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Chronic Pain Treatment Market is to Witness the Fastest Growth in Asia-Pacific

Chronic Pain Treatment Market

The chronic pain treatment market is expected to witness the fastest growth in the APAC region. This can be mainly attributed to the high prevalence of chronic pain among people in the region. Among all age groups, the elderly are the most susceptible to chronic conditions, such as arthritis, neuropathic disorders, and back pain. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of aged people in the region is expected to increase twofold, from 535 million in 2015 to 1.3 billion by 2050.

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To reduce the prevalence of chronic pain in the region, several government organizations are providing advanced healthcare services that help people manage pain-related conditions. For instance, Painaustralia, one of the key Australian pain advocacy bodies working toward improving the quality of life of patients living with pain, launched a national pain strategy in 2011, to provide evidence-based pain management services that focus on interdisciplinary care at all levels of the health system. Through this strategy, several initiatives have been taken to decrease the prevalence of chronic pain in Australia.

Increasing product approvals are paving the way for various market players to expand their product portfolio in the chronic pain treatment industry. For instance, in November 2018, Pfizer Inc. announced that it was granted pediatric exclusivity for LYRICA by the United States Food and Drugs Administration (USFDA). The grant extended the period of the U.S. market exclusivity for LYRICA by an additional six months till June 2019. LYRICA is currently approved in the U.S. for fibromyalgia, diabetic nerve pain, spinal cord injury nerve pain, and pain caused by shingles in adults. It is also approved as an adjunctive therapy for the treatment of partial onset seizures in patients aged four years and above.

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Some of the other key players operating in the global chronic pain treatment market are Eli Lilly and Company; GlaxoSmithKline plc; Medtronic plc; Boston Scientific Corporation; Novartis AG; Johnson & Johnson; AstraZeneca PLC; Bristol-Myers Squibb Company; Becton, Dickinson and Company; and Sanofi.

Source: P&S Intelligence

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