Wilmington, Delaware, United States, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global pain management therapeutics market was valued at US$ 73.6 Bn in 2021 and is projected to surpass US$ 98.0 Bn by 2031. Extensive research in personalized pain management for chronic pain in the past few years has augmented market size.
Development of cost-effective and easily available pain management medications is expected to accelerate market development in the next few years. Multiple medication classes, including nonsteroidal anti-inflammatory drugs, antidepressants, antiepileptics, and acetaminophen, are being continuously developed to treat acute and chronic pain.
Surge in R&D activities pertaining to the management of chronic non-cancer pain is expected to pave the way for new opportunities for companies in the market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 73.6 Bn | |
| Estimated Value | US$ 98.0 Bn | |
| Growth Rate - CAGR | 2.9% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 166 Pages | |
| Market Segmentation | By Therapeutics, Indication, Route of Administration, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Abbott, AstraZeneca plc, Pfizer, Inc., Depomed, Inc., Endo International plc, GlaxoSmithKline plc, Johnson & Johnson, Mallinckrodt Pharmaceuticals, Merck & Co., Inc., Novartis AG, Purdue Pharma L.P., Teva Pharmaceutical Industries Ltd., Venus Remedies Limited, Q Biomed Inc. | |
Key Findings of Study
Rapid rate of adoption of opioids and non-steroidal anti-inflammatory drugs (NSAIDs) in treatment of moderate-to-severe pain
Widespread utilization of opioids in the management of moderate-to-severe chronic pain is anticipated to accelerate market development. Rapid usage of opioid therapy in the management of chronic noncancer pain is bolstering market growth. Based on therapeutics, the opioids segments accounted for the major market share in 2021. Significant adoption of hydrocodone in combination with acetaminophen to manage moderate-to-severe pain is anticipated to augment the segment in the next few years.
Improvement in the route of administration is likely to reduce the common side effects of medications based on opioid analgesics. The non-steroidal anti-inflammatory drugs (NSAIDs) segment is projected to gain market share by the end of 2031. Significant adoption of NSAIDs in the management of neuropathic pain is anticipated to bolster the segment.
Surge in usage of nonopioid analgesic agents in the treatment of moderate pain is anticipated to create lucrative opportunities for pharmaceutical companies. Increase in adoption of prescription medications for managing chronic pain presents significant business opportunities for companies in the market.
Surge in usage of pain management therapeutics for managing pain in cancer patients
Pressing need for optimal pain management for patients with cancer is a key trend anticipated to bolster market growth. High demand for analgesics for cancer patients could be ascribed to rise in incidence of cancer. Increase in R&D activities for novel therapeutics for cancer is fueled by demand for non-opioid cancer pain treatments.
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Key Growth Drivers of Pain Management Therapeutics Market
- Increase in number of patients with acute and chronic pain is a key driver of the global pain management therapeutics market. Significant need for effective pain management in cancer patients is anticipated to accelerate market growth in the next few years.
- Growth in awareness about easy availability of medications based on nonopioid analgesic agents in pharmacies and other distribution channels is a key factor anticipated to augment market value.
Regional Landscape
North America is anticipated to lead the global market from 2023 to 2031. Presence of a large patient population, rise in awareness about pain management medications, and considerable R&D in chronic pain management medications are anticipated to propel the market in the region. Significant usage of nonopioid analgesic agents and opioid agents in the U.S. and Canada is anticipated to fuel market growth in North America.
The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Surge in demand for pain management therapeutics for moderate-to-severe chronic pain among patients in several countries, such as India, China, and Japan, is expected to create substantial business opportunities for companies in the market.
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Competition Landscape
Prominent players in the pain management therapeutics market are focusing on product launches, mergers & acquisitions, and collaborations in order to stay ahead of competitors. Key players in the market are
- Abbott
- AstraZeneca plc
- Pfizer, Inc.
- Endo International plc
- GlaxoSmithKline plc
- Johnson & Johnson
- Merck & Co. Inc.
- Novartis AG
- Purdue Pharma L.P.
- Teva Pharmaceutical Industries Ltd.
- Q Biomed Inc.
- Venus Remedies Limited
Segmentation
The global pain management therapeutics market is segmented based on
Therapeutics
- Anticonvulsants
- Antidepressants
- Anesthetics
- NSAIDs
- Opioids
- Oxycodones
- Hydrocodones
- Tramadol
- Others
- Antimigraine Agents
- Other Non-narcotic Analgesics
Indication
- Neuropathic Pain
- Fibromyalgia
- Arthritic Pain
- Chronic Back Pain
- Migraine
- Post-operative Pain
- Cancer Pain
Route of Administration
- Oral
- Parenteral
- Others
Distribution Channel
- Retail Pharmacies
- Online Pharmacies
- Others
Region
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Europe
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