Pain Management Therapeutics Market
Pain Management Therapeutics Market (Therapeutics - Anticonvulsants, Antidepressants, Anesthetics, Non-steroidal Anti-inflammatory Drugs (NSAIDS), Opioids, Other Non-narcotic Analgesic, and Antimigraine Agents; Indication - Neuropathic Pain, Fibromyalgia, Arthritic Pain, Chronic Back Pain, Migraine, Post-Operative Pain, and Cancer Pain) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global pain management therapeutics market for the historical period 2017–2018 and forecast period 2019–2027, high incidence of chronic pain disorders, easy and effective medications, and higher demand of pain management products are projected to drive the global pain management therapeutics market during the forecast period
- According to the report, the global pain management therapeutics market was valued at US$ 66.6 Bn in 2018 and is anticipated to expand at a CAGR of 3.7% from 2019 to 2027
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Rise in Incidence of Chronic Pain Disorders to Promote Usage of Pain Management Therapeutics: Key Drivers
- The number of patients suffering from chronic pain is on a constant rise globally. For instance, according to the World Health Organization (WHO), the U.S. had 50 million people suffering from chronic pain in 2018. Additionally, according to a European Pain Federation, around 80 Mn adults in Europe suffers from chronic pain.
- The global increasing incidence rates of cancer further contribute to the rise in demand for pain management therapeutics. This includes pain occurring from cancer therapy as well as from incursion of cancer cells on to bones and other healthy body parts. WHO projections suggest that the global cancer prevalence will increase by around 75% from 2008 to 2030.
- Hence, increase in incidence of chronic pain conditions continue to encourage the use of pain management drugs, thereby driving the market.
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Easy & Effective Medications and Higher Demand of c Growth
- Doctors usually prescribe medicines in the initial stages of pain, followed by other treatment options. Prescription drugs are easy and economical to use at individual level without any ambiguity.
- Increased awareness about availability of medications for pain management propels consumption and acceptance of pain management drugs over other treatment options. Hence, high availability, easy access, high awareness, cost effectiveness, and quick relief have made pain management therapeutics more preferable to other treatment options.
- According to National Prescription Audit (May 2019), pain treatment was the fourth largest therapy in the U.S., with about 447 million prescriptions after lipid regulators.
- However, prescription volume for pain therapy decreased by 4.5% in 2018 as compared to 2017, due to continued implementation of control on volume of dispensing prescriptions for narcotic or opioid pain medicines, thereby reducing the misuse of drugs for non-medical use
Side Effects and Risk of drug abuse with opioids to Hamper Market
- The common side effects experienced from long-term usage of pain therapeutics include constipation, drowsiness, and respiratory depression. Commonly used NSAIDs for pain management have high risk of gastrointestinal ulceration or bleeding. COX-2 inhibitors were developed to eliminate this risk; however, these led to other issues such as risk of heart attack and stroke due to prolonged use.
- Prescription drug abuse poses a serious threat to the growth of the pain management therapeutics market due to its harmful long term effects. For instance as per National Institute Drug Abuse USA, more than 2 million people in the United States suffer from substance use disorders related to prescription opioid pain relievers.
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Global Pain Management Therapeutics Market: Competitive Landscape
- This report profiles major players in the global pain management therapeutics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global pain management therapeutics market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global pain management therapeutics market are
- Pfizer Inc.
- Depomed, Inc.
- Endo International plc.
- Purdue Pharma L.P.
- Mallinckrodt Pharmaceuticals
- Teva Pharmaceutical Industries Ltd.
- Novartis AG
- AstraZeneca plc.
- Johnson & Johnson Services, Inc.
- Merck & Co., Inc.
- Abbott Laboratories
- GlaxoSmithKline plc.
Global Pain Management Therapeutics Market: Key Developments
Key players in the global pain management therapeutics market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global pain management therapeutics market. A few expansion strategies adopted by players operating in the global pain management therapeutics market are:
- In March 2020, Pfizer Inc. and Eli Lilly and Company received USFDA approval for Tanezumab 2.5 mg administered subcutaneously (SC) in the treatment of chronic pain due to moderate-to-severe osteoarthritis (OA).
- In November 2019, Novartis AG received USFDA approval Adakveo for pain management in adult and pediatric patients aged 16 years and older with sickle cell disease.
The report on the global pain management therapeutics market discussed individual strategies, followed by company profiles of manufacturers of pain management therapeutics. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global pain management therapeutics market.
TMR’s report on the global pain management therapeutics market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global pain management therapeutics market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global pain management therapeutics market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global pain management therapeutics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global Pain Management Therapeutics market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global pain management therapeutics market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global pain management therapeutics market.
The report delves into the competitive landscape of the global pain management therapeutics market. Key players operating in the global pain management therapeutics market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global pain management therapeutics market that have been profiled in this report.
Key Questions Answered in Global Pain Management Therapeutics Market Report
- What is the scope of growth of product companies in the global pain management therapeutics market?
- What will be the Y-o-Y growth of the global pain management therapeutics market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global pain management therapeutics market?
- Will North America continue to be the most profitable market for pain management therapeutics providers?
- Which factors are anticipated to hamper the growth of the global pain management therapeutics market during the forecast period?
- Which are the leading companies in the global pain management therapeutics market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global pain management therapeutics market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global pain management therapeutics market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the pain management therapeutics market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the pain management therapeutics market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global pain management therapeutics market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global pain management therapeutics market more reliably and accurately.
Regional Segmentation of Pain Management Therapeutics Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Pain Management Therapeutics Market - Segmentation
Other Non-narcotic Analgesic
Chronic Back Pain
Middle East & Africa