Chronic Pain Treatment Market being Driven by Surging Geriatric Population

In 2017, the global chronic pain treatment market size reached a value of $69.3 billion and is expected to advance at a 6.4% CAGR during the forecast period (2019–2024). The market is registering growth due to the surging geriatric population, rising prevalence of chronic health conditions, and increasing government support for chronic pain management. The pain that persists in a patient beyond a period of three months is referred to as chronic pain. Chronic pain may limit mobility and reduce stamina, flexibility, and strength in patients.

In terms of indication, the chronic pain treatment market is divided into arthritis pain, cancer pain, fibromyalgia, neuropathic pain, chronic back pain, migraine, and others (which include nociceptive pain and visceral pain). Among these, the neuropathic pain division dominated the market during the historical period (2014–2018) and is projected to grow at a 6.2% CAGR during the forecast period. The reason for this is the rising incidence of neuropathic disorders and surging aging population around the world. Cancer pain is predicted to grow at the fastest pace during the forecast period.

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When product is taken into consideration, the chronic pain treatment market is bifurcated into devices and drugs, between which, the drugs category accounted for the larger share of the market during the historical period because of the growing prevalence of several types of chronic diseases. The category is further classified into non-steroidal anti-inflammatory drugs, antidepressants, opioids, anticonvulsants, and others. The devices category is expected to advance at the faster CAGR of 11.0% during the forecast period and is further classified into analgesic infusion pumps, neurostimulation devices, ablation devices, and others.

The increasing government support for chronic pain management is also among the primary driving factors of the chronic pain treatment market. The national and international government organizations have taken several initiatives in order to increase the awareness and funding for the effective management of chronic pain. For example, the Association for the Study of Pain (IASP) launched an IASP Developing Countries project in January 2018 for increasing pain education and practice in developing countries by providing sufficient grants.

Hence, the market is growing due to the increasing geriatric population, rising government support for chronic pain management, and surging prevalence of chronic health conditions across the globe.