Portland, OR, Sept. 15, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Pain Management Drugs Market was pegged at $65.96 billion in 2019, and is projected to reach $85.54 billion by 2027, growing at a CAGR of 3.9% from 2020 to 2027.
Rise in incidences of chronic diseases, surge in geriatric populations, and favorable regulatory scenarios drive the growth of the global pain management drugs market. However, availability of alternative therapies, patent expiration of prescription, and drug exploitation hamper the market. On the contrary, advancement in drug development and untapped market in emerging countries are expected to create lucrative opportunities for the market players in the coming years.
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Covid-19 scenario:
- The covid-19 outbreak has crippled the healthcare system across the globe. Thus, the majority of the clinics and pain services are closed for public services due to safety regulations imposed by the government.
- However, the demand for pain management drugs is anticipated to rise due several factors such as adoption of telemedicine to treat patients with chronic pain.
The global pain management drugs market is segmented on the basis of drug class, indication, and region. Based on drug class, the market is divided into NSAIDS, anesthetics, anticonvulsants, anti-migraine drug, antidepressant drugs, opioids, and non-narcotic analgesics. The anti-migraine agents segment is projected to manifest the highest CAGR of 4.8% during the forecast period. However, the opioids segment held the largest share in 2019, accounting for more than one-fourth of the market.
On the basis of indication, the market is classified into arthritic pain, neuropathic pain, cancer pain, chronic pain, post-operative pain, migraine, and fibromyalgia. The cancer pain segment is anticipated to portray the highest CAGR of 4.8% during the forecast period. However, the neuropathic pain segment dominated in 2019, contributing to one-fifth of the market.
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The global pain management drugs market is analyzed across various regions such as North America, Europe, Asia-Pacific, and region. The market across Asia-Pacific is anticipated to manifest the highest CAGR of 4.5% during the forecast period. However, the market across North America held the lion’s share in 2019, accounting for nearly half of the market.
The global pain management drugs market report includes an in-depth analysis of the major market players such as Novartis AG, Abbott Laboratories, Endo Health Solutions, Inc., Mylan NV, GlaxoSmithKline Plc., Eli Lilly & Company, Purdue Pharma L.P., Pfizer, Inc., Merck & Co. Inc., and Johnson & Johnson.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.