Pain Management Therapy Market

The global Pain Management Therapy Market is valued at USD 70.9 Billion in 2022 and is projected to reach a value of USD 97.77 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.1% between 2023 and 2030.

Premium Insights

The prevalence of chronic pain has increased over the years and on an average 1 out of 5 is suffering from pain so there is a rising need for pain treatment worldwide. For instance, according to the American Society of Regional Anaesthesia and Pain Medicine's (ASRA) recommendations, long-term opioid therapy and the use of steroids during interventional pain procedures may cause immune suppression, which is crucial because it reduces the body's ability to fight off a variety of viral infections.

• The Pain Management Therapy market has adopted Modern medical technologies and cutting-edge pharmaceutical formulations which has seen 25% increase in revenue over the previous year. This shift is made possible by advancements in precision medicine techniques, targeted drug delivery systems, and neurostimulation devices, which provide patients with individualized and effective treatments.
• North America generated more than 52.8% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• Drugs segment accounted for the largest market growth. It contributed over 52.8% of the total revenue share in 2022 due to its widespread use and availability for various pain conditions.
• Neuropathic Pain segment accounts for largest revenue of 31.8% in 2022
• Over the counter segment dominated the market in 2022 with market share of 62.8%

Economic Insights

A $30 billion yearly healthcare expenditure is set aside for pain management, which includes spending on treatment, rehab, and lost productivity as a result of chronic pain. The aging population is driving the industry with a 20% increase in demand, needing pharmaceutical and non-pharmacological therapies. Economic concerns go beyond expenditures, too, as opioid-related problems result in over $50 billion in costs for addiction treatment, healthcare, and lost productivity. Non-opioid alternatives have increased by 15% as a result of regulatory actions, while the demand for remote pain management has increased by 30%.

Top Market Trends

• Rising prevalence of chronic pain: Millions of individuals all around the world suffer from chronic pain, which is a serious health issue. According to the World Health Organization (WHO), up to 30% of adults worldwide suffer from chronic pain.
• Advances in pain management technologies: Developments have sparked the creation of innovative pain management techniques that are both more efficient and less invasive, such targeted drug delivery systems.
• Growing demand for minimally invasive procedures: minimally invasive techniques are growing in popularity with benefits over conventional surgical procedures, including a quicker recovery and less pain.
• Personalized pain management: A new method of treating pain called "personalized pain management" takes into account each patient's particular pain experience. This strategy is founded on the knowledge that there is no one solution to the problem of pain. In the years to come, personalized pain treatment is anticipated to increase as more and more research is done in this field.
• Increasing use of virtual reality and augmented reality: The use of augmented reality (AR) and virtual reality (VR) in pain management is growing. Virtual reality (VR) can be utilized to create a simulated environment that aids in pain relief for the patient.

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Market Segmentation

Pain Management Therapy The global Pain Management Therapy market can be categorized into Type , Application , Mode of purchase, Region . The Pain Management Therapy market can be categorized into Drugs , Devices based on Type . The Pain Management Therapy market can be categorized into Neuropathic Pain , Cancer Pain , Facial Pain and Migraine , Musculoskeletal Pain , Others based on Application . The Pain Management Therapy market can be categorized into Prescription, Over the counter based on Mode of purchase. The Pain Management Therapy market can be categorized into North America, Europe, Asia pacific, Latin America, Middle East & Africa based on Region .

Based on Type

Drugs holds the largest share

Drugs segment holds the largest market share in Pain Management Therapy market due to the widespread availability of over-the-counter (OTC) painkillers as well as the rising use of prescription pharmaceuticals to treat chronic pain. The prevalence of pharmaceuticals in this market is influenced by a number of factors. Their accessibility makes them a sensible option for pain management, and their variety of forms—from pills to creams and patches—improves user convenience. Additionally, medications are effective in treating a variety of pain disorders and can effortlessly work in conjunction with other pain management techniques like physical therapy or surgical procedures.

Based on Application

Neuropathic Pain will dominate the market during Forecast Period

The neuropathic pain sector accounted for a sizeable market share, led the market for Pain Management Therapy due to the increasing occurrence of neuropathic pain, a particular form distinguished by discomfort associated with the nerves. Numerous conditions, including illnesses, surgeries, and injuries, can result in this type of discomfort. Neuropathic pain is a chronic illness that makes it difficult to find a cure. Additionally, there are still few effective treatments available for neuropathic pain, and many of the medications used to treat it come with negative effects.

Based on Mode of purchase

Over the counter will account for largest market share

The over-the-counter (OTC) purchase method has a substantial impact on the market for Pain Management Therapy With a dominant market share of 62.8% in 2022. The broad availability of OTC painkillers known for their accessibility and cost. These treatments are particularly favored for mild to moderate pain and provide consumers with a practical option. The availability of OTC painkillers without a prescription, their cost-effectiveness, and their overall safety are significant factors contributing to their domination. This makes them a practical and accessible option, especially for those seeking long-term pain treatment who are on a tight budget.

Based on Region

North America will lead the market

North America is expected to take the lead in the market for {[Keyword}} due to high prevalence of chronic pain, which the Centers for Disease Control and Prevention (CDC) estimates to affect 20.4% of American adults. Additionally, there is a significant increase in R&D activities in the area, which supports the development of novel pain treatment techniques. North America's diverse pharmaceutical industry, which supports the discovery and advancement of cutting-edge pain management medicines, is a major factor in this trend.

Competitive Landscape

The global Pain Management Therapy market is fragmented, including a diverse array of the presence of several key players, ranging from established emerging medical device manufacturers and companies specializing in treatments and healthcare providers aiming to address the diverse needs of patients suffering from various forms of pain.

The players in the global Pain Management Therapy market include Medtronic PLC, Teva Pharmaceutical Industries Ltd, Baxter International Inc., Novartis AG, Becton Dickinson & Company, Abbott Laboratories, Johnson & Johnson, Boston Scientific Corporation, GlaxoSmithKline PLC, Pfizer, AstraZeneca, Fresenius SE & Co. KGaA. among others.

Recent Market Developments

• September 2022: A strategic alliance between Compass Group Equity Partners, a St. Louis-based private equity firm, and Mays & Schnapp Neurospine and Pain ("Mays & Schnapp"), a Memphis-based interventional pain treatment clinic treating patients in Tennessee and Mississippi, was announced today.
• October 2022: The analgesics line is being expanded by Parker Laboratories, Inc., which creates, produces, and sells pain treatment creams, ultrasound and electromedical contact media, institutional cleaners, and disinfectants. The company's HelixTM portfolio now includes Tri-Active Therapy Cream, CBD Clinical Cream, and Helix CBD Therapy Cream.

Segmentation of the Global Pain Management Therapy Market