Fort Collins, Colorado, April 20, 2024 (GLOBE NEWSWIRE) --
The rising prevalence of chronic pain conditions such as osteoarthritis, rheumatoid arthritis, and neuropathic pain is a significant driver behind the growth of the market for pain management pharmaceuticals. According to estimates from the World Health Organization (WHO), approximately 20% of the global population suffers from chronic pain, with older individuals experiencing a higher prevalence. With the world's population aging, there is a projected increase in demand for pain management treatments.
Furthermore, the aging population is anticipated to increase the demand for pain management treatments. As individuals age, they are more likely to develop chronic conditions that cause persistent pain, leading to an increased need for effective pain relief solutions. In addition to the aging population, lifestyle factors such as sedentary lifestyles and rising obesity rates contribute to the growing prevalence of musculoskeletal diseases, which often result in chronic pain. These lifestyle-related factors underscore the importance of effective pain management techniques to address the rising burden of chronic pain conditions.
Overall, the convergence of factors such as an aging population, increasing prevalence of chronic pain diseases, and lifestyle-related factors necessitate the development and adoption of effective pain management treatments. As a result, the market for pain management pharmaceuticals is expected to continue experiencing growth in the foreseeable future.
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Segmentation Overview:
The pain management therapeutics market has been segmented into drug class, indication, distribution channel, and region.
Chronic back pain is the leading segment of pain management therapeutics.
- Based on the market segmentation for pain management therapeutics by indication, the largest sub-segment is likely to be chronic back pain. Chronic back pain is a prevalent condition affecting a significant portion of the global population, with factors such as sedentary lifestyles, obesity, and an aging population contributing to its high incidence. The widespread nature of chronic back pain and the increasing demand for effective pain management solutions make it a dominant sub-segment in the market.
Opioids are the fastest-growing segment in the forecast period.
- The opioid sub-segment is expected to be the largest within the market segmentation for pain management therapeutics by drug class. This dominance can be attributed to several factors, including the widespread prescription of opioids for the management of moderate to severe pain and their established efficacy in treating various types of pain. Opioids are potent analgesic medications that act on the central nervous system to alleviate pain. They have long been a cornerstone in managing acute and chronic pain conditions, providing effective relief for patients experiencing moderate to severe pain intensity.
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Pain Management Therapeutics Market Report Highlights:
- The pain management therapeutics market growth is anticipated at a CAGR of 4.2% by 2032.
- Growing prevalence of chronic conditions to trigger developments in the pain management therapeutics industry.
- North America held a significant market share in 2023 and is projected to retain a dominant position during the forecast period.
- Some prominent players in the pain management therapeutics market report include Pfizer Inc., Eli Lilly and Company, GlaxoSmithKline plc, Sanofi, Allergan plc, Johnson & Johnson, Abbott Laboratories, Novartis AG, AstraZeneca, and Teva Pharmaceutical Industries Ltd.
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