Increase in prevalence of chronic diseases, favorable regulatory scenario, and surge in the number of geriatric population drive the growth of the global pain management drugs market
PORTLAND, Ore., Oct. 22, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Pain Management Drugs Market by Drug Class, (NSAIDS, Anesthetics, Anticonvulsant, Anti-Migraine Drugs, Antidepressant Drugs, Opioids, Non-Narcotics, and Analgesics), Indication (Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Pain, Post-Operative Pain, Migraine, Fibromyalgia, Bone Fracture, Muscle Sprain/Strain, Acute Appendicitis, and Other Indications), Pain Type (Chronic and Acute) : Global Opportunity Analysis and Industry Forecast, 2019–2027." According to the report, the global Pain Management Drugs Market size was estimated at $71.43 billion in 2019, and is anticipated to hit $91.64 billion by 2027, registering a CAGR of 3.8% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in prevalence of chronic diseases, favorable regulatory scenario, and surge in the number of geriatric population drive the growth of the global pain management drugs market. On the other hand, availability of alternative therapies, drug exploitation, and patent expiration of prescribed drugs impede the growth to some extent. However, advancements in drug development and untapped markets in developing economies are expected to create lucrative opportunities for the market players in the industry.
- Several clinics offering pain management services were no longer open for public services during the first phase of the lockdown, owing the safety measures imposed by government bodies across the world.
- Most of the chronic pain facilities were deemed non-urgent and elective interventional procedures were restricted to lessen risk of the viral spread.
- In such a scenario, the demand for pain management drugs happened to increase and telemedicines became an effective way to offer necessary medical services to patients with chronic pain.
The opioids segment to dominate by 2027-
Based on drug class, the opioids segment accounted for more than one-fourth of the global pain management drugs market share in 2019 and is expected to rule the roost by the end of 2027. High popularity of these drugs worldwide fuels the segment growth. The anti-migraine agents segment, on the other hand, would register the fastest CAGR of 4.7% throughout the forecast period.
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The neuropathic pain segment to maintain the dominant share-
Based on indication, the neuropathic pain segment contributed to nearly one-fifth of the global pain management drugs market revenue in 2019 and is anticipated to lead the trail by 2027. As per statistics by the International Association for the Study of Pain, almost 35% of the 33 million people with HIV globally suffer from neuropathic pain, thereby driving the segment growth. Presence of large patient population is the major factor that increases the demand for drugs for neuropathic pain. The cancer pain segment would manifest the fastest CAGR of 4.8% from 2020 to 2027.
The chronic pain garnered the major share in 2019-
Based on pain type, the chronic pain segment held the highest share in 2019, generating 92% of the global pain management drugs market. The same segment would also register the fastest CAGR of 3.9% till 2027, owing to high popularity of these pain management drugs worldwide.
North America to rule the roost-
Based on geography, North America held the major market share in 2019, generating nearly half of the global pain management drugs market, owing to large number of aging population and favorable regulatory conditions. Asia-Pacific, on the other hand, would portray the fastest CAGR of 4.5% till 2027. This is attributed to presence of larger patient pool and increase in healthcare expenditure in the region
Key players in the industry-
- Eli Lilly & Company
- Johnson & Johnson
- Novartis AG
- Endo Health Solutions, Inc.
- Purdue Pharma L.P., Inc.
- Mylan NV.
- Merck & Co. Inc.
- Abbott Laboratories
- GlaxoSmithKline Plc.
We have also published few syndicated market studies in the similar area that might be of your interest. Below is one of the report title for your reference, considering impact of Covid-19 over this market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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