September 07, 2017
WELLESLEY, Mass., Sep 7, 2017 – Pain management constitutes a diverse market offering products and services to alleviate pain, with the potential to reach $52.0 billion annually by 2022. In a recent report by BCC Research, the industry’s prospects and major players are studied for both pharmaceuticals and devices.
Manufacturers have attempted to create well-rounded and advanced products to give clinicians a wider range of choices for pain management. As the population ages, and regulatory and cost issues reduce hospital stays and increase home care and other forms of long-term care, awareness of the real costs associated with pain management is growing. From $36.1 billion in 2017 annual sales, the global market is poised to expand at a five-year compound annual growth rate of 7.6%, according to the report, The Global Market for Pain Management Drugs and Devices.
Prescription pharmaceuticals include several market-leading pain management products, whereas the device segment offers a different approach to pain treatment. Together, these segments are expected to generate a market valued at $36.1 billion in 2017.
“Pain is one of the most common problems for which individuals seek medical attention. In fact, pain is the primary complaint in approximately 80% of patients who visit the doctor,” said BCC Research analyst Melissa Elder. "Globally, pain affects at least 1.5 billion people—and as many as 2 billion people—at any given time.”
Knowledge of Regulatory Requirements is Critical
The growing regulatory environment for pain therapies, coupled with their demand, has resulted in a complicated market environment. Awareness of issues and trends affecting the market and how to remain compliant while providing pain therapy will be the near-term focus. Trends and issues in the pain management industry include those related to treatment, financial aspects, professional matters, and population and demographic data.
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The Global Market for Pain Management Drugs and Devices( HLC026F )
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