Market Synopsis
The Pain Management Market Size is estimated to rise upon to enlist a CAGR of 4.50% during the estimated time of 2020–2027. And the market may arrive at USD 85,300 million by 2027. According to data from the National Center for Complementary and Integrative Health, more than 20% of adult Americans in 2018 experienced chronic pain, with 8% or less experiencing severe chronic pain. It has been shown in numerous research that females are more sensitive to pain than males. In the United States, around 27% of women and 24% of men experience pain. In the early stages of pain, doctors typically give non-steroidal anti-inflammatory medicines (NSAIDs), which are then followed by more specialized therapy options. When used at a basic level, prescription medications are convenient and affordable.
The use and acceptance of painkillers over alternative forms of therapy is being driven by increased awareness of the availability of painkiller prescriptions. Therefore, pain management drugs are preferred over other therapeutic options due to their high awareness, ease of access, immediate action, and cost-effectiveness. Newer therapeutic alternatives, though, are consistently being evaluated. The major manufacturers are looking into practical ways to apply the network model for R&D. Businesses can analyze new treatment combinations and their efficacy for better pain management thanks to ongoing research and development.
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Market Competitive Landscape:
Abbott Laboratories, Stryker Corporation, Codman And Shurtleff, Inc, F. Hoffmann-La Roche Ltd, Abbvie, Allergan, AstraZeneca plc, Bayer AG,DJO Global LLC,Eli Lilly & Company, Endo Health Solution, Astellas Pharma, Johnson & Johnson Services, Inc., Boston Scientific Corporation, B. Braun Melsungen AG, Becton, Dickinson, and Company, Merck & Co. Inc., Forest Laboratories, Mallinckrodt plc, Medtronic
Numerous industry titans in the critical illness insurance market use aggressive techniques like new product releases, partnerships, acquisitions, mergers, and agreements in order to attain a more prominent position. As a result, there is intense competition in the international market.
On schedule, the launch of the pain management device will begin in the United States. In what has been dubbed the Pathfinder Program, the rollout will start with distribution through a small number of doctors across the nation. Transcutaneous electrical nerve stimulation provided by Quell helps fibromyalgia patients feel better by relieving their symptoms. Electrodes in the technology’s sleeve, which is worn around the upper calf, work to activate the body’s natural pain-relieving processes.
Market USP Covered:
Market Drivers:
One of the top factors influencing market growth could be the rising prevalence of chronic disorders. The demand for muscle and nerve stimulators has increased due to the rising prevalence of lifestyle conditions including obesity and diabetes. Another important aspect that is predicted to fuel market expansion is the rising prevalence of trauma or hypertension. A brain aneurysm and other chronic disorders are substantially more likely in people with hypertension. The WHO reports that Canada had the greatest treatment rates for hypertension in 2019, with 76% of men and 71% of women receiving therapy.
The prevalence of musculoskeletal ailments such as rheumatoid arthritis and orthopedic degenerative disorders such as osteoarthritis is rising sharply. This has increased the prevalence of chronic pain and the inability to do daily duties in these people. For instance, the CDC estimates that over 24.5% of American adults had arthritis in 2020, making it the most common cause of job incapacity. To manage chronic pain, this has increased the demand for pain management stimulators. In addition, nearly 32.5 million Americans were expected to have osteoarthritis in 2020.
Market Restraints:
To a large degree, the growth of the pain management market is dependent on rising surgical rates and rising consumer demand for medical services. The market’s expansion is however constrained by drug addiction, the expiration of patents on pain relief drugs, and the availability of substitutes such as gadgets for reducing agony.
Some other restraints on the growth of the global pain management market include low awareness of the availability and use of pain management devices, a shortage of pain-trained professionals, a dearth of pain facilities in some countries, a gap in the prevalence and treatment of persistent pain, and high procedural and high cost of pain management executives gadget.
COVID-19 Analysis
Healthcare systems all across the world were restrained by the COVID-19 outbreak. In order to stop the spread of the coronavirus, health organizations worldwide had to postpone the majority of elective and non-urgent surgeries. According to a study that was published in the Indian Journal of Anaesthesia 2020, COVID-19 had a detrimental effect on pain clinics, particularly those that performed interventional pain management techniques. Guidelines for anesthesia and intensive care procedures were also released by the Indian Society of Anaesthesiologists. The therapy of patients with chronic pain was covered by these guidelines, but not until April 2020. Additionally, the research study reported in the Journal of Pain Medicine 2020 suggested that patients who were already immunosuppressed and at high risk of SARS-CoV-2 could consider receiving epidural nonsteroid injections for radicular pain.
However, the risk of infection must be considered against the chance of treatment failure necessitating a further procedure. Patients’ psychological well-being during the epidemic was negatively impacted by the non-urgent character of the majority of chronic pain care. Patients with acute pain during the COVID-19 epidemic were untreated because they shied away from going to the hospital for fear of getting sick. On the other hand, the pandemic’s social isolation prompted passive coping mechanisms, which resulted in despair and anxiety. Thus, the global market for pain treatment was significantly impacted by the COVID-19 epidemic.
Market Segmentation
Types of Pain Management Devices
The Pain Management devices include removal tools, pain-relieving mixture syphons, and neurostimulation devices based on pain management equipment. Transcutaneous electrical nerve stimulation (TENS) and spinal cord stimulation (SCS) devices are categories of neurostimulation equipment. Additionally, cryoablation and RF removal devices are categories of removal equipment.
By Types of Pain Management Drugs
Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), anticonvulsants, sedatives, opioids, antimigraine medications, antidepressants, and other medications are examples of pain management medications.
By Indication
In terms of indication, the Pain Management Market can be divided into neuropathic torment, disease torment, facial agony and headache, musculoskeletal torment, fibromyalgia, persistent back torment, joint torment, headache, post-usable torment, and much more.
By Mode of Purchase
The modes of purchase are over-the-counter as well as solution-based.
By End-User
The end-users in the worldwide market include emergency clinics and facilities, drug organizations, clinical gadget organizations, examinations, educational establishments, and others.
Regional Insights
According to a 2017 study published in the Drug and Alcohol Dependence Journal, over 100 million adult Americans suffer from persistent pain, which is indicative of the expanding prevalence of ongoing pain, highly created innovation, high medical care consumption, and the presence of driving players. The conditions that are most frequently examined include chronic low back pain and migraines. The prevalence of these illnesses is also higher in women than in men in the United States, 34.3% in women and 26.7% in men.
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