Chronic Pain Treatment Market Sales To Boom in Future

Chronic Pain Treatment Market Overview

According to P&S Intelligence, the market was valued at $80,766.6 million in 2020. And it will generate $162,175.2 million revenue by 2030. As such chronic and neurological diseases cause severe pain in affected patients, the surging cases of these illnesses will help the chronic pain treatment market advance at a CAGR of 7.2% during the forecast period (2020–2030). Additionally, the rising government support being provided for chronic pain treatment and the expanding population base of old people will also drive the demand for chronic pain treatment drugs and devices.

Chronic Pain Treatment Market Competitive Analysis

Currently, the chronic pain treatment market is highly competitive, with the presence of numerous key players. Who are actively engaged in collaborations, partnerships, and product launches. For example, in July 2021, Nevro Corp., a medical device company, received FDA approval for Senza System. This product is used to treat chronic pain caused due to painful diabetic neuropathy (PDN). Other players opting for such strategic measures are Eli Lilly and Company, Sanofi S.A., Boston Scientific Corporation, Bristol-Myers Squibb Company, Medtronic plc, and Becton, Dickinson and Company.

Globally the North American region was the dominant user of chronic pain treatment drugs and devices in the last few years due to the widescale availability of advanced drugs and devices, the existence of developed healthcare infrastructure, and hefty healthcare expenditure. The Canadian Institute for Health Information (CIHI) states that $308 billion was spent in Canada in 2021. Likewise, the Centers for Disease Control and Prevention (CDC) estimates that the national health expenditure of the U.S. was $3.6 trillion in 2018.

This study covers

• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings

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