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New Advances in Pain Management Drug Market Screening and Confirmation
Pain Management Drugs Market
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The availability of sophisticated treatment options and advancement in technology have increased life the expectancy rates globally, which has resulted in an increase in the geriatric population. As the elderly people are highly prone to suffer from pain owing to various reasons, rise in elderly population is a major factor contributing towards the growth of the global pain management market. As per the statistics provided by the UN Population Division, the total proportion of people above 60 years has increased from 12% in 1950 to 22% in 2011, and is projected to reach 32% by 2050. Moreover, increase in R&D investment and rise in outsourcing of pharmaceuticals are expected to fuel the market growth in developing regions such as Asia-Pacific and LAMEA. However, availability of alternative therapies and patent expiration of prescription drugs for treatment of pain hamper the growth of the market.
The opioids segment is was the largest contributor towards the market growth in 2016, due to high efficiency of opioids to relieve pain in major chronic conditions. Anesthetics is anticipated to possess the highest growth rate during the forecast period. Postoperative pain and chronic back pain were among the largest contributors in 2016, owing to increase in the number of surgeries globally and rise in prevalence of chronic diseases that lead to back pain. Furthermore, cancer pain is expected to grow at the highest rate throughout the forecast period, owing to rise in prevalence of cancer worldwide.
North America is expected to generate the highest revenue during forecast period. However, Asia-Pacific is projected to grow at the highest rate during 20172023, due to increase in government initiatives to improve the healthcare infrastructure and improved regulatory framework.
The key companies profiled in the report include Novartis AG, Eli Lilly & Company, Abbott Laboratories, Endo Health Solutions, Inc., Purdue Pharma L.P., Pfizer, Inc., F. Hoffmann La Roche Ltd., Merck & Co. Inc., Johnson & Johnson, and GlaxoSmithKline Plc.
Other prominent players in the value chain include Allergen Inc., Bayer AG, Bristol-Myers Squibb, Valeant Pharmaceuticals International Inc., Boehringer Ingelheim, Sorrento Therapeutics, WEX Pharmaceuticals, and Zynerba Pharmaceuticals.
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