Pain Management Therapy Market

The global Pain Management Therapy market was valued at USD 68.36 Billion in 2020 and is projected to reach USD 99.65 Billion by 2028, growing at a CAGR of 4.1% from 2021 to 2028.

Pain management, pain killer, pain medicine, pain control or algiatry, is a branch of medicine that uses an interdisciplinary approach for easing the suffering and improving the quality of life of those living with chronic pain. The typical pain management team includes medical practitioners, pharmacists, clinical psychologists, physiotherapists, occupational therapists, physician assistants, nurses, and dentists.

The global Pain Management Therapy market was valued at USD 68.36 Billion in 2020 and is projected to reach USD 99.65 Billion by 2028, growing at a CAGR of 4.1% from 2021 to 2028.

The global Pain Management Therapy market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Increase in pervasiveness of chronic diseases, like diabetic neuropathy, cancer, and osteoarthritis drives the growth of the market. Moreover, increase in surgical procedures and increase in expenditure of healthcare are anticipated to drive the pain management drugs market growth.

Increase in geriatric population is also a key determinant that fuels growth of the pain management drugs market globally as aged people is prone to experience from pain such as in joint, and various other conditions.

Expired prescription pain assistance drugs, and substitutes availability like pain relief devices can restrain the growth of the market.

Type  Analysis: Preview

On the basis of Type, the market is segmented into Drugs, Devices. Drugs  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Drugs in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Pain Management Therapy market growth.

Application Analysis: Preview

Based on Application, the market is segmented into Neuropathic Pain, Cancer Pain, Facial Pain and Migraine, Musculoskeletal Pain, Others. Musculoskeletal Pain  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Pain Management Therapy  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

On the basis of region, the global Pain Management Therapy market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region held a leading share of the global Pain Management Therapy market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. U.S. is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Pain Management Therapy market are 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.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• Global Pain Management Therapy Market is projected to reach USD 99.65 Billion by 2028
• North America held the highest share of the Pain Management Therapy market
• Drugs held the largest share of the product segment in the Pain Management Therapy market
• Musculoskeletal Pain held the major share of the application segment in the Pain Management Therapy market