Newark, June 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the pain management drugs market will grow from USD 77.03 Billion in 2022 to USD 116.23 Billion by 2032. The pain management drugs market is witnessing a rising surge in demand for OTC drugs and the formulation of novel combinations of medications. Further, the increasing geriatric population has increased the use of prescribed pain management drugs.
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Key Insight of the Pain Management Drugs Market
North America region to account for the largest market size during the forecast period.
North America is expected to have the most prominent pain management drugs market share during the forecast period. The factors supporting the growth of the North American pain management drugs market include the increasing percentage of the geriatric population at a higher risk of developing chronic illness, which causes severe pain. Further, the increasing initiatives by the U.S. and the Canadian government to curb the cases of neurological issues, cancer, orthopaedic disorders, etc., have led to a high market growth rate in the region.
The antidepressants segment is expected to augment the market during the forecast period.
The drug class segment is divided into anticonvulsants, opioids, antidepressants, NSAIDS, and others. The antidepressants segment is expected to augment the market during the forecast period. Prescription drugs called antidepressants are used to treat depression. Medical professionals also prescribe them to treat other diseases. The growing incidence of depression is leading to high usage of antidepressants.
The neuropathic pain segment is expected to grow at the highest CAGR during the forecast period.
The application segment is divided into cancer pain, bone fracture, migraine, acute appendicitis, fibromyalgia, chronic back pain, muscle strain, neuropathic pain, arthritic pain, postoperative pain and others. The neuropathic pain segment is expected to augment the market during the forecast period. The nervous system may experience neuropathic pain if injured or not functioning correctly. A long-term, degenerative nerve condition typically brings on neuropathic pain, although it can also be brought on by infection or trauma.
The online pharmacy segment is expected to grow at the highest CAGR during the forecast period.
The distribution channel segment is divided into hospital pharmacy, online pharmacy, and retail pharmacy. The online pharmacy segment is expected to grow at the highest CAGR during the forecast period. Online pharmacies are preferred by the patient population as regular medications can be ordered at their convenience without any hassle. For more than 20 years, online pharmacies and the sale of medications online have been popular worldwide.
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Market Dynamics
Driver: Increasing usage of opioid
A large class of painkillers known as opioids interact with opioid receptors in the cells to relieve pain. Opioids are used for treatment of different impacts on the brain, especially in reducing pain. Drug users experience much greater prevalence of chronic cancer pain than the general population. In the United States and around the world, cancer has a significant impact on society. Early identification of cancer and appropriate treatment and care for people who have cancer can help lower the cancer burden. Opioid drugs can safely help reduce acute pain, such as the patient's pain after surgery, when used as the doctor prescribes. Opioids, including fentanyl, tramadol, and morphine, are frequently used to alleviate pain.
Restraint: Increasing complexities
There are several complexities involved with the consumption of pain management drugs. Some instances include inadequate drug interactions and the possibility of overuse and addiction. Many people who take over-the-counter painkillers are unaware of how to utilize them or any potential side effects.
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Opportunity: Increasing investment in pain management
Over the years, there has been a high spike in chronic and acute pain cases. Due to lost productivity and medical expenses, pain is a severe public health issue predicted to cost at least $560–635 billion USD annually. For patients seeking relief from chronic pain, the level of investment and growth in pain medicine treatments is a positive and encouraging indicator. People who use drugs have a significantly higher prevalence of chronic non-cancer pain than the general population, which may result from poor drug class. New fusion technologies may offer further advances with efficient development, and clinical evidence suggests higher efficacy than traditional drug manufacturing technologies.
Challenges: Stringent regulations
The current regulatory framework for pain management drugs in many countries is changing, undermining the regional industry's incentives to produce pharmacological products. The standardization of regulation will aid both the mainstreaming of pain management drugs in the regional countries and the alleviation of the regional pharmaceutical industry's current manufacturing crisis. The criteria for licencing medicine sales, on the other hand, differ by country. Also required will be extensive standards, certification, clinical investigations, data, and data demonstrating safety and effectiveness.
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Some of the major players operating in the pain management drugs market are:
• Novartis AG
• Abbott Laboratories
• Eli Lilly & Company
• Endo Health Solutions, Inc.
• Pfizer, Inc.
• Purdue Pharma L.P.
• Mylan NV.
• Johnson & Johnson
• Merck & Co. Inc.
• GlaxoSmithKline Plc.
• Zynerba Pharmaceuticals
Key Segments Cover in the Market:
By Drug Class:
• Anticonvulsants
• Opioids
• Antidepressants
• NSAIDs
• Others
By Application:
• Cancer Pain
• Bone Fracture
• Migraine
• Acute Appendicitis
• Fibromyalgia
• Chronic Back Pain
• Muscle Strain
• Neuropathic Pain
• Arthritic Pain
• Postoperative Pain
• Others
By Distribution Channel:
• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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