Pramod Kumar

The increasing incidence of chronic health conditions, rise in geriatric population, and growing support from the government for chronic disease treatment will be the driving forces for the chronic pain treatment market in the forecast period of 2020–2030. The industry was valued at $77.8 billion in 2019, and it will grow at a 6.5% CAGR to reach $151.7 billion by 2030. Chronic pain refers to pain that persists for at least three months and might worsen with time. Drugs and an array of devices are used to manage chronic pain, of which drugs could be opioids, non-steroidal anti-inflammatory drugs (NSAIDs), anticonvulsants, and antidepressants. Devices include neurostimulation devices, ablation devices, and analgesic infusion pumps. Between drugs and devices, the former have been the more popular way to manage persistent pain. The geriatric population, which is continuously rising, majorly prefers drugs, especially for migraine and lower back pain, which is why drugs will continue to be in a higher demand than devices in the future. The highest demand for chronic pain treatments came from North America in the past, due to an increase in the geriatric population of the region. Aging people are more susceptible to chronic illnesses because of their weakening immune system. The reasons behind the highest demand for chronic pain remedies in the region are additionally an increase in the number of people affected by chronic diseases, increasing awareness on the issue, expansive presence of chronic pain treatment clinics, and high adoption rate of non-opioid pain management options. As per P&S Intelligence, the Asia-Pacific (APAC) region will witness the most-rapid chronic pain treatment market growth during 2020–2030. As per the United Nations' 2019 data, 28% of Japanese people and 11.5% of the Chinese population were 65 years or older. The demand for chronic pain remedies in this region is expected to grow exponentially due to the rise in the aging population. Additionally, the large working population will lead to a massive increase in the demand for such remedies, as it often suffers from long-lasting pain. Thus, the rising incidence of chronic ailments and booming elderly population will generate a huge demand for drugs and devices for managing long-term pain in the foreseeable future. Report Description: https://www.psmarketresearch.com/market-analysis/chronic-pain-treatment-market