Surging aging population, rising government support for pain treatment, and increasing prevalence of chronic health conditions are some of the major factors driving the growth of the chronic pain treatment market. In 2017, the market generated a revenue of $69.3 billion, and is anticipated to advance at a CAGR of 6.4% during the forecast period (2019–2024). Chronic pain is a pain that persists in a patient for more than three months. For instance, arthritis pain, neuropathic pain, and back pain are some of the types of chronic pain.
The market for radiofrequency devices is expected to hold 86.4% revenue share in the chronic pain treatment market by 2024. These devices are specially designed to offer long-lasting pain relief, due to which these are becoming popular across the globe for the management of chronic pain. These devices and drugs are used for various types of pain, such as arthritis, migraine, back, fibromyalgia, and neuropathic pains. Out of these, chronic pain products are used the most for neuropathic pain management.
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This category is expected to generate $28.4 billion revenue by 2024, advancing at a 6.2% CAGR during the 2019–2024 period due to the increasing prevalence of neuropathic disorders and surging geriatric population. Further, based on application, the chronic pain treatment market is divided into neuropathy, oncology, musculoskeletal, and others. Among these, the musculoskeletal division is predicted to value at $44.7 billion by 2024. According to the 2018 Hidden Impact of Musculoskeletal Disorders on Americans report, due to back pain 264 million working days are lost every year in the country.
Increasing initiatives of international and national government organizations toward raising awareness and funding for chronic pain management are playing a significant role in the growth of the chronic pain treatment market. For instance, the International Association for the Study of Pain (IASP) announced an IASP Developing Countries Project in January 2018, which continued till March 2018, to increase the awareness on pain management practice and education in emerging countries by offering sufficient monetary support. The support is provided to improve the availability and scope of essential education of clinicians working in the pain treatment area.
Hence, growing government support for the management of pain is expected to accelerate the growth of the chronic pain treatment market during the forecast period.
This post was originally published on Financial Sector