Pain Therapeutics Market
Pain Therapeutics Market: By Drug Class, By Indication, By Distribution Channel : Global Market Analysis, Trends, Opportunity and Forecast, 2020-2025Request Sample Request Discount
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The pain management therapeutics market is valued at $70,531.70 million in 2019, and is projected to reach $85,852.46 million by 2025, registering a CAGR of 4.2% from 2020 to 2025.
Pain in any of the body parts disturbs the emotional and sensory sensation which further causes tissue damage and can even cause disease. Physical disorders may led to various discomforting situations, such as osteoarthritis, multiple sclerosis, chronic arthritis, stomach ulcer, fibromyalgia, cancer, and diabetic neuropathy. There are a wide range of pain types for human body. It includes acute pain for short term and also includes chronic pain for much longer term. The acute pain type can be very mild and last for only a moment, for weeks, or for few months. Chronic pain is mainly caused by aged bones & joint conditions, nerve damage, or injury.
There are wide variety of drugs that are used to treat health issues and pain caused by the inflammation in response to tissue damage, nerve damage (neuropathic pain), or chemical agents/pathogens (nociceptive pain). North America is a bigger market for pain therapeutics industry, and it is expected to remain dominant throughout the forecast period. This is mainly attributed to many aging populations and favorable regulatory conditions for the market to grow in the region. In North America growth in number of drug abuse cases and increase in the cases of opioids addiction has caused decrease in the use of prescriptions for opioids. This is leading to the declining number in opioid consumption for pain management. Asia-Pacific is a growing market and is expected to exert highest growth rate among all the regions during the forecast period. This positive looking forecast is mainly attributable to the large population in the region and presence of larger patient pool. Moreover, increase in the healthcare expenditure by the developing countries in the region promises strong growth in the pain therapeutics market.
Major reason that is driving the growth of the pain therapeutics market is rise in geriatric population. Aged consumers are more prone to suffer from joint pain and other chronic conditions. In addition to this, increasing cases of chronic diseases, such as diabetic neuropathy, cancer, and osteoarthritis is propelling the market growth. Furthermore, the rise in the number of surgical procedures and the rise in healthcare expenditure are expected to fuel the pain therapeutics market. Although the market promises a growth factors such as patent expiration of prescription pain medication drugs, availability of substitutes such as pain relief devices, and drug exploitation restrain the pain therapeutics market growth.
COVID-19 pandemic which was initiated from China spread across the globe in middle of 2020. The rapid spread of this COVID-19 pandemic has disrupted the growth in many economies across various regions. The COVID-19 outbreak is also expected to hit the pain therapeutics market in the forecast period's initial phase. As the COVID-19 pandemic stressed every healthcare system worldwide, many clinics and healthcare centers were not open for public services in view of obeying safety measures imposed by respective governments. In few of the open health facilities, elective interventional procedures were limited or stopped during the COVID-19 pandemic in order to minimize risk of the virus spread. During the latter half of the forecast period, demand for pain management drugs will rise, owing to factors such as telemedicine, which has become an appropriate and effective way to offer necessary medical services to patients with chronic pain.
The global pain therapeutics market is segmented based on indication, drug class, and region. Based on indication, the market is divided into arthritic pain, cancer pain, muscle sprain, neuropathic pain, bone fracture, chronic back pain, postoperative pain, acute appendicitis, migraine and fibromyalgia, and other indications. Based on drug class, the market is categorized into anesthetics, nonsteroidal anti-inflammatory drugs (NSAIDs), anticonvulsants, opioids, antidepressants, anti-migraine agents, and nonnarcotic analgesics. Based on pain type, it is segmented into chronic pain and acute pain. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The opioids segment holds one of the highest market shares of the drug class segment. This is attributed to the high efficiency of opioids to relieve pain in major chronic conditions. The anesthetics segment is expected to grow with a faster growth rate during the forecast period. In the pain type, the chronic pain segment holds the larger market share and is expected to grow rapidly during the forecast period. According to a study published in the Current Pain and Headache Reports Journal in 2016, it was found that Peripheral Nerve Stimulation (PNS) is a widely accepted treatment procedure for chronic pain. The StimRouter neuromodulation system by Bioness, Inc is a PNS technology-based device specifically designed to treat chronic pain. The device received the FDA approval in 2015.
Some of the key players operating in the market include Bristol-Myers Squibb, WEX Pharmaceuticals, Abbott Laboratories, Boehringer Ingelheim, Purdue Pharma L.P., Allergen Inc., Mylan NV Valeant Pharmaceuticals International Inc. Johnson & Johnson, and Zynerba Pharmaceuticals.
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