According to Coherent Market Insights, the global chronic pain market size is estimated to be valued at USD 72.10 billion in 2024 and is expected to surpass USD 115.51 billion by 2031, growing at a CAGR of 7% from 2024 to 2031.
The chronic pain market is driven by the rising prevalence of chronic illnesses such as arthritis, fibromyalgia, and diabetes.Rapid adoption of new pain medications also contributes to market growth. Research shows that over 20% of people suffer from chronic pain globally, particularly in developed regions like North America and Europe. For example, a study published in the Journal of Pain Research in 2019 highlights that around 50 million adults in the U.S. experience chronic pain, including conditions like arthritis and fibromyalgia. This highlights the urgent need for effective pain management strategies. Additionally, there is a strong push for pharmaceutical companies to invest in the development of innovative opioid and non-opioid treatments for neuropathic and musculoskeletal pain.
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Market Trends:
There is a growing preference for minimally invasive therapies in the chronic pain market. Also, Minimally invasive procedures that include nerve stimulation therapy and neurolysis are rapidly gaining popularity among both patients and healthcare providers. These techniques requires less treatment time, fewer side effects, quicker recovery.
Chronic Pain Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$72.10 billion |
|
Estimated Value by 2031 |
$115.51 billion |
|
Growth Rate |
Poised to grow at a CAGR of 7% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Drug Class, By Indication, By Application, By Distribution Channel |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing prevalence of chronic diseases • Increasing awareness about chronic pain management |
|
Restraints & Challenges |
• High treatment costs • Abuse & misuse of pain medications |
Virtual reality-based pain distraction techniques are becoming increasingly popular.
There is an ongoing trend of immersive VR-based solutions aimed at providing chronic pain relief. For instance, in 2018, AppliedVR collaborated with healthcare providers to develop the immersive VR program "EaseVR" for chronic pain relief. This program uses virtual reality to help patients manage chronic pain by immersing them in calming virtual environments that distract them from pain signals, effectively promoting relaxation and pain relief.
Market Opportunity:
The opioids segment is expected to hold the largest share of 40% in the chronic pain market in 2024. Opioids are commonly prescribed medications for treating various types of chronic pain as they work directly in the brain to change how the body perceives and responds to pain. Some commonly prescribed opioids for chronic pain include morphine, codeine, oxycodone, hydrocodone, fentanyl, and methadone. According to the Centers for Disease Control and Prevention (CDC), around 91.8 million American adults suffer from chronic pain and 61% of those experiencing pain were prescribed opioid medications for treatment.
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The neuropathic pain segment is
anticipated to be the fastest growing indication segment during 2024-2031.
Neuropathic pain occurs due to damaged or injured nerves and is described as
burning, shooting, stabbing, and electric shock-type pain. Some common causes
of neuropathic pain include shingles, diabetes, spinal cord injuries, strokes,
alcoholism, HIV/AIDS, and chemotherapy treatments. Neuropathy induced by
chemotherapy medicines is a major concern due to the rising cases of cancer
globally. Thus, increasing treatment options for chemotherapy-induced
neuropathy is expected to boost the demand for various solutions present in the
market. Among applications, the
musculoskeletal segment accounts for the largest revenue share owing to the
growing prevalence of musculoskeletal disorders such as arthritis, joint pain,
and back pain. As per the Arthritis Foundation, around 24 million Americans are
diagnosed each year with osteoarthritis of the knee and approximately 31
million suffer from knee pain. Rising geriatric population, which is more prone
to developing musculoskeletal conditions, also contributes to the growth of
this segment. Key Market Takeaways The chronic pain market is
anticipated to witness a CAGR of 7% during the forecast period 2024-2031, owing
to the rising geriatric population suffering from conditions like arthritis and
cancer and increasing availability of therapy options. On the basis of drugs, the opioids
segment is expected to hold a dominant position due to high prescription rates.
The neuropathic pain segment is projected to grow at the fastest rate due to
prevalence of conditions like diabetic neuropathy and chemotherapy-induced
neuropathy. In terms of application,
musculoskeletal disorders segment lead the market owing to a
large patient pool of arthritis and joint pain. Geographically, North America
holds the largest revenue share due to well-established healthcare infrastructure
and reimbursement policies. Some major players
operating in the chronic pain market are Pfizer, Johnson & Johnson, Eli
Lilly, Abbott, Purdue Pharma, and Teva Pharmaceutical among others. These
players are focusing on collaborations and acquisitions to expand their product
portfolios.
Competitor Insights - Pfizer, - Johnson & Johnson, - Eli Lilly and company - Abbott - Purdue Pharma - Teva Pharmaceutical Neurocrine Biosciences - Zynerba Pharmaceuticals - Cypress Pharmaceuticals - Dickinson and company - Teva Pharmaceuticals Industries
Ltd. - Endo Pharmaceuticals Recent Developments: In March
2023, Pfizer announced the launch of a new formulation of its pain
medication aimed at improving patient outcomes and reducing side effects. In February 2023, Johnson
& Johnson partnered with a tech company to integrate digital health
solutions into their chronic pain management programs. In January 2023, Eli
Lilly collaborated with academic institutions to advance research on
innovative therapies for neuropathic pain. Ask For Customization @ https://www.coherentmarketinsights.com/insight/request-customization/4767
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Trending Related Reports: The U.S. opioids
market is estimated to be valued at USD 7.06 Bn in 2024 and is expected to
reach USD 9.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of
3.7% from 2024 to 2031. The Global Neuropathic
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rate (CAGR) of 8.7% from 2024 to 2031. About
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