BRIEF—Global pain management drugs market to reach $52.1B in 2024

The global pain management drugs market was worth $ 38.9 billion in 2018.

Looking forward, the market is forecast to reach $ 52.1 billion by 2024, exhibiting a compound annual growth rate (CAGR) of around 5% during 2019-2024, according to the "Pain Management Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report added to ResearchAndMarkets.com’s offering.

High prevalence of chronic pain diseases and increasing geriatric population are among the key factors driving the global pain management drugs market. In 2018, around 991 million people across the globe were more than 60 years old. By 2024, we expect these figures to reach 1.18 billion.

With the prevalence of chronic pain being significantly higher in older adults, this represents a key factor driving the demand of pain management drugs.

Additionally, the increasing number of hospitalization cases, a huge demand-supply gap for effective neuropathic pain management drugs, and application of innovative and advance therapies, are also catalyzing the growth of the market.