NEW YORK, Sept. 23, 2020 /PRNewswire/ -- The incidence of chronic diseases, including cancer, osteoarthritis, sickle-cell anemia, fibromyalgia, and autoimmune diseases, such as rheumatoid arthritis, is increasing around the world. This is the primary factor due to which the global chronic pain treatment market would witness a 6.5% CAGR between 2020 and 2030, to reach $151.7 billion by 2030, from $77.8 billion in 2019. All these conditions cause long-lasting pain, thereby leading to a high demand for pain management services, according to the study published by P&S Intelligence.
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The idea of the growth potential of the chronic pain treatment market can be had from the estimates of the WHO, which say that in 2018, 9.6 million people on this earth died of cancer. Due to such a high prevalence of chronic diseases, the number of people suffering from chronic pain is also high. Among the most prevalent types of chronic pain are neck pain, lower back pain, facial pain, and migraine, due to which the demand for physiotherapy, medication, corrective surgery, psychological therapy, medical devices, therapeutic nerve blockers, and neuroablation is quite high.
Though the world continues to experience pain, the chronic pain treatment market is being hurt by the coronavirus pandemic, as the lockdown in numerous countries has resulted in the low manufacturing output and supply of associated drugs and devices. Moreover, a large number of pain management centers have shut shop, as the focus of the healthcare industry is currently firmly on treating COVID patients, which has further led to a reduced demand for devices and drugs.
Browse report with detailed COVID-19 impact analysis on Chronic Pain Treatment Market Research Report: By Product (Drugs, Devices), Indication (Neuropathic Pain, Arthritis Pain, Chronic Back Pain, Cancer Pain, Migraine, Fibromyalgia), Application (Musculoskeletal, Neuropathy, Oncology), Distribution Channel (Direct, Indirect), End User (Hospitals, Clinics, Nursing Homes, Research Centers & Universities) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/chronic-pain-treatment-market
Till now, hospitals have held the largest share in the chronic pain treatment market, based on end user. Pain management services, especially for post-operative pain, are widely provided at hospitals. With the increasing volume of surgeries, the contribution of hospitals to the market is expected to remain high.
North America is the largest chronic pain treatment market; the healthcare infrastructure here is the most advanced in the world, and a vast array of devices and drugs are available for pain management in Canada and the U.S. In addition, the geriatric population is rising in the continent, which is leading to the increasing cases of lasting pain associated with chronic diseases.
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In the immediate future, the chronic pain treatment market in the Asia-Pacific (APAC) region is expected to grow the most rapidly. Driven by government initiatives, the healthcare infrastructure here is improving. In addition, the rising disposable income is allowing people to spend more on pain management, which is becoming necessary, since the prevalence of chronic diseases is surging here.
In order to get a clear edge in the chronic pain treatment market, companies offering pain relief solutions are entering into partnerships, collaborations, and agreements, to:
- Develop vaccines for cervical cancer and recurrent glioblastoma
- Open robotic laboratories
- Strengthen their oncology pipeline and cell and gene therapy program
- Create and commercialize HER2-targeting antibody drug conjugate
- Gain funds to develop BCMAxCD3 bispecific antibody for multiple myeloma and MUC16xCD3 bispecific for mucin-16 expressing cancer
The major players in the global chronic pain treatment market are GlaxoSmithKline plc, Eli Lilly and Company, Medtronic plc, Pfizer Inc., Boston Scientific Corporation, Abbott Laboratories, Johnson & Johnson, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca plc, Sanofi S.A., and Becton, Dickinson and Company.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
SOURCE P&S Intelligence