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Pain Management Therapeutics Market to reach US$ 88,253.4 Mn in 2025
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Based on the type of therapeutics, opioids and NSAIDs are the key contributor segments in the pain management therapeutics market, NSAIDs accounted for approximately 22% whereas opioids accounted for approximately 26.7% of market share in 2016. Increasing prescription of opioids drugs is one of the major drivers for the growth of this segment. In addition, factors such as high awareness, favorable regulatory scenario, and health care reforms are expected to boost the market during the forecast period. Other non-narcotic analgesics segment is expected to be the fastest growing segment during the forecast period.
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Non-narcotic analgesics are the drugs which act on peripheral nerve endings, although their antipyretic effect is mediated centrally. Another mechanism is they inhibit prostaglandin synthesis. Increasing use if opioids for pain management is expected to boost the growth of market during the forecast period, the opioids segment is anticipated to exhibit a CAGR of 4.4% from 2017-2025.
The cancer pain segment accounted for the largest share of 28% of the pain management therapeutics market in terms of revenue in 2016. Increasing incidence of cancer and diagnostic procedures are the major drivers of the segment. The National Cancer Institute stated that the number of diagnosed cases is projected be 1,685,210 in the U.S. in 2016.
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Additionally, prevalence of cancer pain is much higher in African American men and lowest in Asia Pacific women. Thus, collectively, all the above mentioned factors support market growth. However, the chronic back pain segment is anticipated to expand at the fastest CAGR of 4.3% during the forecast period. According to Global Burden of Disease (2014), back pain ranked among the 10 top diseases and injuries that lead to death worldwide.
The pain management therapeutic market is highly fragmented with presence of many large and small players operating in the global market. The key players operating in the pain management therapeutics market are Abbott Laboratories, AstraZeneca Plc, Mallinckrodt Plc, Endo Health Solutions, Eli Lilly & Company, GlaxoSmithKline Plc, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Pfizer, Inc., Purdue Pharma LP, and Teva Pharmaceuticals.
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