MarketThe Global Pain Management Therapy Market was valued at USD 68.36 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.1% between 2021 to 2028. The pain is caused by any tissue or muscle injury or due to any affliction the signal released by brain to various part of 10;The segment is separated on the basis of acute and chronic. Where short period pain is categorized to acute while longer term pain from cancer, osteoarthritis or neuropathy are categorized to chronic. The pain management therapy market is driven by the factors such as growing ubiquity of chronic disorders, increased and effective medications, development in surgical sector, and increasing older population.
Since the outbreak of the COVID-19, It has widely spread all over the world and has impacted many countries economy and caused huge loses in businesses. The pain management therapy market is experiencing a positive growth due to increase in chronic ailment, early detection and stocking of medicines are causing the growth of the market.
The pain management therapy market is segmented on the basis of products, distribution channel and application. The product based segment is further bifurcated into medical devices and drugs. The drug sector is holding the largest share and shows potential growth in future forecast. The distribution segment is divided as hospital pharmacy, retail pharmacy, online 10;Based on the application segment is further divided as cancer pain, musculoskeletal pain, neuropathic pain, facial pain and migraine and others. The cancer pain is having the largest share and potential growth for further forecasted years.
The major players for the pain management therapy market are Pfizer, AstraZeneca, Fresenius SE & Co. KGaA, Medtronic PLC, Novartis AG, Becton Dickinson & Company, Abbott Laboratories, Teva Pharmaceutical Industries Ltd, Baxter International Inc., Johnson & Johnson, Boston Scientific Corporation, GlaxoSmithKline PLC, Medtronic PLC.
Regionally, the market is segmented as Asia-Pacific, Europe, North America, the Middle East and Africa, and Latin America. North America attained the highest share due to presence of major players and high incidence of chronic disorder and increased incidence of cancer.