CHRONIC PAIN MARKET ANALYSIS

Global chronic pain market growth can be hampered due to high treatment costs associated with chronic pain medications and therapies. As chronic pain conditions often require long-term or lifetime management, the costs of medications, physician visits, therapies and procedures can accumulate significantly over time for patients, providers and payers. Indirect costs of chronic pain such as loss of productivity at work and lower quality of life also places a huge economic burden on individuals and society. Patients may have difficulties affording and adhering to prescribed treatment regimens due to their high costs. Payers and healthcare systems also struggle to manage the expenses of chronic pain management in a cost-effective and sustainable manner. High treatment expenditures can render chronic pain as an unsustainable healthcare issue from an economic perspective. Unless costs are controlled through more efficient care delivery and cheaper treatment alternatives, it will continue to strain budgets and be a barriers to effective pain relief.

Market Opportunity: New Treatment Options and Technologies

Development of new and innovative treatment options as well as technologies can offer market growth opportunities. There has been significant research underway to discover novel drugs and drug formulations that can better target the specific mechanisms underlying different chronic pain conditions with improved safety, tolerability and effectiveness profiles. Alternative therapies such as neural stimulation devices, gene therapies and other interventions are also being investigated, which may help manage chronic pain in new ways. New technologies allowing precision diagnostics, less invasive procedures and remote or home-based care delivery can enhance chronic pain management. Their ability to lower costs of care while maintaining or improving outcomes can address one of the key challenges around high treatment expenditures. Investments into research for new treatments and technologies have the potential to transform chronic pain management.