NEW YORK, Sept. 21, 2021 /PRNewswire/ -- According to Zion Market Research Recent Report, the pain management therapeutics industry garnering revenue worth US$ 65.6 Billion in 2019 and slated to produce earnings about US$ 81.9 billion by 2026 will record a CAGR of nearly 4% during 2020 to 2026.
Pain relieving drugs such as opioids help in providing relief to patients from severe pain and are used in medical treatment of arthritis, metastatic cancer, and neuropathy. However, it is of short-term use for relieving pain after surgery or treating terminal cancer if the key requirement is to relieve the patient from painful suffering. Apparently, treating of chronic pain has formed a base of healthcare services and it has become a major component of pain management therapeutics business.
Reportedly, there are many of the non-opioid pharmacotherapies that are helpful in treating of chronic non-malignant pain. Citing an instance, non-steroidal anti-inflammatory drugs such as ibuprofen, aspirin, and acetaminophen are preferred for treating mild to acute chronic pain. Additionally, non-steroidal anti-inflammatory medicines can effectively treat muscuskeletal pain such as osteoarthritis and back pain. NSAIDs like naproxen has received FDA approval for treating pain related to ankylosing spondylitis. Hence NSAIDs has also contributed majorly towards influencing of the pain management therapeutics market growth in the past few years.
Market Growth Dynamics
With rise in the number of patients affected due to chronic pain along with easy availability of various kinds of opioid & non-opioid medical treatments, non-pharmacologic therapies, and interventional pain treatments, the pain management therapeutics market is likely to witness accelerated growth within the next couple of years. Apparently, a prominent surge in the aging population prone to chronic pain is likely to translate into humungous expansion of the industry over the forthcoming years. Moreover, a surge in the number of surgeries along with increase in the road accidents & sports injuries are few of the major factors that are anticipated to uplift the market growth over the assessment period.
Furthermore, inflation in the occurrence of chronic ailments including osteoarthritis, cancer, and diabetes will pave a way for geometric progression of the market within the span of next few years. Nevertheless, easy availability of alternative products like pain relief equipment and expiry of patent of prescribed pain killers can decimate the growth of the industry over the years to come.
Surge in Cancer Cases Will Prompt Pain Management Therapeutics Industry Growth By 2026
The rise in the cases of cancer along with access to various therapies for treating cancer pain will proliferate the growth of pain management therapeutics market in the years ahead. Moreover, non-opioid as well as opioid medicines can be used to treat neuropathic pain caused while treating cancer. Apparently, growing awareness pertaining to cancer pain treatments will further boost the industry growth over the years to come.
North American Market to Witness Geometric Growth By 2026
The expansion of pain management therapeutics industry space in North American sub-continent can be credited to presence of robust healthcare sector in the countries such as the U.S. and Canada. Apart from this, advanced healthcare amenities in these countries will further contribute towards the regional market growth over the years ahead. In addition to this, approval of generic medicines by U.S. FDA for treating chronic pain will further boost the regional market trends.
Key players profiled in the study include Novartis AG, Purdue Pharma L.P., AstraZeneca Plc., Mallinckrodt Pharmaceuticals, GlaxoSmithKline Plc., Teva Pharmaceutical Industries Ltd., Pfizer Inc., Depomed, Inc., Johnson & Johnson Services, Inc., Endo International Plc., Merck & Co., Inc., and Abbott Laboratories.
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