New Report on Global Pain Management Market 2019 Edition
The Global Pain Management Market Research study shows the global market size of pain management was 36.1 billion USD in the year 2017. The report shares that market size will cross figure and reaches 52.0 billion USD by the end of 2022. It is growing at a compound annual growth rate or CAGR of 7.6 percent for the forecast period, i.e., 2017 to 2022. The report includes history year is from 2013 to 2017, the base year is 2017, and the estimated year is 2018.
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The high preponderance of chronic pain diseases and the expanding geriatric population are also projecting the main factors that drive the global market of pain management drugs. In the year 2018, approximately 991 million people around the world were more than sixty years old. By the end of the year 2024, as anticipated these figures will reach up to 1.18 Billion. Because the majority of chronic pain is significantly more in older adults, it also represents a key factor that drives the need for pain management drugs.
Also, the increase in the count of hospitalization cases, a considerable gap between demand and supply for beneficial neuropathic pain management drugs, and the application of advanced and innovative therapies are also fueling the growth of the Pain Management market. Furthermore, increasing the occurrence of chronic diseases like arthritis, cancer, diabetes, and heart attacks along with issues related to neurological are also boosting the global demand for mentioned drugs. Additionally, factors such as enhancing R&D, increasing healthcare expenditure, increasing consumer awareness, and substantial government support to improve healthcare services are also propelling market growth.
Global Pain Management Market Insights, Forecast to 2025: Industry News
The Global Pain Management Drug Market study describes the increase in incidence rates of cancer all over the world and further provides greatly to the increase in the demand for pain management therapeutics. The report comprises pain happening from cancer therapy and also from the cancer cell's attack on bones as well as other healthy body parts. WHO predictions suggest that worldwide cancer majority will improve by almost seventy-five percent from 2008 to 2030. Therefore, an increase in the incidence of conditions of chronic pain will proceed to encourage the pain management drug's use, thereby driving the growth of the market.
Global Pain Management Market Insights, Forecast to 2025: Segmental Analysis
The Global Pain Management Drug Market research report highlights that the segmentation of the Pain Management Drug market based on drug class, manifestation, and area. Based on drug class, the market segmentation includes NSAIDs, opioids, anticonvulsants, anesthetics, antidepressants, anti-migraine agents, and nonnarcotic analgesics. The opioids category held the largest market share because it contributes more than 1/5th of the market in the year 2017 and is propelled to proceed with its preeminence during the forecast period. Moreover, it is further segmented into Oxycodone, Hydrocodone, Tramadol, and many more. The market segmentation is based on indication, the report includes neuropathic pain, arthritic pain, chronic back pain, cancer pain, migraine, postoperative pain, and fibromyalgia.
Global Pain Management Market Insights, Forecast to 2025: Regional Analysis
The Global Pain Management Drug Market research report highlights the market size segmented based on Region. It includes North America, which has always developed considerable shares during the past few years among the crucial local markets for pain management devices. It is also predicted that the local market of the pain management device will proceed to keep prominent shares in the coming year. Development is driven by the boosting incidence of sports-related injuries, which need devices for managing pain. Based on regional segmentation, the market is evaluated in numerous regions apart from North America, it includes Europe, Asia-Pacific, and LAMEA. The North America market held the biggest share over the forecast period. Though, the Asia-Pacific market is anticipated to develop at the increased CAGR of 4.7 percent over 2017–2023, owing to the increase in government initiatives for enhancing the infrastructure of healthcare.
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Source: EIN Presswire