Over 60% of people in the world will increase from 12% to 22% between 2015 and 2050, as per the WHO. Moreover, a major issue for care facilities is the high prevalence of chronic pain among older residents in nursing homes.
Pharmacological, non-pharmacological (physical therapy, such as exercise, foot orthotics, or patellar taping for knee osteoarthritis) and occupational therapies (assistive devices and joint protection education) are the main treatments used to treat this condition in the elderly population, which in turn has a positive impact on the need for chronic pain treatment.
The main growth factors for the worldwide chronic pain treatment market are the growing geriatric population, rising elderly population, and rising prevalence of chronic health disorders. The sector will generate USD 162,175.2 million in sales in 2030 as a result of the aforementioned causes, as per P&S Intelligence.
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One of the biggest healthcare burdens on the planet, which affects both high-income and low- and middle-income countries, is the increased prevalence of chronic diseases. Moreover, osteoarthritis, fibromyalgia, cancer, sickle-cell anemia, and autoimmune disorders (rheumatoid arthritis) are a few examples of chronic diseases that call for therapeutic intervention for effective pain management.
Cancer Pain Categories Will See Rapid Growth
According to predictions, the category of cancer pain will rise the fastest in the future. Cancer is one of the top causes of death worldwide, according to the NCI.
By 2040, it is anticipated that there would be 29.5 million new instances of cancer diagnosed annually, with 16.4 million cancer-related deaths. As a result, the market is being driven by the growing number of cancer survivors because the condition results in severe, prolonged pain.
The hospitals category will achieve the highest growth rate in the years to come. Hospitals are the places where pain management procedures are used most frequently, especially for post-surgical pain, where the high cost of monitoring and treating side effects results in the need for pain management treatment and medications.
North America Led Market Demand
Geographically, North America was the highest revenue generator in the chronic pain treatment market in 2020 due to the high healthcare spending, developed healthcare infrastructure, and widespread accessibility to cutting-edge medications and medical equipment.
On the other hand, the APAC market is anticipated to experience the quickest growth during the forecast period, largely due to the region's expanding elderly population, improved healthcare infrastructure, rising per capita income, and surging cases of chronic pain.
Drugs Categories Dominate Industry
The market for treating chronic pain was dominated by the medication category. This is partly because several chronic pain conditions, such as excruciating headaches or migraine pain, lower back pain, and facial discomfort, are becoming more common.
Additionally, the market for painkiller medications will grow due to the increasing senior population worldwide, sedentary lifestyle, and increase in surgical operations.
According to the application, the musculoskeletal category accounted for the largest share of the market for treating chronic pain. The high prevalence of musculoskeletal conditions including fibromyalgia, osteoarthritis, and rheumatoid arthritis is mostly to blame for this.
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