Pain management therapeutics market is expected to expand at a 3.7% CAGR by 2024; Market for pain Management is expected to rise from a valuation of US$60.2 bn in 2015 to US$83.0 bn by 2024.
Albany, NY -- (SBWIRE) -- 08/05/2016 -- The Rising incidence of chronic diseases can be attributed to aging population, increased population undergoing surgeries, changing lifestyles, and gradually changing environmental conditions. Researchers report that presently about 20% of the world's population suffers from chronic pain. This accelerates the need for addressing chronic pain with a sophisticated and effective solution. As a result, the growth of the global pain management therapeutics market in the past few years has triggered and is poised to drive the market at an effective CAGR in the coming years.
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High Prevalence of Chronic Diseases to Intensify the Growth of Pain Management Therapeutics Market
The number of patients suffering from chronic pain is increasing at an alarming rate. This has escalated the demand for pain management therapeutics. The mounting cases of cancer and diabetes further contributed to the expansion of global pain management therapeutics market. According to a report by World Health Organization (WHO), the number of new cancer cases is anticipated to grow by almost 70% across the globe. A surge in the number of cases of chronic back pain owing to rising geriatric population and hectic lifestyles will also enable lucrative growth of the global pain management therapeutics market.
Pain Management Industry to Benefit from Old Demographics
The rising prevalence of diseases such as arthritis, depression, diabetic neuropathy, epilepsy, joint or bone pain, and nerve damage can be attributed to the increasing geriatric population. Various studies suggest that by 2050, the age of nearly 22% of the projected global population will be more than 65. This demographic trend towards the older generation will lead to a notable rise in the demand for numerous pain management therapeutics, thereby boosting the growth of global pain management therapeutics market.
Favorable Regulatory Measures to Propel the Consumption of Pain Management Therapeutics
Regulatory framework plays a crucial role in the successful development, approval, and commercialization of numerous drugs in the pain management therapeutics sector. The intervention of regulatory firms that favor the deployment of instruments for the improved diagnosis and treatment of chronic pain and employment of methods for improvement of efficiency, will help global pain management therapeutics market in maintaining a substantial growth rate.
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