DUBLIN–(BUSINESS WIRE)–Oct 9, 2020–
The “Pain Management Drugs Market by Drug Class and Indication: Global Opportunity Analysis and Industry Forecast, 2019-2027” report has been added to ResearchAndMarkets.com’s offering.
The global pain management drugs market was valued at $65,963.1 million in 2019, and is estimated to reach $85,549.3 million by 2027, registering a CAGR of 3.9% from 2020 to 2027.
Pain is a distressing sensory and emotional sensation, which is caused by tissue injury or disease. Moreover, different disorders may cause discomfort, such as multiple sclerosis, osteoarthritis, stomach ulcer, chronic arthritis, fibromyalgia, diabetic neuropathy, and cancer. The length of the pain would range from acute pain for short term to chronic pain for long term.
Acute pain is a sudden onset of pain when chronic pain is caused by aged bone & joint conditions, nerve damage, or injury. Pain management involves reducing or treating pain by using a given range of medications. There are several medicines available, which provide pain relief through a variety of physiological mechanisms such as targeting nociceptors.
Rise in geriatric population is the major factor that drives growth of the global pain management market, as aged people are more prone to suffer from joint pain and other chronic conditions. For instance, prevalence of chronic diseases such as cancer is on the rise. As per the National Cancer Institute, almost 20 to 50% of people with cancer suffer from pain. Around 80% of patients with advanced stage cancer suffer from moderate to severe pain. Moreover, surge in prevalence of chronic diseases, such as cancer, diabetic neuropathy, and osteoarthritis propels the market growth. Furthermore, rise in the number of surgical procedures and rise in healthcare expenditure are expected to fuel growth of the market. However, drug exploitation, patent expiration of prescription pain medication drugs, and availability of substitutes such as pain relief devices restrain the market growth.
The global pain management drugs market is segmented on the basis of drug class, indication, and region On the basis of drug class, the market is categorized into nonsteroidal anti-inflammatory drugs (NSAIDs), anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and nonnarcotic analgesics. Opioids are further classified into tramadol, hydrocodone, oxycodone, and others (fentanyl, morphine, meperidine, codeine, and methadone). On the basis of indication, the market is divided into arthritic pain, neuropathic pain, cancer pain, chronic back pain, postoperative pain, migraine, and fibromyalgia. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global pain management drug market along with the current trends and future estimations to elucidate the imminent investment pockets.
- A comprehensive analysis of the factors that drive and restrict the market growth is provided in the report.
- The market forecast is studied from 2020 to 2027
- Comprehensive quantitative analysis of the industry from 2019 to 2027 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the key segments of the industry helps to understand the application and products of pain management used across the globe.
- Key market players and their strategies have been analysed to understand the competitive outlook of the market.
- Rise in Incidences of Chronic Diseases
- Favorable Regulatory Scenario
- Increase in Geriatric Population
- Availability of Alternative Therapies
- Drug Exploitation
- Patent Expiration of Prescription Drugs
- Advancements in Drug Development
- Untapped Markets in Developing Economies
- Abbott Laboratories
- Eli Lily and Company
- Endo Health Solutions, Inc. (Endo International plc.)
- GlaxoSmithKline plc (Gsk)
- Johnson & Johnson
- Merck & Co. Inc.
- Mylan N. V.
- Novartis International AG
- Pfizer Inc.
- Purdue Pharma L. P.
For more information about this report visit https://www.researchandmarkets.com/r/8m10qt
View source version on businesswire.com:https://www.businesswire.com/news/home/20201009005186/en/
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INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL
SOURCE: Research and Markets
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PUB: 10/09/2020 06:09 AM/DISC: 10/09/2020 06:09 AM