The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Chronic Pain Global Market Report 2024, the chronic pain market is expected to show significant growth in the forecast period.

Understanding the Market Dynamics
The chronic pain market has experienced robust growth in recent years, with notable projections for the future. Here’s a closer look at the factors driving this growth:

Market Growth Trajectory

• The market size surged from $72.13 billion in 2023 to $78.29 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 8.5%.
• By 2028, it’s expected to reach $106.31 billion at a CAGR of 7.9%.

Contributing Factors to Growth

• Historic Period: Factors such as injury, trauma, surgical procedures, inflammatory conditions, nerve damage, and lack of effective treatments fueled growth.
• Forecast Period: Anticipated growth drivers include an aging population, expansion of telemedicine, rising public health awareness, advancements in genetic research and precision medicine, and psychosocial stressors.

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Driving Forces Behind Market Expansion
Prevalence of Chronic Pain Patients

• Chronic pain affects a substantial portion of the population, spurring demand for effective pain management solutions.
• According to the Morbidity and Mortality Weekly Report (MMWR), chronic pain prevalence among US adults ranged from 20.5% to 21.8% in 2021, with high-impact chronic pain affecting 6.9% to 7.8% of individuals.

Key Players in the Market

• Major companies driving innovation and development in the chronic pain market include Pfizer Inc., Johnson & Johnson, AbbVie Inc., Novartis AG, and others.

Innovations Shaping Pain Management
Portable Nerve Stimulation Devices

• Alternative pain management technologies, such as portable nerve stimulation devices, are gaining traction.
• Companies like Abbott Laboratories are introducing state-of-the-art solutions like the Eterna spinal cord stimulation (SCS) system, offering non-invasive pain relief through electrical impulses.

Digital Solutions Integration

• Digital health companies like Hinge Health Inc. are expanding their offerings to include comprehensive solutions for chronic pain.
• The acquisition of Enso strengthens Hinge Health’s position by incorporating advanced medical devices into its platform, offering a more personalized approach to pain management.

Market Segmentation and Regional Insights
Segmentation Overview

• The chronic pain market is segmented by product (drugs, devices), indication (neuropathic pain, arthritis pain, etc.), and end-user (hospitals, clinics, research organizations).

Regional Outlook

• North America led the market in 2023, while Asia-Pacific is projected to witness the fastest growth in the forecast period.

Conclusion
The chronic pain market presents significant opportunities for growth and innovation, driven by evolving healthcare needs and technological advancements. With a focus on addressing the diverse needs of chronic pain patients, industry players are poised to shape the future of pain management through innovative solutions and strategic partnerships.

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