Global Chronic Pain Market, by Drug (Opioids, Non-steroidal anti-inflammatory drugs (NSAIDS), Anticonvulsants, Antidepressants, Others), by Indication (Neuropathic pain, Arthritis pain, Chronic back pain, Cancer pain, Migraine, Fibromyalgia and Others), by Application (Musculoskeletal, Neuropathy, Oncology, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 64,068 million in 2021 and is expected to exhibit a CAGR of 6.9% during the forecast period (2021-2028).
Key players in the market are focusing on gaining approvals from regulatory bodies, which is expected to drive the growth of global chronic pain market during the forecast period. For instance, in August 2011, Janssen Pharmaceuticals, Inc., a pharmaceutical company, announced the U.S. Food and Drug Administration (FDA) has approved NUCYNTA ER, an oral analgesic taken twice daily, for the management of moderate to severe chronic pain in adults when a continuous, around-the-clock opioid analgesic is needed for an extended period of time.
Market players entered into strategies such as collaboration and partnership in order to expand its product portfolio, which is expected to drive the growth of the market over the forecast period. For instance, in April 2018, Kineta Chronic Pain, LLC, a subsidiary of Kineta, Inc., announced that it has entered into an exclusive option and license agreement with Genentech, a member of the Roche Group, to develop Kineta's α9/α10 nicotinic acetylcholine receptor (nAChR) antagonists for the treatment of chronic pain.
Global Chronic Pain Market - Impact of Coronavirus (COVID – 19) Pandemic
The coronavirus (COVID-19) pandemic is expected to drive the growth of the global smart hospitals market over the forecast period.
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 220 million cases and 4.5 million deaths due to coronavirus (COVID-19) were reported up till September 07, 2021 across the globe.
The COVID-19 pandemic has impacted everyone around the world including all sectors of the economy, all businesses, healthcare industry, physicians and patients alike. With the deferment in elective procedures to contain the spread of COVID-19, limited access to multimodal therapeutic modalities such as PT, psychologist and psychiatrist appointments and with the added psychosocial emotional stressors from the pandemic, economic and financial insecurities, the potential for worsened chronic pain symptoms are very high. And with limited availability of multimodal therapeutic alternatives employed by pain physicians, these physicians are having to prescribe pain medications until the patient is able to get their treatment. Chronic pain physicians are having to walk the fine line of balancing the previously on-going opioid crisis and now this pandemic in managing the pain with the limited resources available. The key moving forward is trying to closely follow these patients, wean opioids and get them back on their pre-COVID-19 treatment plan as other multimodal therapeutic options open up. According to a report published in National Center for Biotechnology Information in October 2020, It is now clear that COVID-19 itself is associated with painful symptoms, including myalgia, arthralgia, abdominal pain, headache, and chest pain, and even those not admitted to critical care environments may have pain requiring opioids for symptom management.
Thus, the impact of COVID-19 will drive the chronic pain market over the forecast period.
Market players and healthcare organizations are collaborating to develop drugs for chronic neuropathic pain. For instance, in September 2019, Grünenthal, a global leader in pain research and management, and UniQuest, The University of Queensland’s commercialisation company, announced they have entered into a collaboration to develop novel, non-opioid drug therapies derived from the group of alpha-conotoxins as analgesic and disease modifying treatments of chronic neuropathic pain.
Browse 39 Market Data Tables and 22 Figures spread through 260 Pages and in-depth TOC on Global Chronic Pain Market, by Drug (Opioids, Non-steroidal anti-inflammatory drugs (NSAIDS), Anticonvulsants, Antidepressants, Others), by Indication (Neuropathic pain, Arthritis pain, Chronic back pain, Cancer pain, Migraine, Fibromyalgia and Others), by Application (Musculoskeletal, Neuropathy, Oncology, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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The increasing number of drug launches is expected to drive the global chronic pain market growth over the forecast period. For instance, in April 2019, Daiichi Sankyo Company, Limited (hereafter, Daiichi Sankyo) announced the launch of Tarlige Tablets 2.5 mg, 5 mg, 10 mg, 15 mg (generic name: mirogabalin besilate; hereafter, the drug) for the treatment of pain in Japan.
Positive results of drug in clinical trials market key players is expected to boost the market growth during the forecast period. For instance, in August 2018, Regeneron Pharmaceuticals, Inc. and Teva Pharmaceutical Industries Ltd., announced positive topline results from a Phase 3, randomized, double-blind, placebo-controlled study of fasinumab in patients with chronic pain from osteoarthritis (OA) of the knee or hip.
Key Takeaways of the Chronic Pain Market: