The Pain Management Market – Huge Unsatisfied Demand
According to the World Health Organization, the number of people suffering worldwide from chronic pain is rising at a dramatic rate. Within the U.S. alone there are at least 116 million people looking for solutions for chronic pain management. According to other sources, at least one in five people outside of the United States also suffers from severe pain. This places the market worldwide at over one billion patients.
An additional factor contributing to this growing market is the vast rise in the world’s geriatric population, which is quickly emerging as the key growth driver for the global pain management market. With the global population of geriatrics expected to rise to more than two billion over the next ten years, and as conditions, such as arthritis and diabetic nerve damage continue to grow at nearly unchecked rates, it is clear that the market for pain treatments will be robust for many years to come.
No part of the worldwide market, however, compares to the dramatic growth rates being realized in the United States. Americans are much more likely to seek pain treatment than are almost any other population. In fact, with only 5% of the world’s population, the American pain management market accounts for over half of the worldwide market as of the end of 2015.
The pain management market is especially exciting within the United States, not only because Americans seek treatment at much higher rates, but also because physicians are radically curtailing prescribing powerful opiate painkillers to patients. The North American opioid market is valued at over $11 billion per year with the vast majority of these revenues being derived via pain relief prescriptions, as is outlined in Exhibit One. As doctors cut back on writing prescriptions, patients are more active than ever in seeking alternative treatments.
