The global pain management drugs market was valued at $65,963.1 million in 2019, and is estimated to reach $85,549.3 million by 2027, registering a CAGR of 3.9% from 2020 to 2027. Rise in geriatric population is the major factor that drives growth of the global pain management market, as aged people are more prone to suffer from joint pain and other chronic conditions. For instance, prevalence of chronic diseases such as cancer is on the rise. As per the National Cancer Institute, almost 20 to 50% of people with cancer suffer from pain. Around 80% of patients with advanced stage cancer suffer from moderate to severe pain. Moreover, surge in prevalence of chronic diseases, such as cancer, diabetic neuropathy, and osteoarthritis propels the market growth. Furthermore, rise in number of surgical procedures and rise in healthcare expenditure are expected to fuel growth of the market. However, drug exploitation, patent expiration of prescription pain medication drugs, and availability of substitutes such as pain relief devices restrain the market growth.
Pain is a distressing sensory and emotional sensation, which is caused by tissue injury or disease. Moreover, different disorders may cause discomfort, such as multiple sclerosis, osteoarthritis, stomach ulcer, chronic arthritis, fibromyalgia, diabetic neuropathy, and cancer. The length of the pain would range from acute pain for short term to chronic pain for long term. Acute pain is a sudden onset of pain when chronic pain is caused by aged bone & joint conditions, nerve damage, or injury. Pain management involves reducing or treating pain by using a given range of medications. There are several medicines available, which provide pain relief through a variety of physiological mechanisms such as targeting nociceptors.
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The global pain management drugs market is segmented on the basis of drug class, indication, and region On the basis of drug class, the market is categorized into nonsteroidal anti-inflammatory drugs (NSAIDs), anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and nonnarcotic analgesics. Opioids are further classified into tramadol, hydrocodone, oxycodone, and others (fentanyl, morphine, meperidine, codeine, and methadone). On the basis of indication, the market is divided into arthritic pain, neuropathic pain, cancer pain, chronic back pain, postoperative pain, migraine, and fibromyalgia. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
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KEY BENEFITS FOR STAKEHOLDERS
? The study provides an in-depth analysis of the global pain management drug market along with the current trends and future estimations to elucidate the imminent investment pockets.
? A comprehensive analysis of the factors that drive and restrict the market growth is provided in the report.
? The market forecast is studied from 2020 to 2027
? Comprehensive quantitative analysis of the industry from 2019 to 2027 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
? Extensive analysis of the key segments of the industry helps to understand the application and products of pain management used across the globe.
? Key market players and their strategies have been analysed to understand the competitive outlook of the market.
KEY MARKET PLAYERS
– Abbott Laboratories
– Eli Lilly & Company
– Endo Health Solutions, Inc.,
– GlaxoSmithKline Plc.
– Johnson & Johnson
– Merck & Co. Inc.
– Mylan NV.
– Novartis AG
– Pfizer, Inc.
– Purdue Pharma L.P.
OTHER PROMINENT MARKET PLAYERS
– Allergen Inc.
– Bayer AG
– Bristol-Myers Squibb
– Boehringer Ingelheim
– Sorrento Therapeutics
– Valeant Pharmaceuticals International Inc.
– WEX Pharmaceuticals
– Zynerba Pharmaceuticals.
KEY MARKET SEGMENTS
By Drug Class
– NSAIDs
– Anesthetics
– Anticonvulsants
– Anti-migraine Agents
– Antidepressants
– Opioids
o Tramadol
o Hydrocodone
o Oxycodone
o Others
– Nonnarcotic Analgesics
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By Indication
– Arthritic Pain
– Neuropathic Pain
– Cancer Pain
– Chronic Back Pain
– Postoperative Pain
– Migraine
– Fibromyalgia
By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
– Asia-Pacific
o Japan
o China
o Australia
o India
o South Korea
o Taiwan
o Rest of Asia-Pacific
– LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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