ALBANY, New York, January 29, 2019 /PRNewswire/ --
The TMR report projects the global pain management therapeutics market to register a promising CAGR of 4.0% from 2017 to 2025. By the end of 2025, the market will be worth US$88,253.4 million, predicts the report.
Out of the various disease indications, the demand for cancer pain management is expected to remain high in the next few years with rising cases of cancer along with increasing awareness about cancer pain therapeutics. Region wise, North America is expected to lead the global pain management therapeutics market in the coming years. This is attributed to increased reimbursement policies for prescription drugs for pain management in the region.
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Growing Population Suffering from Chronic Pain to Boost Pain Management Therapeutics Market
As per U.S Institute of Medicine, approximately 100 million adults in 2011, suffered from chronic conditions such as migraine pain, low back pain, and neck pain. The number of patients suffering from chronic pain is rising constantly. This increased patient base affects worker productivity, negatively impacts the patients' financial and emotional state, and increases the healthcare costs. Increasing economic stability across the globe, and raising and improving healthcare infrastructure are factors fueling the demand in global pain management therapeutics market. Along with this, rapid changing lifestyles, burgeoning population, and rising cases of chronic pain globally are driving the global pain management therapeutics market.
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Furthermore, there are many pain management therapeutics available in the market in the form of anticonvulsants, anesthetics, non-steroidal anti-inflammatory drugs (NSAIDS), opioids, and antidepressants. People across the world are suffering from various types of pain such as arthritic pain, chronic back pain, cancer pain, fibromyalgia, and neuropathic pain. Rising prescription of opioids for pain relieving, increasing population suffering from cancer pain, and growing incidence of low back pain due to low desk jobs are also boosting the global pain management therapeutics market.
Slow Penetration of Newly Launched Pain Management Drugs Hinders Market Growth
A few challenges hindering the growth in the global pain management therapeutics market are stringent regulations in using opioids in certain countries, and the huge time taken in launching pain management drugs to penetrate the market. Nonetheless, rising usage of pain management therapeutics for relieving pain is expected to help overcome some of these challenges.
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Transparency Market Research (TMR) notes that the global pain management therapeutics market is categorized by the presence of several large and small players operating in it. The rivalry between the potential players is likely to increase as they aim at adopting various strategies to offer a large volume of pain management drugs at cheaper costs.
Among multiple strategies adopted by players in the global pain management therapeutics market to stay ahead of the competitors, branding innovation has paid off the most. The global pain management therapeutics market is expected to grow steadily due to the existence of potential large players who are heavily investing in research and development activities to launch a new drug for pain management. Some of the leading players in the global collaborative robot market are Abbott Laboratories, AstraZeneca, Endo Health Solutions, Novartis AG, and Teva Pharmaceuticals.
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The information presented in this review is based on a TMR report, 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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