The Global Pain Management Market Size accounted for USD 48,518 Million in 2021 and is estimated to garner a market size of USD 83,348 Million by 2030 rising at a CAGR of 6.5% from 2022 to 2030. Increasing cases on chronic pain is the prominent factor that is boosting the global pain management market growth. In addition to that, rising demand for chronic pain management in home care settings is pushing the market growth forward for the coming future. Furthermore, growing drugs and devices to reduce pain is the recent pain management market trend that is intensifying the industry growth.
Pain Management Market Report Key Highlights
Gradual increase in number of patients suffering from chronic cancer and diabetes, coupled with high government spending on hospital infrastructure in order to provide enhanced care are major factors expected to drive the growth of global market. According to U.S. Department of Health & Human Services in 2016, an estimated 20.4% of U.S. adults (50.0 million) had chronic pain and 8.0% of U.S. adults (19.6 million) had high-impact chronic pain.
Global Pain Management Market Dynamics
Pain Managements Market Report Coverage
|Market||Pain Management Market|
|Pain Management Market Size 2021||USD 48,518 Million|
|Pain Management Market Forecast 2030||USD 83,348 Million|
|Pain Management Market CAGR During 2022 - 2030||6.5%|
|Pain Management Market Analysis Period||2018 - 2030|
|Pain Management Market Base Year||2021|
|Pain Management Market Forecast Data||2022 - 2030|
|Segments Covered||By Mode Of Pain Management, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott Laboratories, AstraZeneca PLC, Baxter International Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Fresenius SE & Co. KGaA, GlaxoSmithKline PLC, Johnson & Johnson, Medtronic PLC, Novartis International AG, Pfizer Inc, and others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Pain Management Market Insights
Favorable business policies and emergence of small and mid-size enterprises with advanced solutions are factors expected to support the growth of target market. In addition, players focus on tracking the untapped market in developing countries is expected to support the growth of target market.
However, factors such as high cost of devices and stringent government regulations related to product approval are expected to hamper the growth of global pain management market. In addition, lack of advanced infrastructure in developing countries for adoption of advanced devices is expected to challenge the growth of target market.
Rapid technological advancements by major players, integration of AI in devices coupled with introduction of innovative solutions are factors responsible to create new opportunities for players operating in the target market over the forecast period. In addition, increasing partnership and agreements between regional and international players is expected to support the revenue growth of target market
Pain Management Market Segmentation
The worldwide pain management market is split based on mode of pain management, application, and geography.
Pain Management Market By Mode Of Pain Management
According to our pain management industry analysis, the drugs accounted for a considerable market share in 2021. Among al the dugs, opioids category was the largest contributor to the market in 2021 because of opioids' great efficiency in relieving pain in major chronic illnesses. During the projection period, the anaesthetics segment is expected to increase at the fastest rate. Among all the devices, neurostimulation devices dominated the market with significant pain management market share.
Pain Management Market By Application
Acccodting to pain management market forecast, the neuropathic pain application occupied a noteworthy market share from 2022 to 2030. The presence of a big patient population is a crucial factor driving up demand for pharmaceuticals in the market. Neuropathic pain affects between 3% and 17% of persons. Furthermore, cancer pain and chronic back pain are predicted to expand at the fastest rates during the forecast period, owing to an increase in the number of operations worldwide and an increase in the incidence of chronic diseases that cause back pain.
Pain Management Market Regional Outlook
The Middle East & Africa (MEA)
According to CDC over 65% of the US elderly population suffers from chronic pain
The North America pain management market is expected to account for significant revenue share owing to availability of enhanced pain care management, increasing number of patients suffering from chronic diseases, availability of favorable insurance policies, and growing base of aging population. With an increase in the older population, the market is predicted to grow at a faster rate, as the ageing population is more susceptible to chronic illness. Presence of large number of players operating in the country and approach towards introduction of innovative solutions are factors expected to boost the growth of target market. During the projection period, the Asia-Pacific pain management market is expected to develop at the fastest rate. This expansion can be attributed to R&D efforts in the development of technologically advanced healthcare treatment solutions.
Pain Management Market Players
Some of the top pain management companies offered in the professional report include Abbott Laboratories, AstraZeneca PLC, Baxter International Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Fresenius SE & Co. KGaA, GlaxoSmithKline PLC, Johnson & Johnson, Medtronic PLC, Novartis International AG, and Pfizer Inc.
Increasing investment by major players for R&D activities, and approach towards introduction of smart devices are factors responsible for the growth of target market. In addition, strategic merger and acquisition activities by major players in order to enhance the business presence are factors expected to augment the growth of target market.
In 2019, NeuroPace, Inc. launched Senza® Omnia™ Spinal Cord Stimulation System in the US for the treatment of chronic pain. This is expected to help the company to enhance the product portfolio and enhance the profit ratio.
In 2018, Abbott a multinational medical devices and health care company signed an agreement with National Institutes of Health (NIH), US in order to provide neuromodulation technologies, including directional DBS, SCS, and DRG therapy, for NIH research and further explore the applications.
In 2019, Boston Scientific Corp. engages launched Spectra WaveWriter™ Spinal Cord Stimulator System for treatment of chronic pain and simultaneously combine paresthesia-based and sub-perception therapy in Europe. This is expected to help the company to strengthen its position in Europe.
In 2018, NeuroPace a global operating company that designs, develops, manufactures and market implantable devices for the treatment of neurological disorders launched RNS system for treatment of refractory epilepsy. This is expected to help the company to enhance the customer base.
The market size of pain management market in 2021 was accounted to be USD 48,518 Million.
The projected CAGR of pain management market during the analysis period of 2022 to 2030 is 6.5%.
The prominent players of the global pain management market are Abbott Laboratories, AstraZeneca PLC, Baxter International Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Fresenius SE & Co. KGaA, GlaxoSmithKline PLC, Johnson & Johnson, Medtronic PLC, Novartis International AG, and Pfizer Inc.
North America held the dominating pain management during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for pain management during the analysis period of 2022 to 2030.
Growing incidences of chronic pain, rising prevalence of sport injuries, and increasing number of surgical procedures drives the growth of global pain management market.
Based on mode of pain management, drugs segment is expected to hold the maximum share pain management market.