Global Pain Relievers Market: Snapshot
Understanding of pain etiology and its management have advanced considerably over the past few decades. Various types of pain have been debilitating the quality of life of worldwide populations, and have led to loss of trillions of dollars in productivity in developed nations. Relievers for chronic pain and degenerative pain has been intensely researched to understand the multi-dimensional aspects, including biological, social, and psychological factors.
Clinicians, healthcare fraternity in general, and academia have increasingly stressed on understanding the nature of pain and optimize care for the patient population. New treatment approaches strive to increase not just the efficacy of the medications used as pain relievers but also consider their safety profiles. In recent years, the use of medical devices to relive pain has picked up some steam.
An array of over-the-counter (OTC) drugs and prescription medicines, notably of nonsteroidal nature, has gained in popularity in the pain relievers market for treating mild-to-moderate pain. Particularly, non-steroidal anti-inflammatory drugs (NSAIDs) such as ibuprofen and acetaminophen have shown effectiveness as acute pain relievers.
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Global Pain Relievers Market: Notable Developments
Growing numbers of pharmacies are striving to meet the need of patient populations for various types of pain, notably in the developed nations such as the U.S. This is opening new frontiers in the pain relievers market. BioPlus Specialty Pharmacy has entered into partnership in June 2019 to offer pain relievers, a category of non-opioid pain medication, to relieve post-shingles pain, a type of neuropathic pain. The pain is caused by neuralgia which if not controlled hinders daily activities of the patients. The medication has been approved by the U.S. FDA for its safety and efficacy in treating post-shingles pain. Approvals by regulatory agencies and their fast commercialization in developed countries helps keep the prospects in the pain relievers market lucrative.
Chronic pain over the past few years has been attractive substantial attention of developers of pain relief medications. Novel research approaches have opened new dynamics in this direction. A recent case in point is a research by Women’s Health Research at Yale on discovering novel targets for treating pain in women. The research also focuses on testing the potential of psychoactive drug most notably cannabis.
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Global Pain Relievers Market: Key Growth Dynamics
Growing research on pharmacological as well as non-pharmacological approaches to the treatment of pain has paved way for promising strides in the pain relievers market. Growing demand for pain relief medications in managing perioperative and chronic pain in various populations is propelling the strides. Growing patient populations who need pain relievers for joint and spine related inflammatory pain is a key trend boosting the market.
Incessant efforts have been made by researchers on understanding the mechanism through which anti-inflammatory drugs alleviate pain. In various parts of the world, the epidemic of prescription opioid has reached epidemic proportions, intensifying the need for more efficacious medications. The trend underpins the growing potential of the pain relievers market. To this end, numerous universities in developed nations have been engaged in research on developing pain relievers that have the potential to replace opioids. Advances in this direction is increasingly propelled by growing spending by public healthcare institutes.
The pain relievers market has witnesses marked potential in the rising use of over-the-counter NSAID for treating period pain and headache, especially in several developing countries.
Global Pain Relievers Market: Regional Assessment
On the regional front, North America is one of the most promising markets for pain relievers. Substantial demand for non-opioid pain relievers for a range of pain types has bolstered the growth in the regional market. The region is likely to contribute sizable shares to the global pain relievers market in near future. This will be increasingly fueled by extensive research on novel pharmacological approaches on develop more effective and safer pain relievers. Meanwhile, industry players find vast opportunities emerging in Asia Pacific. Rising demand for pain relievers in different patient cohorts has kept the prospects lucrative.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.