The global market for pain management drugs and devices is projected to increase through 2022, according to a Wise Guy Research Consultants report.
Here's what you need to know:
1. The market reached $39.48 billion in 2015.
2. The market is expected to grow with a CAGR of 5.7 percent, reaching $58.2 billion by 2022.
3. Key players in the market include North Chicago, Ill.-based AbbVie; New Brunswick, N.J.-based Johnson & Johnson and New York City-based Pfizer.
4. This recent market growth is attributed to increasing pain disorders, technological developments and growing geriatric population.
5. One of the barriers to continued market growth is competition between companies.