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Pain Management Drugs Market Research 2024-2033: Outlook, Overview, and Competitor Analysis
Pain Management Drugs Market Research
According to The Business Research Company's, The pain management drugs market size has grown strongly in recent years. It will grow from $76.76 billion in 2023 to $81.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rising chronic pain cases, rise in cancer cases, increased surgical procedures, improved pain assessment, government initiatives..
The pain management drugs market size is expected to see strong growth in the next few years. It will grow to $100.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to non-opioid alternatives, targeted therapies, precision medicine approaches, psychological interventions, focus on minimizing side effects.. Major trends in the forecast period include value-based care models, expanded access programs, combination therapies, innovative formulations, biosimilar pain drugs..
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Market Drivers and Trends:
An increasing rate of surgeries is expected to propel the growth of the pain management drugs market going forward. A surgical procedure refers to a medical intervention that involves the cutting or penetration of the body's tissues to treat diseases, conditions, or injuries, or to alter bodily functions or improve appearance. Pain management drugs play a crucial role in surgeries by helping to control and alleviate post-operative pain, which can significantly improve patient comfort and recovery. For instance, according to the Aesthetic Society, in 2021, surgical procedures experienced a significant increase of 54% compared to 2020, while non-surgical procedures saw a rise of 44%. Therefore, an increasing rate of surgeries is driving the pain management drugs market.
Technological advancement is the key trend gaining popularity in the pain management drugs market. Major companies operating in the pain management drugs market are focusing on developing new technologies. For instance, in November 2021, AppliedVR, Inc., a US-based company that offers virtual reality therapeutics, launched EaseVRx, a prescription-only immersive virtual reality (VR) system that helps patients with chronic lower back pain, who are 18 years of age and older, reduce their pain by utilizing cognitive behavioural therapy and other behavioural techniques. The unique feature of EaseVRx is its use of CBT and other behavioural treatment techniques to reduce pain and pain interference. The EaseVRx treatment program consists of 56 VR sessions that range in length from 2 to 16 minutes and are designed to be used daily for eight weeks of treatment. A skills-based treatment program is used in the device's VR software, which applies well-established behavioural therapy principles to alleviate the physiological symptoms of pain.
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Major Key Players of the Market:
Novartis AG; Eli Lilly And Company; Abbott Laboratories; Endo International plc; Purdue Pharma L.P.; Pfizer Inc.; Merck & Co. Inc.; Johnson & Johnson Services Inc.; GlaxoSmithKline plc; AbbVie Inc.; Bristol-Myers Squibb Company; Teva Pharmaceutical Industries Ltd.; AstraZeneca plc; Mylan N.V.; Bausch Health Companies Inc.; Becton Dickinson and Company; Boston Scientific Corporation; Baxter International Inc.; Sanofi; Medtronic PLC; F. Hoffmann-La Roche Ltd.; Boehringer Ingelheim; Mallinckrodt Pharmaceuticals; Allergan; Daiichi Sankyo Company Limited; Grünenthal GmbH; Mundipharma International Limited; Sun Pharmaceutical Industries Ltd.; Takeda Pharmaceutical Company Limited; Zydus Cadila; Lupin Pharmaceuticals Inc.; Torrent Pharmaceuticals Ltd.
Pain Management Drugs Market 2024 Key Insights:
• The pain management drugs market will grow to $100.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Surge In Surgeries Fueling The Pain Management Drugs Market
• Technological Advancement Transforming Pain Management
• North America was the largest region in the pain management drugs market in 2023
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