Chronic Pancreatitis Pain Market Overview
Chronic Pancreatitis Pain Market size is estimated to reach $10.55bn by 2025 and is poised to grow at a CAGR of 5.2% during the forecast period 2020-2025. Chronic pancreatitis is an inflammation of the pancreas that does not heal or improve worsens over time and leads to permanent damage. Chronic inflammation of the pancreas eventually impairs the patient’s ability to digest food and produce pancreatic hormones. The most common symptoms include severe abdominal pain, diabetes, weight loss, fatty and foul-smelling stools, and others. North America was the leading segment of the chronic pancreatitis pain market, followed by Europe in 2019 owing to the steady increase in alcohol consumption.
Geographically, North America had the largest market for Chronic Pancreatitis Pain in 2019, owing to the growing population and the increasing consumption of alcohol.
The rise of lifestyle-related diseases such as hypertension and diabetes is the driving force behind the growth of the global Chronic Pancreatitis Pain market.
Rising health care costs in developing countries, such as China and India, are also hampering the affordability of health care facilities for an aging population.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Chronic Pancreatitis Pain Market report.
Chronic Pancreatitis Pain Market Segment Analysis-By Therapy Type
The global Chronic Pancreatitis Pain market based on the Therapy has Medical Therapy, Surgical Therapy, and Endoscopic Therapy. Medicine is the most preferred therapy for treating concomitant symptoms with analgesic drugs. Endoscopy is a very complex therapy with less efficiency. However, this therapy is considered more painless and effective than surgery. It is used over pancreatic duct obstruction caused by ampoule stenosis, stenosis, or stones. Surgery is only recommended if the individual does not respond to other treatments.
Chronic Pancreatitis Pain Market Segment Analysis-By Diagnosis
Based on Diagnosis, the market is classified into CT scan, Magnetic resonance, Cholangiopancreatography, Ultrasound Sonography. CT scan segment has the highest market share in 2019, and is set to grow over the forecast period (2020-2025). This is owing to its cost efficiency and ease of availability. Ultrasound sonography is another diagnostic technique, which is set to grow over the forecast period 2020-2025 owing to its safe and painless treatment.
Chronic Pancreatitis Pain Market Segment Analysis-By Geography
North America is leading in the chronic pancreatitis pain market in 2019 followed by Europe. This is owing to the increase in the consumption of alcohol and the lifestyle of the people. People in these regions prefer more ready-to-eat foods owing to their busy lifestyle and party culture. The chronic pancreatitis pain market is estimated, to grow the most in the Asia-Pacific region in the coming years, mainly owing to population growth, awareness, and government initiative in these countries in China and India.
Chronic Pancreatitis Pain Market Drivers
Alcohol consumption and hereditary disorders
The major factor that is driving the market over the forecast period (2020-2025) is the increase in alcohol consumption among the people. This is set to grow over the forecast period 2020-2025 owing to the fact that people got addicted for the consumption of alcohol and moreover in many regions it is the high profitable business owing to their change in lifestyle. Another major factor, which is driving the market is the hereditary problem and is set to continue its growth over the forecast period (2020-2025).
Chronic Pancreatitis Pain Market Challenges
High cost of treatment, and lack of access to primary health care in developing countries. Rising health care costs in developing countries such as China and India are also hampering the affordability of health care facilities for an aging population.
Chronic Pancreatitis Pain Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Chronic Pancreatitis Pain Market. Key companies of this market include Abbott, Aptalis Pharma, Inc., McNeil Consumer Healthcare, Oxykem, Lonmin, Radboud University, University Medicine Greifswald, University of Albama and Sun Biopharma.
In August 2020, US signs deal to buy 150 million rapid COVID-19 tests from Abbott.
In April 2017, TPG acquired Aptalis Pharma for an undisclosed amount.