Chronic Lower Back Pain Treatment Market Size to Surpass USD 4.52 Billion by 2030, exhibiting a CAGR of 9.5%

Advertisement

As per the report by Fortune Business Insights, The Global Chronic Lower Back Pain Treatment Market size is projected to reach USD 4.52 Billion by 2030, at a CAGR of 9.5% during the forecast period

Pune, India, July 31, 2023 (GLOBE NEWSWIRE) — The chronic lower back pain treatment market size was valued at USD 2.21 billion in 2022 and is projected to reach a valuation of USD 2.40 billion in 2023. The market is expected to reach USD 4.52 billion by 2030 with a CAGR of 9.5% during the forecast period. Chronic Lower Back Pain (CLBP) is one of the most prevalent chronic pain conditions caused by osteoarthritis and degenerative disk disease. The condition is seen to be more prevalent in aging population with age-related disorders. Fortune Business Insights™ shares this information in its report titled “Chronic Lower Back Pain Treatment Market, 2023-2030.”

Key Industry Development

Advertisement

  • March 2023- Lilly and Confo Therapeutics signed an agreement for the clinical development of CFTX-1554. It is a new angiotensin II type 2 receptor inhibitor for treating neuropathic pains and additional peripheral pain indications.


Request a Free Sample PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/chronic-lower-back-pain-treatment-market-100575


Key Takeaways:

  • SP-103 was granted fast-track status by Sorrento Therapeutics. SP-103 is a medication candidate in phase 2 clinical trials, and if approved, it may treat lower back pain.
  • Cross River Treatment In December 2022, 540 million people worldwide will be suffering from back pain at some time, with 5.0% on the edge of having chronic lower back discomfort.
  • The North America market is expected to lead the market during the projected period, with a value of USD 1.04 billion in 2022.
  • Bayer AG relaunched its core product Saridon with new packaging, with a focus on developing OTC medications used for old age pain management in India.


Discover the Leading Players Featured in the Report:

Pfizer Inc. (U.S.), Lilly (U.S.), GSK plc (U.K.), Johnson & Johnson Services, Inc. (U.S.), Merck & Co, Inc. (U.S.), Sanofi (France), Novartis AG (Switzerland), Dr. Reddy’s Laboratories Ltd. (India), Bayer AG (Germany), Endo International plc. (Ireland)


Report Scope

Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 9.5%
2030 Value Projection USD 4.52 Billion
Base Year 2022
Market Size in 2023 USD 2.40 Billion
Historical Data 2019 to 2021
No. of Pages 150


Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/chronic-lower-back-pain-treatment-market-100575


Drivers and Restraints

Increasing Cases of Lower Back Pain to Drive Market Growth of Chronic Lower Back Pain Treatment
Increasing cases of lower back pain are anticipated to drive the chronic lower back pain treatment market growth. Increasing cases of this condition in general population has led to the treatment of this condition with effective therapeutic measures. Manufactures have been emphasizing on the introduction of new and effective therapeutic measures. Introduction of new drugs with increasing number of R&D initiatives is also propelling market growth.
However, availability of new alternative treatment options is expected to hamper the market growth.

Segments

NSAIDs Segment Dominated as it is Easily Available

On the basis of drug class, the market is divided into non-steroidal anti-inflammatory drugs, antidepressants, analgesic, opioids, and others. The Non-steroidal Anti-Inflammatory Drugs (NSAIDs) segment dominated the market in 2022 as it is most preferred medication among the general population as they are easily available. The opioids segment held the second-largest market share in 2022 as it is more prescribed by healthcare professionals.

Oral Segment Held Dominant Share Due to Various Benefits  

By route of administration, the market is classified into oral, topical, and others. Oral segment held the largest market share in 2022 due to its features such as patient compliance, bioavailability, safety, low production cost, and higher quality. The topical segment is projected to have second-largest market share as temporary and effective pain relief is given by topical drugs.


Quick Buy – Chronic Lower Back Pain Treatment Market Research Report: https://www.fortunebusinessinsights.com/compare-plan/100575


Retail & Online Pharmacies Segment Held Dominant Share with Increasing Focus on these Channels  

By distribution channel, the market is classified into hospital pharmacies and retail & online pharmacies. The retail & online pharmacies segment held the largest market share in 2022 due to highest revenue generation. There is increasing focus of retailers on both retail and online channels.

Based on geography, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By Drug Class

  • Non-steroidal Anti-Inflammatory Drugs
  • Antidepressants
  • Analgesic
  • Opioids
  • Others

By Route of Administration

  • Oral
  • Topical
  • Others

By Distribution Channel

  • Hospital Pharmacies
  • Retail & Online Pharmacies

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa


Regional Insights

North America Held the Largest Share Due to Need for Progressive Therapy

North America held the largest chronic lower back pain treatment market share in 2022 and is also set to dominate during the forecast period. The need for progressive therapy has led pharmaceutical companies to focus on R&D of advanced drugs.

The Europe market is set to have noteworthy growth due to growing number of people with sedentary lifestyle. Increasing geriatric population suffering from musculoskeletal disorders is increasing the hospital admission rate for effective therapeutic measures.

Competitive Landscape

Strong Distribution Network and Diverse Product Portfolio by Market Players to Drive Market Growth

The market is led by Johnson & Johnson Services, Inc., Bayer AG, and Sanofi-Aventis as they have a strong distribution network and diverse product portfolio, R&D initiatives, and focus on getting regulatory approvals. Other chronic lower back pain treatment players include Sanofi, Dr. Reddy’s Laboratories, Lilly, Endo International Inc., and others.


FAQ’s

How big is the Chronic Lower Back Pain Treatment Market?

Chronic Lower Back Pain Treatment Market size is USD 2.40 Billion in 2023.

How fast is the Chronic Lower Back Pain Treatment Market growing?

The Chronic Lower Back Pain Treatment Market will exhibit a CAGR of 9.5% during the forecast period, 2023-2030


Related Reports:

Medical Marijuana Market Share, Size, Trends and Forecast 2019-2026

Joint Pain Injections Market Size, Share, Trends, Growth | Global Forecast Report 2030


About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. 

Contact Us:

Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner – Mahalunge Road,

Baner, Pune-411045,

Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: [email protected]

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.