Global Chronic Pain Market Poised for Remarkable Growth, Reaching USD 152,372.7 Million by 2034

The global chronic pain market is poised for remarkable growth, with projections indicating an expansion to USD 78,186.20 million in 2024, and a further escalation to USD 152,372.7 million by 2034, reflecting a robust compound annual growth rate (CAGR) of 6.90%. This upward trajectory is underpinned by several dynamic factors shaping the industry landscape.

The escalating prevalence of chronic diseases, an aging global population, and an increased demand for over-the-counter (OTC) pain medications are primary drivers fueling this growth. As more individuals seek accessible and effective pain relief solutions, the market is witnessing a surge in demand for OTC treatments, which are increasingly favored for their convenience and accessibility.

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Government initiatives and increased funding towards chronic pain treatment are also contributing to market expansion. The growing geriatric population, alongside a rise in chronic health conditions, has spurred the need for comprehensive pain management solutions, encompassing pharmacological, non-pharmacological, and occupational therapies.

The shift towards alternative therapies is becoming more pronounced as awareness of the risks associated with prolonged use of traditional painkillers grows. Healthcare professionals are increasingly exploring non-pharmacological approaches, further diversifying pain management options available to consumers.

Additionally, the extensive network of small store pharmacies ensures the widespread availability of pain relief solutions, enhancing accessibility and driving market growth. Advances in technology are introducing innovative and non-invasive pain management techniques, opening new avenues for research and development within the sector.

The convergence of these factors underscores a promising future for the chronic pain management market, as it continues to evolve in response to the changing needs and preferences of patients worldwide.

“An increased focus on research and development presents significant growth opportunities in chronic pain diseases. New treatments and therapies have the potential to improve the lives of millions suffering from chronic pain.” – Says an analyst at FMI.

Key Takeaways of the Chronic Pain Market:

• Russia’s chronic pain market is expected to grow at a CAGR of 7.00%, driven by the increasing prevalence of chronic diseases, the geriatric population, and growing awareness of pain management therapies.
• The United Kingdom’s market is experiencing growth at a CAGR of 8.40% due to an aging population and advancements in healthcare technologies.
• Canada’s market is expanding at a CAGR of 10.80% due to the rising prevalence of chronic pain and the availability of advanced treatment options.
• Japan’s market is escalating at a CAGR of 7.80% due to the aging population and increased awareness of early diagnosis and treatment.
• Spain’s chronic pain market is getting bigger at a CAGR of 6.30% due to the rising demand for effective pain management treatments.

Competitive Landscape of the Chronic Pain Market:

The chronic pain management market is highly competitive, offering various products and options such as opioids, non-opioid analgesics, and nerve-block therapies. Companies are seeking new players to develop innovative therapies while prioritizing patient safety, efficacy, and affordability.

Latest Developments:

• In November 2023, BehaVR and Fern Health merged to form RealizedCare, a digital care management platform aimed at unlocking the value of digital therapeutics.
• In June 2023Aspen Medical Products introduced the Horizon PRO Line of lower spine braces, designed to alleviate symptoms of lower back pain caused by muscle fatigue and spasms, a concern for the elderly population, and limiting prescription pain relief dependence.

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Key Companies:

• Eli Lilly and Company
• Dickinson and Company
• Medtronic plc
• Johnson & Johnson
• Novartis AG
• AstraZeneca PLC
• Becton
• Bristol-Myers Squibb Company
• Sanofi

Key Segmentation:

By Product:

• Drugs
• Devices

By Indication:

• Neuropathic Pain
• Arthritis Pain
• Chronic Back Pain
• Cancer Pain
• Migraine
• Fibromyalgia
• Others

By Application:

• Musculoskeletal
• Neuropathy
• Oncology
• Others

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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