Emergence of various chronic disease with lifestyle challenges and growing attention to improve the demand of pain management exponentiate the market growth

calendar_today 14 December, 2022 person_outline Growth Plus Reports

Global chronic pain treatment devices market size was anticipated at US$ ~ 81.36 billion in 2021 by Growth+ Reports' deep-dive market assessment study. From 2022 to 2030, the market is predicted to grow at a CAGR of ~8.81%.

Chronic pain is persistent pain that persists over the time, and it typically takes for a wound to heal or coexists with a chronic medical condition, such as arthritis. Chronic pain can be constant or sporadic. People may have symptoms that prevent them from working, exercising, or just leaving a normal life. There are numerous potential reasons of chronic pain. Even if the illness or injury had long since healed, the pain continued. Or there can be a chronic source of suffering, like arthritis or cancer. Numerous people have chronic pain without any prior illnesses or injuries. The management of chronic pain involves a variety of various approaches. Non-steroidal anti-inflammatory drugs, painkillers, and analgesic pumps are a few examples. 

The well-established industry of using painkiller drugs as the first line of treatment is largely responsible for the expansion of the pain management market. However, in recent years, the usage of device-based pain management therapy has increased due to an increased reliance on their sustained use and a better awareness of their negative effects. Post-surgical discomfort is one of the key priorities of hospitals. There is a high demand for pain relief medications and equipment due to the expense of monitoring and treating side effects. Also, one of the main elements anticipated to support market expansion over the forecast period is the rising prevalence of chronic disorders. The demand for muscle and nerve stimulators has increased as lifestyle problems like obesity and diabetes are becoming more common. Another significant aspect that is predicted to contribute to the market's growth is the rising incidence of trauma or hypertension. The chance of developing a brain aneurysm and other chronic disorders is markedly increased by hypertension. In 2019, 76% of men and 71% of women in Canada received treatment for hypertension, according to the WHO. 

Opioids have been considered for antiquity as among the most efficacious drugs to treat of pain. Their usage in the therapy of paroxysmal pain and chronic pain associated to advanced medical illness is regarded the level of care in most of the world. The long-term use of an opioid for the management of chronic non-cancer pain, however, is still debatable. On the contrary, to combat the market's addiction to opioids and some well-known painkillers, more non-opioid therapies are being used over time. There are a number of non-opioid medications with modes of action that are either in the early phases of development or have already been developed. The regulatory agencies in many nations are switching to alternative methods, hastening the approval of those products for the market. The change is predicted to occur gradually. As a result, the field of pain management offers promising growth potential over the forecast period.

The market participants have been spending consistently in the creation of cutting-edge solutions for the treatment of chronic pain. One of the most significant developments in the market for treating chronic pain is innovation in wearable technologies. For instance, in September 2020, NeuroMetrix Inc. introduced its wearable technology for the management of chronic pain. The product is called Quell, a wearable transcutaneous electrical nerve stimulation (TENS) device for people with knee, foot, and leg pain. Through a mobile application on iPhone and Android smartphones, users may discreetly customise and control their therapy. Additionally, a number of businesses are presently concentrating on creating non-opioid pain therapy delivery methods that specifically target dorsal root ganglion (DRG). For instance, Abbott Laboratories introduced the IonicRF generator in November 2020. This radiofrequency ablation device utilises heat to target particular neurons and block pain signals from neuron to neuron. Similar to this, Abbott Laboratories also announced the release of NeuroSphere myPath in January 2021. This digital health tool was created to monitor and document patient perceptions of pain alleviation and overall wellbeing related to spinal cord stimulation (SCS) or DRG therapy. 

However, the market's expansion during the projection period may be hampered by restraints such drug trafficking, the availability of substitutes like pain treatment equipment, and the patent renewal of prescription painkiller medications.

There are many significant competitors in the severely competitive chronic pain treatment business. There is fierce competition in the market for pain management since the established firms use effective competitive strategies. Key companies controlling the global chronic pain treatment market are, Pfizer Inc., Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Novartis AG, AstraZeneca plc, Bristol-Myers Squibb Company, Becton, Dickinson and Company, Sanofi S.A., Johnson & Johnson Services Inc., WEX Pharmaceuticals, Abbott Laboratories, Zynerba Pharmaceuticals, Bristol-Myers Squibb Company, Endo Health Solutions Inc., Boehringer Ingelheim, Sorrento Therapeutics, Valeant Pharmaceuticals International Inc., Purdue Pharma L.P., Teva Pharmaceutical Industries Ltd, Merck & Co. Inc., Baxter International Inc., Allergen Inc., Mylan NV. 

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