Chronic pain has a significant impact on patient health and on the resource costs of healthcare providers. Ensuring chronic diseases are appropriately diagnosed and treated is essential in order to prevent unnecessary suffering for patients. Proper chronic pain treatment prevents infection and long-term complications and also helps speed up the healing process. According to the center for disease (CDC), control 6 out of 10 American people are diagnosed with at least one chronic disease like heart disease, stroke, or cancer. These and other chronic diseases are major causes of death in the U.S., for instance, according to the CDC, the prevalence of chronic pain and high-impact chronic pain in the U.S., an estimated 20.0% (50.0 million) of U.S. adults had chronic pain and 8.0% of U.S. adults (19.6 million) had high-impact chronic pain, with higher prevalences of both chronic pain and high-impact chronic pain reported among women, older, adults.
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According to UnivDatos Market Insights (UMI)’ research report “Global Chronic Pain Treatment Market Analysis, 2020”, the chronic pain treatment market is projected to grow at a CAGR of around 7% during the forecast period (2021-27F) owing to an increasing geriatric population and the rising prevalence of chronic diseases across the globe.
Based on the application, the market has been bifurcated into neuropathic pain, arthritis pain, chronic back pain, cancer pain, migraine, fibromyalgia, and others. In 2020, the cancer pain segment held the largest share and is anticipated to witness a considerable growth rate over the forecast period. The increasing number of geriatric populations, along with the rising prevalence of cancer is expected to drive the segment growth. For instance, according to the American Society of Clinical Oncology, lung cancer is the second most common cancer and approximately 235,760 adults (119,100 men and 116,660 women) in the United States will be diagnosed with lung cancer by the end of 2021.
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Based on end-users, the global market is categorized into hospitals & clinics, nursing homes, and research centers. In 2020, the hospitals and clinics end-user category held a significant share in the market and is expected to grow with a strong CAGR during the forecast period (2021-2027F). The growth of this segment is due to the large number of treatment procedures conducted in hospitals and the easy availability of reimbursements.
North America to Grab Lion’s Share, and witnessed Explicit Growth
In 2020, North America accounted for the largest market share in the market. The large share of this region’s market can be attributed to the growing prevalence of chronic conditions resulting in chronic, and post-surgical complications. In addition, the surging number of cancer cases, presence of strong healthcare infrastructure and industry players, increasing FDA approvals along with strategic alliances and high investment in research and development activities are some other crucial factors proliferating the North American chronic pain treatment market. North America is expected to skyrocket with a robust CAGR in the forecast period, as stated in UnivDatos Market Insights (UMI)’ research report “Global Chronic Pain Treatment Market Analysis, 2020”.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the chronic pain treatment market include Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Novartis AG, Johnson & Johnson, AstraZeneca PLC, Sanofi S.A., Becton, Dickinson and Company, among others.
“Global Chronic Pain Treatment Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for chronic pain treatment providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Product Type (Drugs {Opioids, Non-steroidal Anti-inflammatory Drugs (NSAIDs), Anticonvulsants, Antidepressants, Others}, Devices {Neurostimulation Device [SCS, TENS, Others], Ablation Devices, Radiofrequency Ablation Devices, and Cryoablation Devices})
2. By Application (Neuropathic pain, Arthritis pain, Chronic back pain , Cancer Pain, Migraine, Fibromyalgia, Others)
3. By End-Users (Hospitals & Clinics, Nursing Homes, Research Centers, Others)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Novartis AG, Johnson & Johnson, AstraZeneca PLC, Sanofi S.A., Becton, Dickinson and Company)
Key questions answered in the study:
1. What are the current and future trends of the chronic pain treatment industry?
2. How the industry has been evolving in terms of product type, application, and end-users?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the chronic pain treatment industry?
5. What is the customer orientation, purchase behavior, and expectations from chronic pain treatment firms across various regions?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 CHRONIC PAIN TREATMENT COVID-19 IMPACT
6 CHRONIC PAIN TREATMENT REVENUE, 2019-2027F
7 MARKET INSIGHTS BY PRODUCT TYPE
8 MARKET INSIGHTS BY APPLICATION
9 MARKET INSIGHTS BY END-USER
10 MARKET INSIGHTS BY REGION
11 CHRONIC PAIN TREATMENT MARKET DYNAMICS
12 CHRONIC PAIN TREATMENT MARKET OPPORTUNITIES
13 CHRONIC PAIN TREATMENT MARKET TRENDS
14 LEGAL & REGULATORY FRAMEWORK
15 DEMAND AND SUPPLY-SIDE ANALYSIS
16 VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
19 DISCLAIMER
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