The global conventional and alternative pain treatment market is expected to grow at a significant CAGR during the forecast period (2024-2031). Medical doctors and other healthcare professionals in conventional medicines treat symptoms and diseases mostly by using medications, such as opioids and other strong pain relievers, or surgery. The majority of disorders are treated solely by conventional medicine, which usually involves medicines or surgery. It can lead to long-term treatment with an improvement in symptoms at the cause of side effects. This sometimes necessitates the use of more drugs, which can lead to addiction.
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Alternative medicine is more holistic, with therapy focusing on the whole person rather than simply the symptoms. In other words, the treatment is given to the patient rather than the disease. Alternative medicine provides strategies for assisting the body’s natural healing abilities in returning to a state of optimal health. The well-established business of painkiller drugs as the first line of treatment is largely responsible for the market growth. Device-based pain management therapies have become more popular in recent years as it relieves pain along with alleviating muscle tension and speed tissue recovery.
Furthermore, the rising geriatric population is resulting in an increasing number of patients suffering from chronic pain. It is highly common among the senior population. The market is also projected to be driven by an increase in new launches of pain management products. For instance, Biotricity Inc. and CPM Centres for Pain Management, a NeuPath Health affiliate, launched an innovative pain management product in March 2020. The pain management market is expected to grow significantly during the forecast period. The company’s pain management product is comprised of a software suite with applications for both patients and physicians. Patients can track progress while quantifying and managing their pain.
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Market Coverage
- Segments Covered-
o By Type – Narcotic Analgesics, Non-Narcotic Analgesics, Medical Cannabis, Antimigraine Agents, Anesthesia, CNS Therapies, and Others
o By Devices – Electrotherapy, Spinal cord stimulator, and Others
o By Application – Surgical Pain, Orthopedic And Musculoskeletal Pain, Migraine Pain, Fibromyalgia Pain, Cancer Pain, Neuropathic Pain, HIV/AIDS Pain, Dental Pain, And General Pain
- Competitive Landscape: Abbott Laboratories, Baxter International, Eli Lilly & Co., GlaxoSmithKline, and Johnson & Johnson, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Conventional and Alternative Pain Treatment Market Report
By Type
- Narcotic Analgesics
- Non-Narcotic Analgesics
- Medical Cannabis
- Antimigraine Agents
- Anesthesia
- CNS Therapies
- Others
By Devices
- Electrotherapy
- Spinal Cord Stimulator
- Others
By Application
- Surgical Pain
- Orthopedic And Musculoskeletal Pain
- Migraine Pain
- Fibromyalgia Pain
- Cancer Pain
- Neuropathic Pain
- HIV/AIDS Pain
- Dental Pain
- General Pain
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