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Global Pain Management Drugs Market Pegged for Robust Expansion During 2015 to 2021
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North America dominates the global market for pain management drugs due to large number of aging population and favorable regulatory and healthcare reforms such as the U.S. Patient Protection and Affordable Care Act of 2010. Asia is expected to show high growth rates in the next five years in global pain management drugs market. China and India are expected to be the fastest growing pain management drugs markets in Asia-Pacific region. Some of the key driving forces for pain management drugs market in emerging countries are increasing R&D investment, large pool of patients, increasing healthcare expenditure and rising government funding and initiatives.
In recent times there is increased use of pain management drugs due to rise in aging population. Increasing prevalence of diseases such as cancer, diabetic neuropathy, osteoarthritis and chronic arthritis, increasing number of surgical procedures and increasing healthcare expenditure are some of the key factors driving the growth for the global pain management drugs market. In addition, increasing healthcare awareness is also fuelling the growth of global pain management drugs market. However, increase in generic completion, patent expiration of blockbuster drugs and availability of substitutes such as pain relief devices are some of the major factors restraining the growth for global pain management drugs market. In addition, prescribing drug abuse would inhibit the growth of the global pain management drugs market.
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Increasing R&D investment and outsourcing of pharmaceutical companies due to strong need for better treatment lead to growth in pain management drugs market in Asia. In addition, novel molecule combination and drug delivery techniques would develop opportunity for the global pain management drugs market. However, side effects of pain management drugs could lead a challenge for the global pain management drugs market. Some of the major companies operating in the global pain management drugs market are Abbott Laboratories, Inc., Pfizer, Inc., Eli Lilly & Company, Endo Health Solutions, Inc., F. Hoffmann La Roche Ltd., Valeant Pharmaceuticals International Inc., Merck & Co. Inc., Allergen Inc., Novartis AG, Johnson & Johnson, GlaxoSmithKline Plc and Purdue Pharma L.P.
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