- 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.
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.
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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.
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