Hyderabad, March 31, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Pain Management Market - (2023 – 2028),” the market is expected to register a CAGR of 7.39%. The Indian Society of Anesthesiologists also published guidelines on anesthesia and intensive care practices. Also, the Journal of Pain Medicine suggested that epidural nonsteroid injections for radicular pain can be considered in patients who are already immunosuppressed and at high risk of SARS-CoV-2 infection and complications. As per the April 2022 data published by PubMed, it was observed that people across the United States and Canada suffering from chronic pain witnessed a significant increase in pain during the pandemic.
The Facial Pain and Migraine segment is expected to grow significantly:
The most common complaints in the emergency and outpatient settings are headaches and facial pain. The majority of patients who present with headaches have one of the three main headache syndromes: migraine, cluster headache, or tension headache.
- The Migraine Research Foundation updated in 2021 that migraine is an extraordinarily prevalent neurological disease.
- It's affecting about 39 million men, women, and children in the United States and 1 billion worldwide.
- Migraine is considered the third-most prevalent illness in the world.
- According to the Cleveland Clinic update in 2021, migraine is also the sixth-most disabling illness in the world.
- For every 10 seconds, someone in the United States goes to the emergency room complaining of a headache, and approximately 1.2 million visits are for acute migraine attacks.
- Hence, the high prevalence of migraine is expected to propel the growth of the pain management market in the coming years.
Furthermore, the burden of headaches and migraine is found to be the same across the world, and every day, the percentage of people suffering from migraine/headaches increases.
North America is expected to remain dominant in the forecast period:
North America has the largest share of the pain management market, with the United States contributing the most revenue. Factors such as rising geriatric demand for long-term pain management and advancements in the pain management field are expected to drive the market’s growth in North America.
Moreover, according to PubMed data from 2022, the prevalence of chronic pain in Americans is increasing. Every year, one out of five people suffers from chronic pain in the region. Since it is one of the most common chronic conditions in the United States, there is a growing demand for pain management across the country.
Furthermore, according to the recommendations provided by the American Society of Regional Anesthesia and Pain Medicine (ASRA), chronic opioid therapy and the use of steroids in interventional pain procedures may induce immune suppression, which is very critical as it minimizes the chances of fighting several viral infections.
Hence, all the aforesaid factors are expected to increase the demand for pain management devices and drugs over the forecast period.
Who are the key players in Pain Management Market?
- Abbott Laboratories
- Becton, Dickinson, and Company
- Boston Scientific Corporation
- Johnson and Johnson
- Baxter International Inc. (Avante Health Solutions)
- Fresenius SE & Co. KGaA
- Medtronic PLC
- Novartis AG
- Endo International PLC
- Pfizer Inc.
Recent developments in Pain Management Market:
- In October 2022: Parker Laboratories Inc., which develops, manufactures, and sells pain relief creams, ultrasound and electromedical contact media, and institutional cleaners and disinfectants, is expanding its analgesics line. The company has added Helix CBD Therapy Cream, CBD Clinical Cream, and Tri-Active Therapy Cream to its HelixTM line.
- In September 2022: Compass Group Equity Partners, a St. Louis-based private equity firm, announced a strategic partnership with Mays & Schnapp Neurospine and Pain ("Mays & Schnapp"), a Memphis-based interventional pain management practice serving patients in Tennessee and Mississippi.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/pain-management-market
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