The global pain management market is forecast to reach US $77 billion by the year 2017. Currently, more than 1.5 billion people worldwide suffer from chronic pain of varying degrees and this looks set to continue to rise.
Pain management market growth is set to be driven by the increasing demand for efficient medical devices and drugs for pain treatment. Additionally, growth in the market is also expected to stem from increasing aged population and absence of a full-fledged pain management therapy.
Furthermore, the introduction of novel and effective therapies in opioid and non-opioid pharmaceutical sectors is expected to bode well for the future growth prospects of the Pain Management market.
Other growth drivers include rise in cancer patients, changing lifestyles that bring common pains such as back pain, and repetitive strain injuries, continuous increase in the number of surgical procedures, and the introduction of new products.
The US represents the largest region with the pain management market globally, followed by Europe. The US market for chronic and acute pain management therapies is currently driven by increasing aging population. Asia-Pacific is however projected to be the fastest growing regional pain management market through to 2017.
The demand for pain management drugs is increasing in the developing nations, with Latin America projected to post a compound annual growth rate of close to 8.8% to 2017.
For more information on the pain management market, see the latest research: Pain Management Market Report
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