CHRONIC PAIN MARKET ANALYSIS

Chronic pain is pain that lasts more than three months or longer than expected. Chronic pain can happen for many reasons, including after surgery or an injury, or as a result of another condition. Chronic pain can interfere with your daily activities, such as working, having a social life and taking care of yourself or others. It can lead to depression, anxiety and trouble sleeping, which can make pain worse. This response creates a cycle that’s difficult to break. Chronic pain comes in different forms and appear across the body:-

• Arthritis, or joint pain
• Back pain
• Cancer pain near a tumor
• Headaches, including migraines.
• Muscle pain all over (such as with fibromyalgia)

According to a 2014, report published in National Center for Biotechnology Information, study on the global burden of chronic pain, at least 10% of the world’s population is affected by a chronic pain condition and every year, an additional 1 in 10 people develops chronic pain.

Similarly, A 2012 study of the National Institutes of Health’s National Center for Complementary and Integrative Health shows that nearly 50 million American adults have chronic or severe pain;9 according to the American Academy of Pain Medicine, in the USA, pain affects more Americans than diabetes, heart disease, and cancer combined.

Global Chronic Pain Market - Impact of the Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors. The private healthcare sector is one such sector, which has been majorly impacted by the pandemic. As most chronic pain services were deemed non-urgent, all outpatient and elective interventional procedures have been reduced or interrupted during the COVID-19 pandemic in order to reduce the risk of viral spread. The shutdown of pain services jointly to the home lockdown imposed by governments has affected chronic pain management worldwide with additional impact on patients' psychological health. Several challenges have emerged during the COVID-19 pandemic for pain physicians, in terms of both risks of harm from undertreatment and risks of harm from inappropriate treatment, since interaction between pain medications and the immune system must be considered. Untreated chronic pain can affect the immune system inducing immunosuppression in some patients. Moreover, the association of chronic pain, comorbidities, and older age increases the risk of infection including COVID-19 diseases. Telehealth and telemedicine have been suggested as a means for treating chronic pain patients at home in nonemergent conditions, as well as to assure continuity of care of patients after hospital discharge. In China, during COVID-19 pandemic, the Pain Departments of Shenzen and Wuhan have addressed with telemedicine the problem of outpatients needing pain treatment. Indeed, they have used telemedicine to help patients to administer prescriptions and as guidance for physical at-home exercises for pain relief.  

 The global chronic pain market is estimated to be valued at US$ 64,068 Mn in 2021 and is expected to exhibit a CAGR of 6.9% over the forecast period (2021-2028).

 Figure 1: Global Chronic Pain Market Share (%) Analysis, By Drugs, 2021

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Increasing number of clinical trials is a major factor driving the market growth over the forecast period

Positive results from clinical trial of drugs  is expected to drive the growth of global smart hospitals market during the forecast period. For instance, in June 2021, Tonix Pharmaceuticals Holding

Corp., a clinical-stage biopharmaceutical company, announced the poster presentation of positive results from its Phase 3 clinical study, RELIEF, of TNX-102 SL for the management of fibromyalgia.

Topline results of drugs is expected to drive the market growth during the forecast period

Key market players are focused on drug development for treating chronic pain. For instance, in April 2018, Pfizer Inc. and Eli Lilly and Company announced that the U.S. Food and Drug Administration (FDA) accepted for review a Biologics License Application (BLA) for tanezumab 2.5 mg administered subcutaneously (SC), which is being evaluated for patients with chronic pain due to moderate-to-severe osteoarthritis (OA) who have experienced inadequate pain relief with other analgesics.

Global Chronic Pain Market – Restraints

Drug recall is expected to hinder the growth of the global chronic pain market during the forecast period

For instance, in September 2004, Merck & Co announced today that it was pulling its popular arthritis and pain drug Vioxx (rofecoxib) from the worldwide market after a clinical trial showed that the drug carried an increased risk for heart attacks and strokes.

Availability of alternate products is expected to limit the growth of global chronic pain market during the forecast period.

For instance, in August 2021, Swing Therapeutics, a digital therapeutics company developing evidence-backed treatments for autoimmune and chronic pain conditions, announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Device Designation to the company’s digital therapeutic for the management of fibromyalgia.

Global Smart Hospitals Market – Regional Analysis

On the basis of region, the global smart hospitals market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold a dominant position in the global chronic pain market, owing to increasing number of key players to develop drugs for the treatment of chronic pain in the region.

For instance, in May 2019, Nektar Therapeutics, a biopharmaceutical company, announced the formation of Inheris Biopharma, Inc., a wholly-owned subsidiary of Nektar and a CNS-focused company. Inheris will be responsible for launch preparation and commercialization for NKTR-181, a novel, first-in-class, investigational opioid molecule.

Figure 2: Global Chronic Pain Market Value (US$ Mn), by Region, 2020

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Global Chronic Pain Market – Competitive Landscape

Major players operating in the global chronic pain market include Eli Lilly and Company, GlaxoSmithKline plc., Pfizer Inc., Abbott Laboratories, Novartis AG, Johnson & Johnson, AstraZeneca plc., Bristol-Myers Squibb Company, Becton, Dickinson and Company, and Sanofi S.A.