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Pain Management Drugs Market Analysis Report 2019 by Size, Share, Growth and Assessment to 2023.
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Pain is a complex medical condition, which not only affects the physical but also the mental well-being of an individual. It is caused due to trauma or tissue damage, and its intensity varies from person to person. Based on the cause of pain, the treatment provided can be simple or complex. Pain can be managed with the help of a variety of pharmacological and non-pharmacological therapies.
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 elderly people are highly prone to suffer from pain owing to various reasons, the rise in the elderly population is a major factor contributing to 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, an increase in R&D investment and a rise in outsourcing of pharmaceuticals are expected to fuel the market growth in developing regions such as Asia-Pacific and LAMEA. However, the availability of alternative therapies and patent expiration of prescription drugs for the treatment of pain hamper the growth of the market.
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The opioids segment is was the largest contributor towards the market growth in 2016, due to the high efficiency of opioids to relieve pain in major chronic conditions. Anesthetics are 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 an increase in the number of surgeries globally and the 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 the rise in prevalence of cancer worldwide.
North America is expected to generate the highest revenue during the forecast period. However, Asia-Pacific is projected to grow at the highest rate during 20172023, due to an increase in government initiatives to improve the healthcare infrastructure and improved regulatory framework.
Key Findings of the Pain Management Drugs Market:
Cancer pain segment is projected to grow at the highest rate during the analysis period.
Opioids segment generated the highest revenue and is expected to continue its dominance during the forecast period.
North America occupied almost half of the market and is projected to continue its dominance in the future.
China is expected to grow at a CAGR of 6% over the forecast period.
Postoperative pain was the largest contributor among the indication segment in 2016.
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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