Pain Management Therapeutics Market | Advanced technologies & growth opportunities in global Industry by 2024
According to a TMR researcher, “The global market for pain management therapeutics is expected to rise at a moderate CAGR of 3.7% from 2016 to 20224. In 2015, the market was valued at US$60.2 bn and is expected to be worth US$83.0 bn by the end of 2024.”
Cancer Pain Medication to Top List
According to the World Health Organization, the number of new registered cancer cases worldwide was approximately 14 million. Moreover, in the coming two decades, cancer cases across the globe are likely to rise by over 70% across the globe. The extensive rise in the cases of cancer in the last couple of years, makes it one of the core drivers for the growth of the market and a key stimulator for the future opportunities. In 2015, the segment of cancer pain management held a share of 28% in the global market for pain management therapeutics market and is likely to maintain the dominant position in the coming years. The segment that is expected to witness the most promising growth is back pain owing to the rigid and sedentary lifestyles of people across the globe.
Region-wise, the global market or pain management therapeutics has been segmented into Asia Pacific, Europe, North America, and the Rest of the World. The leading regions in the market in 2015 were North America and Europe with a collective share of 80% and Asia Pacific taking the third place. The growth of the market in North America can be attributed to the excellent healthcare infrastructure and extensive consumption of high-end pain management drugs. The country that held the leading position in the North America pain management market is the U.S. Asia Pacific is further expected to present lucrative growth opportunities owing to growing investments by governments and players in the healthcare industry and strengthening economies. Growing affordability of people and launch of novel products are further expected to play a crucial part here.
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Growing Geriatric Population to Have Positive Impact on Market
The extensive rise in the geriatric population across the globe is a factor that has significantly advanced the adoption of pain management therapeutics in the recent years. As old people are more disposed to diseases such as diabetic neuropathy, nerve damage, depression, epilepsy, bone or joint pain, arthritis, and other injuries due to low immunity, the use of pain management therapeutics is more among them. The rising number of patients suffering chronic diseases has further encouraged the use of pain management therapeutics. Moreover, favorable policies by the governments in various countries is also anticipated to aid in the growth of the market in the years ahead.
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