Press release
Pain Relief Medication Market Size, Share, Industry, Forecast and outlook (2024-2031)
DataM Intelligence
Pain Relief Medication Market Poised for Significant Growth with High CAGR Forecasted (2024-2031)
The global Pain Relief Medication Market is projected to experience substantial growth, with an estimated high Compound Annual Growth Rate (CAGR) during the forecast period from 2024 to 2031. Pain, arising from diverse conditions such as abdominal ulcers, sclerosis, osteoarthritis, chronic arthritis, diabetic neuropathy, and cancer, is a pervasive issue. The market addresses both chronic and acute pain, catering to the long-term and short-term needs of patients.
Market Summary and Scope
Metrics
Market CAGR: High
Segments Covered: By Route of Administration, By Type, By Distribution Channel, and By Region
Report Insights Covered: Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing Region: Asia Pacific
Largest Market Share: North America
To know more Insights Download Sample: https://www.datamintelligence.com/download-sample/pain-relief-medication-market
Dynamics and Trends
The global pain-relief medication market is witnessing accelerated growth due to the rising demand for pain-alleviating solutions aimed at enhancing patient quality of life. Pain Relief Medications play a crucial role in mitigating extreme pain resulting from post-surgery, serious physical injuries, and conditions like cancer. Factors such as the increasing prevalence of postoperative pains, physical traumas, and chronic non-communicable diseases contribute to the escalating demand for Pain Relief Medication.
According to global health organizations, millions suffer non-fatal injuries annually, leading to hospitalizations and emergency care visits. Additionally, the surge in surgeries worldwide, as reported by the European core health indicators, further fuels the growth of the global pain relief medication market.
However, the market faces challenges from the availability and introduction of alternative pain-relieving treatments, such as Transcutaneous Electrical Nerve Stimulation (TENS) therapy.
Impact of COVID-19 on Pain Relief Medication Market
The COVID-19 pandemic significantly influenced the global pain relief medication market. The challenges in chronic pain management during the pandemic, coupled with increased demand for pain relief medication to address COVID-19 symptoms, contributed positively to market growth.
Chronic Pain Dominates Market Share
The chronic pain segment is anticipated to hold a substantial share of the global pain relief medication market throughout the forecast period (2024-2031). Chronic pain, associated with conditions like arthritis, cancer pain, migraines, and cluster headaches, exerts a considerable individual and financial burden globally. The growing geriatric population further contributes to the dominance of the chronic pain segment.
Geographical Share
North America emerges as a key player in the global pain relief medication market, driven by a high prevalence of chronic diseases and the presence of major market players. The region is expected to maintain a high CAGR during the forecast period, with significant contributions from key players such as Johnson & Johnson, Pfizer Inc., and Purdue Pharma.
Competitive Landscape
The pain relief medication market is moderately competitive, with both local and global key players meeting the growing demand. Key players include Pfizer Inc., Johnson & Johnson Services Inc., Bayer AG, Sanofi S.A., GlaxoSmithKline plc., Bristo-Meyers Squibb and Company, Teva Pharmaceutical Industries Ltd., Mylan N.V., Merck & Co., and Cardinal Health Inc. Strategies such as acquisitions, product launches, and collaborations drive market leadership.
In a notable development, Venus Remedies Limited launched a consumer healthcare division in July 2021, offering diverse products for pain management.
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