The incidence of chronic diseases, including cancer, osteoarthritis, sickle-cell anemia, fibromyalgia, and autoimmune diseases, such as rheumatoid arthritis, is increasing around the world. This is the primary factor due to which the global chronic pain treatment market would witness a 6.5% CAGR between 2020 and 2030, to reach $151.7 billion by 2030, from $77.8 billion in 2019. All these conditions cause long-lasting pain, thereby leading to a high demand for pain management services, according to the study published by P&S Intelligence.
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The idea of the growth potential of the chronic pain treatment market can be had from the estimates of the WHO, which say that in 2018, 9.6 million people on this earth died of cancer. Due to such a high prevalence of chronic diseases, the number of people suffering from chronic pain is also high. Among the most prevalent types of chronic pain are neck pain, lower back pain, facial pain, and migraine, due to which the demand for physiotherapy, medication, corrective surgery, psychological therapy, medical devices, therapeutic nerve blockers, and neuroablation is quite high.
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Globally, the chronic pain treatment market recorded the highest growth in North America during the past few years and this trend would continue in the forthcoming years as well. This would be a result of the growing geriatric population, the existence of several chronic pain management medicines and devices and the rising prevalence of chronic diseases in the region.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders