Global chronic pain market is estimated to witness high growth, owing to increased prevalence of medical conditions and rising adoption of pain management therapies
Global chronic pain market is estimated to be valued at USD 72.10 Bn in 2024, exhibiting a CAGR of 7% over the forecast period (2024-2031). Rising prevalence of medical conditions such as arthritis, cancer, and diabetes, which can often lead to chronic pain, along with an aging population can drive the market growth.
Market Dynamics:
Global chronic pain market growth is primarily driven by increasing prevalence of medical conditions associated with chronic pain and rising adoption of novel pain management therapies. According to WHO, approximately 20%-25% of adults worldwide suffer from chronic or persistent pain. Chronic pain can negatively impact one's quality of life by limiting mobility and physical activity. Untreated chronic pain can lead to anxiety and depression in some cases. As a result, there has been increase in adoption of pain management therapies among chronic pain patients. Moreover, introduction of innovative drug delivery methods and mechanisms of action have provided effective pain relief while lowering the risk of addiction associated with opioids. Transdermal therapeutic systems have gained popularity, owing to controlled drug delivery and consistent plasma drug levels provided. However, presence of stringent regulations for new drug approvals can hamper the market growth.
Growing prevalence of chronic diseases can drive the market growth
Global chronic pain market growth is driven by growing prevalence of chronic diseases, where pain is a major symptom. Diseases like cancer, arthritis, fibromyalgia and neurological disorders are becoming more common. It is estimated that around 20% of adults around the world suffer from chronic pain due to various underlying medical conditions. As the burden of chronic diseases increases with an aging population and changing lifestyle habits, there will be increase in number of people experiencing chronic pain in the near future. This can boost demand for various chronic pain treatment and management options including medications, devices and therapies.
Increasing awareness and acceptance of pain management
Global chronic pain market growth is driven by rising awareness and acceptance of pain as a condition that needs medical management. In the past, pain was often considered a normal part of aging or an inevitable consequence of certain diseases. However, due to educational campaigns by healthcare providers and patient advocacy groups, people are now more aware that chronic pain severely impacts quality of life and functional ability. These are also more open to seeking clinical evaluation and treatment for pain. Decreasing stigma around pain medications encourages more patients to adhere to physician-recommended treatment plans.
High cost of treatment can hamper the market growth
Global chronic pain market growth can be hampered due to high cost of treatment. Both prescription drugs and medical devices used for chronic pain management are expensive. Associated procedures like injections and implant surgeries are also costly. For many patients and healthcare systems, financial burden of long-term treatment can be prohibitive. This can limit broader access to therapy and can hamper the market growth. Efforts must be made to make options more affordable through value-based pricing, generic alternatives or public funding support.
Adverse side effects of medications hinder market prospects
Risk of adverse side effects with pain medications, especially opioids, can hamper the market growth. While these are highly effective at moderating severe chronic pain, long-term intake of opioids markedly increases the odds of developing tolerance, dependence and even life-threatening risks like overdose or respiratory failure. Ongoing opioid crisis has created intense regulatory scrutiny and public skepticism towards these drugs. Negative publicity can dent consumer confidence and physician willingness to widely prescribe such options. This can be addressed through development of safer meds.
Advancements in neuromodulation devices open new growth avenues
Ongoing technological advancements in neuromodulation devices for chronic pain management can offer market growth opportunities. Neurostimulation alternatives like spinal cord stimulators, peripheral nerve stimulators and TENS devices are gaining popularity due to advantages over pharmacological approaches. Companies are investing heavily in R&D to enhance existing device platforms, extend treatment capabilities and design smaller, more user-friendly options. Miniaturization, wireless capabilities and ability to treat new indications can expand the consumer base. Increased insurance coverage for such devices combined with favorable clinical data can boost application across healthcare settings.
Growing popularity of non-invasive methods
Rising adoption of non-invasive pain therapy options can offer market growth opportunities. Alternative therapies like acupuncture, physiotherapy, yoga, meditation and cognitive behavioral techniques are gaining mainstream acceptance for chronic musculoskeletal or neuropathic pain relief. These tend to have an excellent safety profile without major side effects. Due to the current opioid crisis and push for multidisciplinary treatment programs, insurers are more willing to cover such complementary modalities. Integrating these approaches could optimize pain management regimens as well as support a preventive care model for chronic conditions. This growing popularity of non-drug therapy regimens opens up new opportunities.
Link: https://www.coherentmarketinsights.com/market-insight/chronic-pain-market-4767
Key Developments:
- In July 2024, Boston Scientific Corporation announced positive five-year results for the Intracept Intraosseous Nerve Ablation System, presented at the American Society of Pain & Neuroscience (ASPN) conference in Miami Beach, Florida. The data, pooled from three clinical trials, highlight the effectiveness of the Intracept system in treating vertebrogenic low back pain, a condition caused by damage to vertebral endplates.
- In April 2024, Vertex Pharmaceuticals announced significant progress in its suzetrigine pain program, an oral selective NaV1.8 pain signal inhibitor that is poised to become the first new class of medicine for acute and neuropathic pain in over two decades. Following positive Phase 3 results in January 2024, the FDA granted New Drug Application (NDA) submission for suzetrigine in moderate-to-severe acute pain.
- In December 2023, Forever Cheer, a pharmaceutical company holding more than 10 global patents, selected Hong Kong as the launchpad for its innovative pain management drugs, aiming to expand its global footprint and significantly impact the healthcare industry
- In August 2023, MOBE and Override, digital health innovators, partnered to introduce a shared savings program for chronic pain management. This initiative focuses on providing personalized pain treatment through data analytics and behavioral health coaching, with the goal of reducing healthcare costs.
Key Players:
Pfizer Inc., Johnson & Johnson, GlaxoSmithKline PLC, Bayer AG, Novartis AG, Endo Pharmaceuticals, Bristol-Myers Squibb, Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Reckitt Benckiser Group plc, Medtronic plc, AstraZeneca PLC, Becton, Dickinson and Company, AbbVie Inc., Horizon Therapeutics, Mallinckrodt Pharmaceuticals, Zynerba Pharmaceuticals, Neurocrine Biosciences, Sorrento Therapeutics, and Cypress Pharmaceutical
