Summary

The pain management market was valued at approximately USD 65,108 million in 2020, and it 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 world. The health agencies are engaged in containing the transmission of coronavirus through lockdown 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 the use of epidural nonsteroid injections for radicular pain can be considered in patients who were already immunosuppressed and at high risk for SARS-CoV-2 infection and complications, however the possibility of treatment failure requiring a subsequent procedure must be weighed against the risk of 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 regulatpry 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 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

The 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 aged 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 aged 65 years 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 are 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 February 2020, Baudax Bio’s meloxicam injection (Anjeso) received the 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 the North American region over the forecast period.

Additionally, the COVID-19 is also expected to significantly impact the growth of the 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), 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 market in North America.

Competitive Landscape

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 June 2019, Medtronic PLC launched Intellis platform for the management of certain types of chronic intractable pain.

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Table of Contents

1 INTRODUCTION
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 Proven Efficacy of Pain Management Devices for the Treatment of Chronic Pain
4.2.3 Development of Novel Pain Management Devices and Techniques
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 Forces 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 Mode of Pain Management
5.1.1 Drugs
5.1.1.1 Opioids
5.1.1.2 Non-narcotic Analgesics
5.1.1.2.1 NSAIDS
5.1.1.2.2 Anesthetics
5.1.1.2.3 Anticonvulsants
5.1.1.2.4 Anti-depressants
5.1.1.2.5 Other Non-narcotic Analgesics
5.1.2 Devices
5.1.2.1 Neurostimulation Devices
5.1.2.1.1 Transcutaneous Electrical Nerve Stimulation (TENS) Devices
5.1.2.1.2 Brain and Spinal Cord Stimulation (SCS) Devices
5.1.2.2 Analgesic Infusion Pumps
5.1.2.2.1 Intrathecal Infusion Pumps
5.1.2.2.2 External Infusion Pumps
5.2 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 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

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
6.1.13 Merck & Co, Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS