Pain Management: Increasing technological advancements are projected to boost the market growth at a CAGR of ~ 7.30%

Pune, India, May 2022/MRFR Press Release/- Market Research Future has published a half-cooked research report on the pain management market.

Market Overview

Pain Management Market is expected to record up to USD 12.19 Billion by 2030, exhibiting a CAGR of 7.30% during the forecast period (2022 - 2030). 

Market Dynamics

Pain is becoming increasingly frequent, which increases the demand for more effective diagnosis and treatment. In both the emergency room and the outpatient clinic, the most common complaints are headache and facial pain. The three most common types of headaches experienced by people are migraine, cluster headache, and tension headache.​ The increasing rate of technological progress is largely responsible for the optimistic forecast for the market's future expansion.

The rising prevalence of chronic pain disorders is a continuing impetus for manufacturers to develop ever-more-advanced solutions. The players in the market have been investing regularly in the research and development of novel approaches to relieving chronic pain. The introduction of new wearable technology has been one of the most promising trends in the field of chronic pain management.

The pain management industry has benefited greatly from the widespread acceptance of pain relievers as first-line therapy. However, in recent years, there has been a rise in the usage of device-based pain management therapies due to the increasing reliance on their long-term use and a better understanding of their negative effects. One of the most prevalent is discomfort felt after surgery. There is a high need for pain management tools because of the expense of tracking and managing negative side effects.

Opioid and other well-established painkiller addiction is on the decline as the market steadily adopts additional non-opioid drugs. There are a number of non-opioid medicines with mechanisms of action in preclinical and clinical research. Multiple nations' regulatory agencies are adopting new methods, which will hasten the process of approving new pharmaceuticals for sale. Change is anticipated to occur gradually. As a result, the future of pain management seems bright over the foreseeable future.

The prevalence of chronic pain is quite high among the geriatric population and is regarded as an independent risk factor for mortality, therefore an aging population is likely to drive the market's expansion. The market is predicted to grow as a result of rising product introductions. Worldwide healthcare systems have been affected by the COVID-19 epidemic. Most elective and non-urgent procedures were postponed around the world as health organizations worked to limit the spread of the coronavirus through lockdown protocols. 

Market Segmentation

The market segmentation, based on type, includes Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), Anticonvulsants, Sedatives, Narcotics, Antimigraine specialists, Antidepressants, and Others. The Non-Steroidal Anti-Inflammatory Drugs (NSAIDs) segment held the majority share in 2021.

Based on Indication, the market segmentation includes Delegated neuropathic torment, Disease torment, Facial agony and headache, Musculoskeletal torment, Fibromyalgia, Persistent back torment, Joint torment, Headache, and Post-usable torment. The Musculoskeletal torment segment is projected to be the faster-growing segment during the forecast period.

Based on the Mode of purchase, the market segmentation includes Over counter, Solution-based. The over-the-counter (OTC) segment dominated the pain management market growth in 2021.

Based on End-User, the market segmentation includes Emergency clinics and facilities, Drug organizations, Clinical gadget organizations, Examination, Educational establishments, and Others. The Emergency clinics and facilities segment dominated the market in 2021. 

Regional Analysis

The United States is the primary revenue generator for the North American market. Factors such as the elderly population's growing need for chronic pain relief and innovations in the field of pain management are expected to drive growth in the North American market.

The European market is the second largest in the world. This is due to the high incidence of chronic pain problems across the continent and the huge and aging population. In addition, people are beginning to understand how critical it is to have access to appropriate pain remedies.

The increasing geriatric population, rising disposable income, and better healthcare infrastructure in Asia-Pacific are driving forces behind the region's predicted growth in this market throughout the forecasted time period. The demand for pharmaceuticals and medical equipment to address chronic pain is influenced by the high prevalence of chronic pain problems among the elderly, such as arthritis, neuropathic illnesses, and back pain.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Pain Management Market Research Report

Competitive Analysis

Key Companies in the Pain Management market include Abbott Laboratories, Stryker Corporation, Codman And Shurtleff, Inc, F. Hoffmann-La Roche Ltd, Abbvie, Allergan, AstraZeneca plc, Bayer AG, DJO LLC, Eli Lilly & Company, and Endo Health Solution.