◆英語タイトル：Pain Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Pain management market is valued at approximately USD 65,108 million in 2020 and is expected to witness a revenue of USD 86,505 million in 2026, with a CAGR of 4.85% over the forecast period.
The COVID-19 pandemic has impacted the healthcare systems across the globe. the Health agencies are engaged in containing the transmission of coronavirus through lock-down norms and had deferred most of the elective and non-urgent surgeries globally. As per the research article published in the Indian Journal of Anaesthesia, 2020, COVID-19 has a negative impact on pain clinics, including interventional pain management procedures. Also, guidelines on anesthesia and intensive care practices were published by the Indian Society of Anaesthesiologists, however, these guidelines did not have information related to the management aspect of Chronic Pain patients till April 2020. Also, the research study published in Journal of Pain Medicine, 2020, suggested that in the patients who are already immunosuppressed and at high-risk for SARS-CoV-2 infection and complications, epidural nonsteroid injections may be considered for radicular pain, though the possibility of treatment failure requiring a subsequent procedure must be weighed against the theoretical risk for infection. Additionally, as most chronic pain management is considered non-urgent, the psychological health of patients has been adversely affected during the pandemic. The COVID-19 pandemic has left the patients with acute pain untreated as the patients tend to avoid hospital visits in fear of infection and on the other hand, the social isolation during the pandemic could lead to passive coping strategies leading to depression and anxiety among the patients. Thus, the COVID-19 pandemic is expected to have a direct and indirect impact on the pain management market globally.
The growth of the global pain management market is majorly due to the well-established business of painkiller medications as the first line of treatment. In recent years, the increasing reliance on their prolonged use and a greater understanding of their side-effects have led to the growing use of device-based pain management therapies.
Post-surgical pain is one of the primary focuses of hospitals, where the cost of monitoring and the treatment of adverse effects create the major demand for pain management drugs and devices.
The current market is gradually adopting more non-opioid medications, to suppress the addiction toward opioids and certain well-established painkillers in the market. There are several non-opioid drugs with mechanisms of action, which are currently in the early and late stages of development. The federal authorities in multiple countries are shifting to alternative approaches, and thus, fast-tracking those drugs to market approval. The shift is expected to be gradual, and thus, pain management has very attractive growth prospects in the forecast period.
Additionally, the growing burden of the aging population globally is expected to drive the growth of the studied market as the prevalence of chronic pain is relatively high among the geriatric population and is considered to be an independent risk factor for mortality. The increasing product launches are also expected to drive the market. For instance, in March 2020, Biotricity, Inc. launched an innovative pain management product with CPM Centres for Pain Management, a subsidiary of NeuPath Health. Thus, given the aforementioned factors, the pain management market is expected to grow significantly over the forecast period
Key Market Trends
Cancer Pain Segment is Expected to Exhibit Significant Growth Rate over the Forecast Period
Pain during cancer occurs the most when a tumor presses on to the bones, nerves, or organs. The pain may vary according to the affected location. Chemotherapy, radiotherapy, and surgery can also cause pain. Pain caused by cancer can be treated. Many medicines are used for pain management in cancer patients. Some drugs are general pain relievers, while others target specific types of pain that may require a prescription.
In the COVID-19 era, nearly 88% of the cancer care centers faced challenges in delivering usual cancer care for many reasons, including precautionary measures, lack of personal protective equipment, and staff shortage as per the research article published in the JCO Global Oncology, 2020. Additionally, this impact was more pronounced in low-income countries. Therefore, COVID-19 is expected to hinder the number of cancer therapies offered to cancer patients, which indirectly is expected to impact the studied segment.
The global incidence of cancer is high. Moreover, as per a 2018 report by Cancer Research UK, the global incidence of cancer was expected to increase from 17 million new cases in 2018, to more than 27 million new cases by 2040. Also, as per the GLOBOCAN 2020 report, the incidence of new cancer cases accounted for 19,292,789 globally and 9,958,133 deaths due to cancer in 2020. Thus, the high incidence of cancers worldwide may increase the demand for cancer therapies, which, in turn, is likely to increase the demand for cancer pain management drugs and devices. Therefore, this is expected to boost the market growth.
North America Captured the Largest Market Share and is Expected to Retain its Dominance over the Forecast Period
North America holds the largest share in the global pain management market, with the United States being the largest contributor to its revenue. According to the data published by the Centers for Disease Control and Prevention (CDC), in 2019, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain that had limited work and daily activities frequently. Additionally, as per CDC, chronic pain increased with age, and the highest was reported in patients 65 years and above in the United States. Similarly, as per the Population Reference Bureau’s Population Bulletin “Aging in the United States”, the number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. The high incidence of chronic pain among Americans and the growing geriatric population is expected to increase the demand for pain management devices and drugs over the forecast period.
