According to a 2016 report published by Transparency Market Research, analysts surmise that almost 20 percent of the world’s population currently suffers from chronic pain[(1)]. As such, the global pain management therapeutics market is expected to exhibit a 3.7 percent CAGR through 2024, with market valuation increasing to US $83.0 billion by the same year.
A closer look at chronic pain explains this growth. Terminal illness, for one, is frequently accompanied by pain so agonizing, severe, and difficult to treat that death can seem like a preferable option to the patient. A key disadvantage of currently available drug therapies for chronic severe pain is that opioid-based drugs can create various side effects, including hallucinations, sedation, nausea, respiratory depression, constipation and dysphoria. Pain treatment also poses a significant challenge to health care professionals because it frequently debilitates patients in ways that hamper their day-to-day functionality, which, by extension, poses a huge