Pain Management Therapeutics Market Size to Hit US$ 107.3 Bn by 2030

According to Precedence Research, the global pain management therapeutics market is predicted to hit over US$ 107.3 billion by 2030 with a CAGR of 4.3%.

OTTAWA, May 06, 2021 (GLOBE NEWSWIRE) -- The global pain management therapeutics market size was valued at US$ 69.54 billion in 2020 and is growing with the CAGR of 4.3% during the forecast period 2021 to 2030.

Pain is a strong physical feeling triggered due to tissue injury or ailment. Pain not only influences the physical but also mental well-being of a person. The pain intensity instigated owing to tissue injury or trauma entirely depends on individual to individual. The treatment depends on the level of the injury or ailment. Various disorders such as cancer, diabetic neuropathy, osteoarthritis, and numerous acute ailments results in pain. Chronic and acute are the two main categories of pain segregated on the basis of pain duration. Short term pain is termed as acute pain whereas long duration pain which is triggered due to numerous chronic ailments is termed as chronic pain. The pain management therapeutics domain includes the contraction and treatment of pain with the use of various groupings of drugs and workouts which deliver relief to the sufferer by directing at the receptors. The demand for pain management has seen an exponential rise mainly due to changing lifestyle patterns and growing number of chronic ailments.

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Growth Factors:

Factors such as increasing geriatric population, rising number of accidents worldwide, growing prevalence of chronic disorders, rise in per-capita healthcare expenditure, increasing number of surgeries, constant approvals for new easy-to-use and effective medications, increasing cases of cancer in developing regions, and growing research and development expenditure are propelling the pain management therapeutics market expansion across the globe. Additional aspects that are estimated to fuel this industry are strong product pipeline of major manufacturers and technological innovations. A constant rise in the cases of chronic disorders throughout the world is pushing the business to grow at a rapid pace. Early detection of ailment raises the chances for a decreased mortality rate. According to the American Cancer Society, around 1.76 million new cancer cases were diagnosed in 2019 and more than 606,000 cancer deaths reported in the United States alone. The number of elderly persons is also on the rise globally. According to the World Health Organization, the geriatric population is projected to hit 1.5 billion by the year 2040, which will represent around 16% of the entire world population.

Growing investment in the research and development activities aimed at improving the efficiency of existing therapy options along with developing new treatments is driving the market globally. The short-term as well as long-term strategies of leading biotech and pharma companies play a vital role in determining market trends. Short term policies aim at tackling patenting concerns and display an immediate effect on the market. Whereas, long term policies focus on upgrading R&D, focused treatment approaches, and unified network representations.

Report Highlights:

• Among the drug class segment, NSAIDs dominated the overall market in 2020. High efficiency and ease of availability are the major reason for high market share of NSAIDs in pain management therapeutics.

• The neuropathic pain segment accounted for the largest revenue within the indication segment with more than 32% share in 2020. Factors such as large patient pool and technological innovations drive the growth of interventional study. Chronic back pain and cancer pain indications are projected to grow at significant rate in the forecast time-frame.

• Retail pharmacy accounted for the largest revenue in the distribution channel segment. High use of over-the-counter drugs for pain management is the key reason for high market share of retail pharmacies.

• Pfizer, Teva Pharmaceutical, and AstraZeneca accounted for a significant share of the global pain management therapeutics market.

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Regional Analysis:

The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 43%. U.S. represented the highest share in the North American region primarily due to presence of leading market players and high incidence of cancer. Furthermore, increasing geriatric population also contributed to the high market share of the United States.

Europe was the second important market chiefly due to favorable reimbursement scenario and rise in number of cases of drug abuse. High incidence of chronic disorders in the European region is also expected to boost the demand for pain management therapeutics market in the near future. Asia Pacific is anticipated to grow at the maximum CAGR of around5.8% in the forecast period due to high number of accidents and increasing healthcare expenditure. Latin America and the African and Middle Eastern region will display noticeable growth.

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Key Market Players and Strategies:

The major companies operating in the worldwide pain management therapeutics market are Teva Pharmaceutical, Pfizer, Abbott, Mallinckrodt Pharmaceuticals, Endo International, GlaxoSmithKline, AstraZeneca, Depomed, Merck, and Novartis among others.

High investment in the research and development along with acquisition, mergers, and collaborations are the key strategies undertaken by companies operating in the global Pain Management Therapeutics market. Companies operating in the pain management therapeutics market are constantly working on developing new technologies such as radiofrequency ablation (RFA) and pain shots. These treatment options enable physicians to deploy multiple treatment approaches for effective treatment of chronic pain.

Market Segments

By Drug Class

• NSAIDs

• Opioids

• Anesthetics

• Antidepressants

• Anticonvulsants

• Others

By Indication

• Arthritic Pain

• Neuropathic Pain

• Chronic Back Pain

• Post-Operative Pain

• Cancer Pain

• Others

By Distribution Channel

• Online Pharmacy

• Retail Pharmacy

• Hospital Pharmacy
  

By Geography

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa (MEA)
  

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