Overall, the pain management market in the United States is considered highly competitive, primarily due to the large presence of pain specialist physicians, increasing trend of product approvals from the FDA, and the robust infrastructure for providing pain management services to patients. For instance, in Feb 2020, Baudax Bio’s meloxicam injection (Anjeso) received US FDA approval for the management of moderate to severe pain, alone or in combination with other non-NSAID analgesics. Thus, the market is expected to propel significantly in North America region over the forecast period.
Additionally, the COVID-19 is also expected to significantly impact the growth of the studied market, owing to the increasing COVID-19 infected cases in the United States. According to the recommendations provided by the American Society of Regional Anesthesia and Pain Medicine (ASRA), in March 2020, chronic opioid therapy and use of steroids in interventional pain procedures may induce immune suppression, which is very critical as it minimizes the chances of fighting a viral infection. Hence, COVID-19 is expected to negatively impact the pain management procedures, which in turn can impact the studied market in North America.
The global pain management market is highly competitive and consists of several major players. The existing major players in the pain management market employ strong competitive strategies, leading to high rivalry among them. Some of the key players in the market are Abbott Laboratories, AstraZeneca PLC, Baxter International Inc., Becton, Dickinson and Company, and Boston Scientific Corporation, among others. Product advancements and improvements in durable medical equipment by the major players are stiffening the competitive rivalry in the market. For instance, in Jun 2019, Medtronic plc launched Intellis platform for the management of certain types of chronic intractable pain.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Long-term Pain Management from the Geriatric Population
4.2.2 High Proven Efficacy of Pain Management Devices for the Treatment of Chronic Pain
4.2.3 Development of Novel Pain Management Devices
4.3 Market Restraints
4.3.1 Lack of Awareness about the Availability and Use of Pain Management Devices
4.3.2 High Procedural and Purchase Cost of Pain Management Devices
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Mode of Pain Management
188.8.131.52 Non-narcotic Analgesics
184.108.40.206.5 Other Non-narcotic Analgesics
220.127.116.11 Neurostimulation Devices
18.104.22.168.1 Transcutaneous Electrical Nerve Stimulation (TENS) Devices
22.214.171.124.2 Brain and Spinal Cord Stimulation (SCS) Devices
126.96.36.199 Analgesic Infusion Pumps
188.8.131.52.1 Intrathecal Infusion Pumps
184.108.40.206.2 External Infusion Pumps
5.2 By Application
5.2.1 Neuropathic Pain
5.2.2 Cancer Pain
5.2.3 Facial Pain and Migraine
5.2.4 Musculoskeletal Pain
5.2.5 Other Applications
5.3.1 North America
220.127.116.11 United States (By Mode of Pain Management, and By Application)
18.104.22.168 Canada (By Mode of Pain Management, and By Application)
22.214.171.124 Mexico (By Mode of Pain Management, and By Application)
126.96.36.199 Germany (By Mode of Pain Management, and By Application)
188.8.131.52 United Kingdom (By Mode of Pain Management, and By Application)
184.108.40.206 France (By Mode of Pain Management, and By Application)
220.127.116.11 Italy (By Mode of Pain Management, and By Application)
18.104.22.168 Spain (By Mode of Pain Management, and By Application)
22.214.171.124 Rest of Europe (By Mode of Pain Management, and By Application)
126.96.36.199 China (By Mode of Pain Management, and By Application)
188.8.131.52 Japan (By Mode of Pain Management, and By Application)
184.108.40.206 India (By Mode of Pain Management, and By Application)
220.127.116.11 Australia (By Mode of Pain Management, and By Application)
18.104.22.168 South Korea (By Mode of Pain Management, and By Application)
22.214.171.124 Rest of Asia-Pacific (By Mode of Pain Management, and By Application)
5.3.4 Middle East and Africa
126.96.36.199 GCC (By Mode of Pain Management, and By Application)
188.8.131.52 South Africa (By Mode of Pain Management, and By Application)
184.108.40.206 Rest of Middle East and Africa (By Mode of Pain Management, and By Application)
5.3.5 South America
220.127.116.11 Brazil (By Mode of Pain Management, and By Application)
18.104.22.168 Argentina (By Mode of Pain Management, and By Application)
22.214.171.124 Rest of South America (By Mode of Pain Management, and By Application)
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Baxter International Inc.
6.1.3 Becton, Dickinson and Company
6.1.4 Boston Scientific Corporation
6.1.5 Fresenius SE & Co. KGaA
6.1.6 GlaxoSmithKline PLC
6.1.7 Johnson & Johnson
6.1.8 Medtronic PLC
6.1.9 Novartis International AG
6.1.10 Pfizer Inc.
6.1.11 Teva Pharmaceutical Industries Ltd
6.1.12 Eli Lilly and Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS