Chronic Pain Treatment Market Size, Segment Analysis, Growth Drivers and Forecast to 2024

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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Based on product, the chronic pain treatment market is bifurcated into drugs and devices. The category of drugs is further classified into opioids, non-steroidal anti-inflammatory drugs (NSAIDs), anticonvulsants, antidepressants, and other drugs. Opioids dominate the chronic pain drugs market, with an estimated contribution of 36.5% revenue in 2018. Opioids are considered one of the most effective drug classes for the treatment of chronic pain.

On basis of indication, the chronic pain treatment market is categorized into neuropathic pain, arthritis pain, cancer pain, chronic back pain, migraine, fibromyalgia, and others. According to the American Academy of Pain Medicine (AAPM), chronic pain affects approximately 1.5 billion people worldwide, on account of the high prevalence of cardiovascular disorders, cancer, and diabetes. During the forecast period, the market is expected to witness the fastest growth in demand for pain treatment products for cancer pain, followed by migraine.

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Increasing product approvals are paving the way for various market players to expand their product portfolio in the chronic pain treatment industry. For instance, in November 2018, Pfizer Inc. announced that it was granted pediatric exclusivity for LYRICA by the United States Food and Drugs Administration (USFDA). The grant extended the period of the U.S. market exclusivity for LYRICA by an additional six months till June 2019. LYRICA is currently approved in the U.S. for fibromyalgia, diabetic nerve pain, spinal cord injury nerve pain, and pain caused by shingles in adults. It is also approved as an adjunctive therapy for the treatment of partial onset seizures in patients aged four years and above.

Some of the other 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.

Source: P&S Intelligence