"The pain management market was valued at US$ 68.4 billion in 2021 and is projected to reach US$ 94.86 billion by 2028, registering a CAGR of 4.76% during the forecast period."
Pain is referred to as an unpleasant sensation in the body, due to ongoing or impending tissue damage. Pain management includes therapies, drugs, and devices that help alleviate the pain. Pain management products are employed to ease the suffering of the individual and improve the quality of life of those having chronic pain.
Pain Management Market Report Overview
Market Size in 2028
USD 94.86 billion
Market Size in 2021
USD 68.4 billion
CAGR (2022-2028)
4.76%
Base Year of Study
2021
Trend Period
2017-2020
Forecast Period
2022-2028
Key Players
Key players operating in the pain management market are:
The growth of the pain management market is primarily driven by increasing incidences of chronic illness including diabetic neuropathy, cancer, and osteoarthritis among others. Expanding the geriatric populace across geographies is another key factor that is likely to propel market growth during the review period. The rising number of surgical procedures due to increased accidental injuries is propelling market growth substantially. In addition to this, increasing investment in research and development activities to develop novel drugs is likely to create lucrative opportunities for the players operating in the global market in the coming years.
COVID-19 Impact
The COVID-19 outbreak impacted the growth of the pain management market positively as the demand for chronic pain management increased despite the pandemic. The spread of coronavirus led to the enforcement of lockdowns to curb the spread of the virus. This led to travel restrictions and supply chain disruptions, which affected the product supply for a short period.
"The cancer pain segment accounted for the largest market share."
The pain management market has been categorized into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others. The cancer pain segment accounted for the largest market share in 2021 and is projected to register significant growth during the review period. Pain during cancer primarily occurs when a tumor presses on the bones, nerves, or organs. The pain may vary according to the affected location. Pain caused by cancer can be treated. Many medicines are used for pain management in cancer patients.
Regional Insights
"North America accounted for the largest market share."
The market in North America accounted for the largest market share in 2021 and is projected to grow at a significant CAGR during the assessment period. The regional growth can be attributed to the expanding geriatric populace and the presence of key market players such as Pfizer, Johnson & Johnson, and Company (US) and Abbott Laboratories (US). The market in Asia-Pacific is expected to be driven by rising incidences of chronic wounds coupled with increased spending on healthcare.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
What deliverables will you get in this report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Pain Management Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Target Audience
Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert:
Distributors
Suppliers
Manufacturers
Logistics organizations
Government bodies
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories:
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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Pain is referred to as an unpleasant sensation in the body, due to ongoing or impending tissue damage. Pain management includes therapies, drugs, and devices that help alleviate the pain. Pain management products are employed to ease the suffering of the individual and improve the quality of life of those having chronic pain.
Abbott Laboratories (US),
Baxter International Inc. (US),
Becton,
Dickinson,
Company (US),
Boston Scientific Corporation (US),
Fresenius SE & Co. KGaA (Germany),
GlaxoSmithKline PLC (UK),
Johnson & Johnson (US),
Medtronic PLC (US),
Novartis International AG (Switzerland),
Pfizer Inc. (US).
The growth of the pain management market is primarily driven by increasing incidences of chronic illness including diabetic neuropathy, cancer, and osteoarthritis among others. Expanding the geriatric populace across geographies is another key factor that is likely to propel market growth during the review period. The rising number of surgical procedures due to increased accidental injuries is propelling the market growth substantially. In addition to this, increasing investment in research and development activities to develop novel drugs is likely to create lucrative opportunities for the players operating in the global market in the coming years.
