From $77.8 billion in 2019, the global chronic pain treatment market is predicted to reach a value of $151.7 billion by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market would advance at a CAGR of 6.5% between 2020 and 2030. The market is being driven by the rising government support for various chronic pain treatment procedures, the surging geriatric population, and the growing incidence of chronic health problems around the world.
The governments of many countries across the world are launching initiatives for raising public awareness about advanced pain treatment items and providing funding for the same, thereby fueling the expansion of the industry. For example, the Developing Countries Project of the International Association for the Study of Pain (IASP) was implemented between January and March 2018 for advancing pain treatment practice and education in the emerging economies with the help of grants.
As per the 2019 World Population Ageing report, there were as many as 703 million persons in the age bracket- 65 years or above all over the world in that year. The report said that over half of the geriatric people in the world in 2019 suffered from multiple chronic health ailments. The rising incidence of chronic diseases is another important factor driving the progress of the market. Orthopedic diseases, neurological disorders, and cancer cause long-term pain in patients.
As per the WHO, the low- and middle-income countries witness the deaths of nearly 70% of the total worldwide cancer deaths. Furthermore, migraine, lower back pain, joint pain, and neck pain generate huge requirement for pain treatment services such as psychological therapies, neuroablation, and physiotherapy throughout the world. Many drugs produced by the players operating in the industry for the treatment of various chronic diseases are currently under clinical trials.
Depending on product, the chronic pain treatment market is classified into devices and drugs. Between these, the drugs category recorded higher growth in the market in the past years. Globally, the market registered the highest growth in North America during the last few years and this trend will continue in the upcoming years as well. This would be because of the soaring population of geriatric people in the regional countries.
Hence, it can be safely concluded that the market will demonstrate huge growth all over the world in the forthcoming years, primarily because of the rising incidence of chronic diseases and the surging geriatric population in several countries around the world.