attributed to the high prevalence of chronic pain among people in the region. Among all age groups, the elderly are the most susceptible to chronic conditions, such as arthritis, neuropathic disorders, and back pain. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of aged people in the region is expected to increase twofold, from 535 million in 2015 to 1.3 billion by 2050.

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Some of the key players operating in the global chronic pain treatment market are Eli Lilly and Company; GlaxoSmithKline plc; Medtronic plc; Boston Scientific Corporation; Novartis AG; Johnson & Johnson; AstraZeneca PLC; Bristol-Myers Squibb Company; Becton, Dickinson and Company; and Sanofi.

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