Dublin, Feb. 12, 2019 (GLOBE NEWSWIRE) -- The "Chronic Pain Treatment Market by Product, by Indication, by Application, by Distribution Channel, by End User, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2014-2024" report has been added to ResearchAndMarkets.com's offering. 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. 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. Chronic pain treatment products are used in several application areas, including musculoskeletal, neuropathy, and oncology. Musculoskeletal indications constitute the largest application area of these products and are estimated to generate revenue of $31.8 billion in the chronic pain treatment market in 2018. This can be mainly attributed to the high prevalence of musculoskeletal disorders, such as osteoarthritis, back pain, and rheumatoid arthritis, across the globe. On the basis of distribution channel, the chronic pain treatment market is divided into direct and indirect modes, of which the direct mode of distribution led the market in 2017 with 60.1% revenue contribution. The growing emphasis of drug and device manufacturers on direct sales is driving the market growth in this category. Hospitals; clinics; nursing homes; and research centers and universities are the major end users in the chronic pain treatment market. Hospitals are the largest end users of chronic pain treatment products and are estimated to hold 39.7% market share in 2018. Pain treatment practices are more frequently performed in hospitals, particularly for post-surgical pain. Thus, with the growing number of surgical procedures around the world, hospitals are expected to continue generating a high demand for chronic pain treatment products. During the forecast period, the chronic pain treatment market is expected to witness the fastest growth in the APAC region. This can be mainly attributed to the high prevalence of chronic pain among people in the region. Among all age groups, the elderly are the most susceptible to chronic conditions, such as arthritis, neuropathic disorders, and back pain. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of aged people in the region is expected to increase twofold, from 535 million in 2015 to 1.3 billion by 2050. To reduce the prevalence of chronic pain in the region, several government organizations are providing advanced healthcare services that help people manage pain-related conditions. For instance, Painaustralia, one of the key Australian pain advocacy bodies working toward improving the quality of life of patients living with pain, launched a national pain strategy in 2011, to provide evidence-based pain management services that focus on interdisciplinary care at all levels of the health system. Through this strategy, several initiatives have been taken to decrease the prevalence of chronic pain in Australia. 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. Furthermore, in November 2018, Abbott Laboratories launched the dorsal root ganglion (DRG) Invisible Trial System. Abbott's DRG is a form of neurostimulation therapy that specifically targets the DRG. The therapy blocks pain signals transmitted via the DRG, thereby providing relief in chronic pain. With the DRG Invisible Trial System, the patient can use an Apple iPod touch to manage pain by changing the stimulation settings within prescribed limits. Market Dynamics
Trends
- Innovations in the field of pain management
- Increasing number of product approvals
Drivers
- Increasing government support for chronic pain management
- Growing geriatric population
- Increasing prevalence of chronic health conditions
- Impact analysis of drivers on market forecast
Restraints
- Side-effects associated with pain management drugs and devices
- Product recalls
- Patent expiry of blockbuster chronic pain treatment drugs
- Increasing usage of opioids and antidepressants
- Impact analysis of restraints on market forecast
Opportunities
- Untapped markets in developing economies
Companies Mentioned
- Eli Lilly and Company
- GlaxoSmithKline plc
- Pfizer Inc.
- Medtronic plc
- Abbott Laboratories
- Boston Scientific Corporation
- Novartis AG
- Johnson & Johnson
- AstraZeneca PLC
- Bristol-Myers Squibb Company
- Becton
- Dickinson and Company
- Sanofi
For more information about this report visit https://www.researchandmarkets.com/research/q...ronic?w=12
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 Related Topics: Analgesics
