ALBANY, New York, Aug. 23, 2019 /PRNewswire/ -- Advanced health care and medication are now into the main stream along with large number of players participating in it. This factor has also lead the demand in the global pain management therapeutics market. Players in this market are witnessing high growth due to the increased demand for therapeutics for pain management. Leading players are engaged in research and developments and they are investing heavily in partnership, collaboration, and innovation that will help them in making their strong presence in the market. Currently, with large number of players participating in the market, the global pain management therapeutics market has a fragmented vendor landscape. Competition in the market is also expected to rise in the near future due to various efforts made by these players. In the Transparency Market Research report on the global pain management therapeutics market, analysts have thoroughly analyzed key players holding significant share in the market. To name a few leading players presented in the report includes Novartis AG, Endo Health Solutions, Inc., Abbott Laboratories, Pfizer, Inc., Merck & Co. Inc., F. Hoffmann La Roche Ltd., Johnson & Johnson, and Purdue Pharma L.P.
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As per a report by Transparency Market Research (TMR), the global market for pain management therapeutics is likely to clock a CAGR of 4.0% for the forecast period from 2017 to 2025. Progressing at this rate, the market's valuation of US$62,246.8 mn in 2016 will become worth US$88,253.4 mn by the end of 2025.
Rising Cancer Cases Increasing Demand for Better Pain Management Services
Rising incidence of cancer is one of the major contributing factors driving demand in the global pain management therapeutics market. Increased awareness about the cancer pain therapeutics is driving growth in the pain management therapeutics market globally. Moreover, several cancer therapies also result in pain and trauma injuries, which further increases demand for efficient pain management services. Various international studies have shown that cancer is responsible for 1 in 6 deaths. Stats also reveal that in 2018 nearly 9.6 million people died because of cancer. Prevalence of cancer is high in low and middle-income countries and responsible for approximately 70% of deaths. Thus, increasing number of cancer cases and cancer pain is augmenting growth in the global pain management therapeutics market.
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But there are high chances that the demand for pain management therapeutics will be more for chronic back pain in the next few years as compared to it demand for revealing cancer pain. There has been a significant rise in lower back problems due to prolong sitting hours in desk job and various other chronic diseases.
Favorable Government Healthcare Policies Augmenting Demand in the Pain Management Therapeutics Market
Strong prevalence of chronic pain ailments, favorable government healthcare policies, and availability of effective treatment options are some of the major factors driving demand in the global pain management therapeutics market. Lucrative reimbursement for pain management treatment along with rising demand for palliative care treatment is further befitting growth in the pain management therapeutics market. Another very significant fact is the continuous efforts made by medical device manufacturers to develop cost effective products is creating favorable conditions for the manufactures as well as for the market. Moreover, rising number of trauma cases coupled with accidental injuries is fueling growth in the pain management therapeutics market globally.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "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 2017 - 2025".
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