Pain Management Therapeutics Market Worth US$ 97,041.9 Mn by end of 2028, Says Coherent Market Insights

SEATTLE, Nov. 25, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global pain management therapeutics market is estimated to account for 97,041.9 Mn in terms of value by the end of 2028.

Pain management is a branch of medicine that aims to relieve the suffering caused by chronic pain. The main focus of this field is to improve the quality of life for people suffering from a variety of conditions, such as osteoarthritis and back pain. In general, pain management consists of a variety of treatments that involve a multidisciplinary approach and a combination of medications. Although there are a number of pain killers available, these treatments are ineffective in many cases and can actually worsen the condition.

There are several ways to treat pain and find relief. Physicians trained in this specialty may also be able to recommend alternative treatments or prescribe medication that will reduce the patient's symptoms. Oftentimes, a combination of different types of treatments is the most effective. During the consultation, a physician will consider all of your options with you in mind.

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Market Drivers:

Increasing number of pain management clinics is expected to propel growth of the global pain management therapeutics market over the forecast period. For instance, in November 2021, Ochsner LSU Health Shreveport, a community health center in the U.S., started Interventional Pain Management clinic at the St. Mary Medical Center campus, Fairfield Medical Office Building.

Moreover, availability of new procedures is also expected to aid in growth of the market. For instance, in November 2021, NeoSpine, a U.S.-based multidisciplinary spine and pain management practice, announced offering spinal cord stimulation procedures for the treatment of painful diabetic neuropathy.

Market Opportunities

Increasing funding in pain management is expected to offer lucrative growth opportunities for players in the global pain management therapeutics market. For instance, in November 2021, AppliedVR, a developer of virtual reality therapeutics, raised US$ 36 million in Series B funding bringing the company's total raise to US$ 71 million.

Moreover, R&D in pain management is also expected to offer lucrative growth opportunities for players in the global pain management therapeutics market. For instance, in October 2021, Adial Pharmaceuticals Inc. announced data in a preclinical model of pain reduction. Based on the data, Purnovate Inc., a subsidiary of Adial Pharmaceuticals Inc., selected PNV-5030 as the lead compound for its program to develop pain management drugs.

Market Trends

Major players operating in the global pain management therapeutics market are focused on adopting partnership strategies to enhance their market share. For instance, in November 2021, InfuSystem Holdings, Inc. partnered with a leading U.S. healthcare provider to provide InfuBLOCK, its Pain Management Therapy.

North America is expected to witness significant growth in the global pain management therapeutics market, owing to increasing number of pain management clinics. For instance, in October 2021, The Ramos Center for Interventional and Functional Pain Medicine, a pain management center based in the U.S., started a new location in Dunedin, Pinellas County.

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Competitive Landscape:

Major players operating in the global pain management therapeutics market include, AcelRx Pharmaceuticals, Inc. Averitas Pharma, Inc., AmerisourceBergen, Abbott Laboratories, Allergan, Inc., Cardinal Health, Covidien plc, Durect Corporation, Eli Lilly and Company, Endo Health Solutions, Inc., Forest Laboratories, Inc., GlaxoSmithKline plc, Hospira, Inc., Johnson & Johnson, McKesson Corporation, Merck & Co., Inc., Mundipharma International Ltd., Novartis  International AG, and Teva Pharmaceuticals.

Major players operating in the global pain management therapeutics market are focused on adopting merger and acquisition strategies to expand their product portfolio. For instance, in October 2021, Pacira BioSciences Inc. agreed to acquire Flexion Therapeutics Inc. in order to expand its non-opioid pain management offering. 

Major players operating in the global pain management therapeutics market are also focused on approval and launch of new products to expand their product portfolio. For instance, in August 2020, Trevena Inc. received the U.S. Food and Drug Administration approval for Olinvyk (oliceridine), an opioid agonist for the management of moderate to severe acute pain in adults.

Market Segmentation:

By Pain Type:

• Chronic
• Acute

By Drug Class:

• NSAIDs
• Anaesthetics
• Anticonvulsant
• Anti-migraine Drugs
• Antidepressant Drugs
• Opioids
• Non-narcotics
• Analgesics

By Indication

• Arthritic Pain
• Neuropathic Pain
• Cancer Pain
• Chronic Pain
• Post-operative Pain
• Migraine
• Fibromyalgia
• Bone Fracture
• Muscle Sprain/Strain
• Acute Appendicitis
• Others

Global Pain Management Therapeutics Market, By Region:

• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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SOURCE Coherent Market Insights