What will fuel the growth of the global pain treatment market?

It is projected to record a compound annual growth rate of 8.4%.

A new study has cited four factors that will contribute to the growth of the Conventional and Alternative Pain Treatment Markets, which are expected to grow from $96.2b in 2024 to $144.2b by the end of 2029.

According to BCC Research, one of the factors is the rise in the aging population. This increases the demand for healthcare, retirement support, and services tailored to age-related needs, including chronic disease management and pain treatment.

There is also the rising incidence of chronic diseases, in which more people are living with long-term conditions like diabetes, heart disease, and arthritis. This increases the need for ongoing medical care, treatment, and support.

BCC Research also cited the growth of public health programmes focused on chronic pain. These aim to improve awareness, prevention, and treatment options for people suffering from long-term pain.

Lastly, the study said improvement in non-drug techniques will also contribute to the market’s growth. This refers to the development of alternative methods, such as physical therapy, acupuncture, and mindfulness, to manage pain without relying on medications.