Pain Management Drugs Market Size Is Booming Worldwide With | Abbott Laboratories, Allergen Inc.

The global Pain Management Drugs market was valued at USD 71,238.7 Million in 2021 and is forecasted to reach USD 99,943.3 Million by the year 2030. The market is anticipated to register a CAGR of 3.92% over the projected period.

The pain management drugs market is anticipated to grow owing to the rise in number of cases of chronic disorders coupled with the rising healthcare expenditure and government support worldwide. Furthermore, growing number of surgical procedures and the increasing geriatric population are also estimated to fuel the market growth. However, the availability of alternatives such as pain reliever devices are expected to negatively impact the market growth.

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Growth Influencers:

Rise in number of cases of chronic disorders
Increasing incidence rate of chronic disorders is expected to boost the demand for pain management drugs for the treatment of pain associated with these disorders. According to the Centers for Disease Control and Prevention, as of December 2021, in the United States, 6 out of 10 adults suffer from a chronic disease and 4 out of 10 adults suffer from 2 diseases or more. These diseases include cancer, heart diseases, stroke, chronic lung disease, diabetes, Alzheimer?s disease, and chronic kidney disease. Most or all of these diseases are associated with pain. Hence the rise in the number of cases of chronic disorders are expected to fuel the market growth.

Segments Overview:

The global Pain Management Drugs market is segmented the drug class, indication, pain type, drug type, and distribution channel.

By Drug Class,
? NSAIDS
? Anesthetics
? Anticonvulsants
? Anti-Migraine Agents
? Antidepressants
? Opioids
? Nonnarcotic Analgesics

The opioids segment is estimated to hold the largest market share of around 31.9% owing to their increasing demand for relieving pain associated with major chronic disorders. The anesthetics segments is expected to surpass a market value of USD 9,000 million by 2026 and USD 11,764 million by 2030, owing to its high usage in surgeries.

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By Indication,
? Arthritic Pain
? Neuropathic Pain
? Cancer Pain
? Chronic Back Pain
? Postoperative Pain
? Migraine
? Fibromyalgia
? Bone fracture
? Muscle sprain
? Acute appendicitis
? Others

The neuropathic pain segment is anticipated to account for the largest market share of more than 15% owing to rising cases of neuropathic pain. According to an article published by the National Center for Biotechnology Information in March 2019, the prevalence of neuropathic pain in general population ranges between 3% to 17%. Moreover, the market size for acute appendicitis segment is estimated to hot USD 3,598.0 million by 2030 owing to the increasing prevalence of acute appendicitis.

By Pain Type,
? Chronic Pain
? Acute Pain

The acute pain segment is expected to hold the largest market share owing to the high popularity of acute pain management drugs globally and easy availability of these drugs through OTC distribution channels.

By Drug Type,
? Generics
? Branded

The branded segment is anticipated to grow at the fastest rate of around 4.1% over the projected period owing to the increasing popularity of branded drugs in the developed as well as developing economics.
By Distribution Channel,

? Hospitals
? Pharmacy Retail Stores
? Online

The online segment?s market size is estimated to account for 34% of the hospital segment?s market size in 2021 and this share is expected to reach 37% by 2030. This is owing to the increasing number of e-pharmacy websites.

Regional Overview

Based on region, the global Pain Management Drugs market is divided into Europe, North America, Asia Pacific, South America, and Middle East & Africa.

The North America region is expected to hold the largest market share of more than 50% owing to the growing patient pool, rising geriatric population, and favourable regulatory scenario. According to the U.S. Census Bureau, as of August 2021, around 15.2 million people in the U.S., i.e. 1 in 6 or 16.5% of the population are aged 55 years and above.
Asia Pacific region witnessed the fastest growth rate of 5.33% during the forecast period owing to the rising healthcare expenditure and growing R&D investments. Furthermore, the presence of various generic players of pain management drugs in the region is also likely to contribute to the market growth.

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Competitive Landscape

Key players operating in the global Pain Management Drugs market include Abbott Laboratories, Allergen Inc., Bayer AG, Boehringer Ingelheim, Bristol-Myers Squibb, Eli Lilly & Company, Endo Health Solutions, Inc., GlaxoSmithKline Plc., Johnson & Johnson, Merck & Co. Inc., Novartis AG, Ono pharmaceutical Co., Ltd., Pfizer, Inc., Purdue Pharma L.P., Sorrento Therapeutics, Valeant Pharmaceuticals International Inc., Viatris Inc., WEX Pharmaceuticals, Zynerba Pharmaceuticals, and Other Prominent Players.

Approximately 9 major players in the market account for more than 30% of the share. These market players are engaged in mergers & acquisitions, collaborations, and new product launches to strengthen their market presence. For instance, in November 2021, Merck & Co. Inc., also known as MSD acquired Acceleron Pharma Inc, hence enhancing its cardiovascular portfolio as well as pipeline.

The global Pain Management Drugs market report provides insights on the below pointers:

? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Pain Management Drugs market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The global Pain Management Drugs market report answers questions such as:

? What is the market size and forecast of the Global Pain Management Drugs Market?
? What are the inhibiting factors and impact of COVID-19 on the Global Pain Management Drugs Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Pain Management Drugs Market?
? What is the competitive strategic window for opportunities in the Global Pain Management Drugs Market?
? What are the technology trends and regulatory frameworks in the Global Pain Management Drugs Market?
? What is the market share of the leading players in the Global Pain Management Drugs Market?
? What modes and strategic moves are considered favorable for entering the Global Pain Management Drugs Market?

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