How is Geriatric Population Significant Reason for Chronic Pain Treatment Market

Posted by Pramod Arya on March 22nd, 2021

The factors fueling the expansion of the market are the rising implementation of favorable policies by various governments, soaring geriatric population and the subsequent rise in the need for elderly care, and the growing incidence of chronic diseases across the world.

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During the COVID-19 pandemic, the governments of several countries have taken important measures such as imposing full or partial lockdowns for reducing the spread of the virus and the number of infected persons. This caused the shutting down of industries or in some cases, a significant reduction in the operational capacity of plants, which, in turn, disrupted the logistics and supply chains. Moreover, the industry has been experiencing a slump since the end of 2019. Because of these factors, the market is exhibiting a very slow growth rate in the current times.

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The drugs category is further divided into NSAIDs (non-steroidal anti-inflammatory drugs), opioids, antidepressants, and anticonvulsants. Out of these, the opioids are predicted to register the highest growth in the chronic pain treatment market in the upcoming years, on account of the extensive utilization of these drugs for relieving pain, reducing sprains and strains and inflammation, and reducing the body temperature.

On the other hand, the devices category is classified into ablation devices, analgesic infusion pumps, and neurostimulation devices. Amongst these, the neurostimulation devices category registered the highest growth in the market in the years gone by. This was due to the high public awareness about these devices in various countries and the high popularity of these devices among both patients and doctors around the world.

The players operating in the chronic pain treatment market are increasingly focusing on product launches for gaining foothold in the market. For example, the FDA approved Voltaren Arthritis Pain, which has been recently developed by GlaxoSmithKline plc, in February 2020. This product provides temporary relief to the patient from arthritis pain and is suitable for people in the age group 18 years and above. The FDA approval made this product the first prescription-strength NSAID topical gel for arthritis pain available OTC in the U.S.

Some of the major global chronic pain treatment market players are Sanofi S.A., Dickinson and Company, AstraZeneca plc, Eli Lilly and Company, Abbott Laboratories, GlaxoSmithKline plc, Becton, Bristol-Myers Squibb Company, Boston Scientific Corporation, Johnson & Johnson, Medtronic plc, Pfizer Inc., and Novartis AG.