Chronic pain that persists for three months or longer than expected. Numerous factors, such as surgery, an accident, another ailment, or other factors, might result in chronic pain. Your regular activities, such as working, maintaining a social life, and taking care of others or yourself, may be hampered by chronic pain.
It may cause anxiety, sadness, and insomnia, exacerbating pain. This reaction starts a vicious cycle that is difficult to interrupt. Different types of chronic pain may manifest throughout the body joint pain, back pain, cancer pain, and muscle pain.
The global chronic pain treatment market reached US$ 83.8 billion in 2022 and is expected to reach US$ 143.2 billion by 2030, growing with a CAGR of 7.1% from 2023 to 2030. the most commonly used drugs for treating chronic pain.
In recent years, the chronic pain treatment market has witnessed a series of significant growth drivers, such as the increasing prevalence of chronic diseases, growing geriatric population, technical advancements, rising clinical trials, and increasing FDA approvals, giving rise to future market growth.
DataM Intelligence's in-depth market analysis reveals the major market drivers, challenges, and trends. Our market intelligence report evaluates the market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the chronic pain treatment market.
Chronic Pain Market Drivers:
Global Chronic Pain Treatment Market Expected to Be Driven by Growing FDA Approvals for Neurostimulation Devices:
The growing developments are helping patients who have endured persistent neurological problems with neurostimulation technology. Electrical stimulation is used in neurostimulation devices to drive brain function inside a circuit. The primary drivers of the chronic pain treatment market are recent developments and new product introductions.
The global market for chronic pain treatment is anticipated to be driven by growing clinical trials for chronic back pain:
Tufts University performed a clinical study investigating the viability of immersive virtual reality as a therapy for persistent back pain on March 9, 2023, according to ClinicalTrials.gov. The study's primary objectives are to test the viability of immersive virtual reality (IVR) and its first impacts on symptomatology, emotion, and cutaneous stimulus tolerance. The scientists will draw 20 persons with CBP for this one-arm experiment.
Key Market Players:
The global chronic pain treatment market is fairly fragmented, with many large and medium-sized players accounting for most of the market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, and developing, testing, and introducing more effective chronic pain treatment solutions.
The major global players in the market include
- Pfizer Inc.
- Abbott Laboratories
- Eli Lilly and Company
- Novartis AG
- Johnson & Johnson
- Sanofi SA
- Teva Pharmaceutical Industries Ltd
- Baxter International
- Merck & Co. Inc
- Boston Scientific Corporation
DataM Intelligence’s report on the global chronic pain treatment market provides insights into the key drivers, challenges, top trends, and opportunities in the market. It also provides you with a geographical analysis and competitive landscape, which will paint a clear picture of the current market scenario.
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