Westford, USA,, March 14, 2023 (GLOBE NEWSWIRE) -- The pain management therapeutics market is rapidly growing globally, with North America expected to take the lead position. This is due to the increasing prevalence of various diseases that cause pain and aches, including ulcers, osteoarthritis, chronic arthritis, multiple sclerosis, cancer, and diabetic neuropathy. The growth of the market has been further driven by the increasing penetration of retail pharmacies across the globe. This has made pain management medications more accessible to patients, increasing demand for these treatments. As a result, the target market is expected to continue growing, with Asia Pacific and Europe following closely behind North America. Furthermore, as the prevalence of diseases causing pain continues to rise, the demand for effective pain management treatments is only expected to increase.
The statistics from SkyQuest's research reveal that in 2020, there were approximately 18.1 million cancer cases worldwide. Furthermore, the data indicates that cancer affects both men and women, with 9.3 million cases in men and 8.8 million in women. This alarming number highlights the urgent need for better pain management therapeutics to alleviate the suffering of cancer patients.
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Browse in-depth TOC on the "Pain Management Therapeutics Market
- Pages - 276
- Tables - 94
- Figures - 67
Pain management therapeutics refer to the various approaches and techniques to alleviate or eliminate pain. Pain can be acute or chronic, resulting from various conditions such as injury, surgery, disease, or aging. Pain management therapeutics are typically prescribed by healthcare professionals, such as physicians, nurses, and physical therapists. The choice of therapy depends on the type and severity of the pain, the patient's medical history, and overall health.
Prominent Players in Pain Management Therapeutics Market
- Abbott
- Teva Pharmaceutical
- Purdue Pharma L.P.
- Pfizer Inc.
- Endo International Plc.
- GlaxoSmithKline
- Mallinckrodt Pharmaceuticals
- Depomed, Inc.
- Novartis AG
- AstraZeneca
- Merck & Co., Inc.
Cancer Pain Segment to Attract Significant Growth Thanks to Rapid Progress in the Development of Cancer Pain Management Therapeutics
Cancer pain is becoming a significant concern in therapeutics as it is estimated to be the fastest-growing segment in the pain management therapeutics market from 2022-2028. The increasing prevalence of various types of cancer, such as breast, colorectal, lung, and prostate cancer, among the global population is considered a major contributing factor to this trend. However, with continued focus and investment in this area, there is hope for improved outcomes for cancer patients regarding pain relief and overall quality of life.
The pain management therapeutics market in North America has emerged as a dominant player in 2021 and is projected to continue its dominance until 2028. As per SkyQuest's global research, migraine is the sixth-most disabling illness in the world. In the United States alone, the impact of migraine is staggering. Every 10 seconds, someone goes to the emergency room complaining of a headache, and a significant proportion of these visits are due to acute migraine attacks. Approximately 1.23 million emergency room visits in the US are related to migraines yearly. In addition, there is an increasing trend of consumer awareness regarding the availability of various pain management therapeutics, including over-the-counter drugs and prescription medications.
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Online Pharmacy Segment to Witness Strong Growth as a Result of Its Accessibility, Cost Savings, and Expansion of E-Commerce
The pain management therapeutics market has witnessed a significant shift in the distribution channels, with the online pharmacy segment holding the largest market share. The trend is estimated to continue further during the forecast period from 2022 to 2028, making it the most promising segment for growth opportunities. The growth of the online pharmacy segment can be attributed to several factors, such as the increasing adoption of smartphones, improved access to the internet, and the expanding reach of online pharmacies.
The pain management therapeutics market is projected to grow substantially in Asia and Europe from 2022 to 2028. The market is predicted to witness a surge in demand owing to several factors, such as the rapidly aging population, an increase in the number of road accidents and trauma cases, a rise in the prevalence of chronic diseases, and an overall increase in healthcare expenditure. Moreover, a rise in road accidents and trauma cases in the region has further propelled the demand for pain management therapeutics.
SkyQuest's report on the pain management therapeutics market is a crucial resource for businesses and investors looking to gain valuable insights into this dynamic industry. The report provides a wealth of information that stakeholders can use to make informed decisions and stay ahead of the competition. The report offers a comprehensive market overview covering key trends, growth potential, and competitive landscape, drawing on a wide range of data sources and analytical tools.
Key Developments in Pain Management Therapeutics Market
- PainReform, a leading biopharmaceutical company, has recently announced the commencement of a Phase 3 clinical trial to evaluate the effectiveness of its new drug PRF-110 in patients undergoing bunionectomy surgery. This trial is an important step toward developing a safe and effective treatment for managing pain associated with bunionectomy surgery. While various pain management options are available, including opioids, they are related to several adverse effects and risks. PRF-110, on the other hand, is a novel, non-opioid analgesic that has shown promising results in earlier clinical trials.
- Theranica, a medical technology company, has received clearance from the U.S. Food and Drug Administration (FDA) for its Nerivio® device to be used to treat migraines. This innovative device offers a drug-free alternative to traditional migraine treatments by utilizing remote electrical neuromodulation to stimulate the body's natural pain relief mechanisms. In addition, the smartphone app controls the device, allowing users to customize their treatment and track their progress over time.
- Heron Therapeutics has recently made an exciting announcement regarding the commercial launch of APONVIE™ in the United States. This new drug has been specifically designed to help manage postoperative nausea and vomiting in adult patients. Postoperative nausea and vomiting, or PONV, is a common issue many patients experience after surgery. These symptoms can be incredibly uncomfortable and even delay some individuals' recovery process.
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Key Questions Answered in Pain Management Therapeutics Market Report
- What are the key drivers behind the projected growth in the global market, and how do they vary in relative impact?
- Which specific market segments and sub-segments are poised for the highest levels of growth, and what are the key factors fueling this expansion across different industries?
- How are the top players in the global market shaping its future outlook, and what kinds of tactics and strategies are they employing to maintain their market dominance?
- What steps are businesses and other stakeholders taking to confront the global market's significant challenges?
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