Chronic Pain Treatment Market
to Reach $105.9 Billion by 2024
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Chronic Pain Treatment Market
The 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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Chronic Pain Treatment Market
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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Chronic Pain Treatment Market
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.
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Chronic Pain Treatment Market
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.
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2/14/2019
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