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Pain Management Therapeutics Market Comprehensive Analysis and Future Estimations with Top Key Players : Eli Lilly & Company, Abbott Laboratories, Baxter International Inc., Boston Scientific Corporation
Pain Management Therapeutics Market
The growing population of geriatric individuals has also contributed to the growing demand for pain management therapeutics. The cumulative force of these factors is expected to drive robust growth across the global pain management therapeutics market over the forecast period.
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Widespread Availability and Application of Opioids to Sustain Market Expansion
Among all the pain management therapeutics, opioids have proven to be extremely effective in containing pain, particularly in cancer patients. Opioids contain natural and synthetic opiates, making them highly effective while dealing with a wide array of pains including acute pain, short-term pain, and post-surgical pain or trauma; they are viable to be used even as an anesthetic agent. Owing to its effectiveness against pain and widespread availability across the globe, opioids have emerged as one of the most prescribed and consumed drugs worldwide. In the near future, these factors are poised to create abundant economic opportunities for the manufacturing of opioids, significantly contributing to the expansion of the global pain management therapeutics market.
Global Pain Management Therapeutics Market is Segmented as Below:
By Therapeutics
• Anaesthetics
• Antidepressants
• Anticonvulsants
• Non-steroidal Anti-inflammatory Drugs (NSAIDS)
• Anti-migraine Agents
• Opioids
• Non-narcotic Analgesics
• Others
By Indication
• Chronic Back Pain
• Neuropathic Pain
• Fibromyalgia
• Arthritic Pain
• Cancer Pain
• Post-Operative Pain
• Migraine
• Others
By Distribution Channel
• Online Pharmacies
• Hospital Pharmacies
• Retail Pharmacies
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa
Growing Geriatric Population, Rising Incidence of Cancer to Soar Demand
The steadily growing geriatric population is one of the major factors behind the consistent demand for pain management therapeutics globally. Furthermore, a sedentary lifestyle, continual exposure to harmful pollutants, ionizing radiation, ultraviolet rays, overt usage of fertilizers and pesticides in food, and certain hereditary factors have increased the prevalence of various types of cancers around the world. In this context, pain management therapeutics have been instrumental to treat such health conditions, which is set to translate into sustained high demand for pain management therapeutics in the coming years. The presence of such a diverse and growing patient pool is likely to create a favorable economic outlook in the pain management therapeutics market, propelling key industry players to pursue high-value partnerships.
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North America Exerts Market Dominance Due to Higher Prevalence of Chronic Diseases
In North America, the growing incidence of chronic illnesses such as cancer and arthritis has dramatically surged the demand for pain management therapeutics. This factor is the foremost reason that has made North America the leading regional player in the global pain management therapeutics market. In the long term, the region is projected to maintain this market lead due to the presence of key market players in the USA and Canada, higher disposable incomes, advanced healthcare infrastructure, and progressive public healthcare policies.
Key Market Players
Some of the major players in the global pain management therapeutics market include Abbott Laboratories, Baxter International Inc., Eli Lilly & Company, AstraZeneca, Novartis AG, Boston Scientific Corporation, Becton Dickinson and Company, GlaxoSmithKline PLC, Endo Pharmaceuticals Inc., Mallinckrodt Pharmaceuticals Company, Merck & Co. Inc., and Teva Pharmaceuticals.
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