According to a new report published by Allied Market Research, titled, “pain management drug market by drug class, indication, and pain type: opportunity analysis and industry forecast, 2019–2027,”
The global pain management drugs market was valued at $71,431.85 million in 2019, and is projected to reach $91,649.16 million by 2027, registering a CAGR of 3.8% from 2020 to 2027.
Pain is a complex medical condition, which not only affects physical but also mental well-being of an individual. It is caused due to trauma or tissue damage, and its intensity varies from person to person. Pain control medications help to alleviate pain through various pathways in patient's body. There are various types of medicines available in the pain management drugs market targeting specific biomolecules in the body and manipulating specific mechanisms to avoid pain sensation. On the basis of cause of pain, the treatment provided can be simple or complex. Pain can be managed using a variety of pharmacological and non-pharmacological therapies.
Availability of sophisticated treatment options and advancements in technologies have increased life expectancy rates globally, which has resulted in increase of geriatric population. As elderly people are highly prone to suffer from pain, owing to various reasons such as rise in incidences and prevalence of chronic diseases such as heart disease, stroke, type II diabetes, and cancer, which drives the pain management drugs market growth. As per statistics provided by the UN Population Division, in 2019, total proportion of people above 65 years has increased from 703 million in 2019 and is projected to reach 1.5 billion by 2050, globally. Moreover, increase in R&D investments and rise in outsourcing of pharmaceuticals are expected to fuel the market growth in developing regions such as Asia-Pacific and LAMEA. However, availability of alternative therapies and patent expiration of prescription drugs for treatment of pain hamper growth of the pain management drugs market.
The opioids segment was the largest contributor to the market growth in 2019, opioids segment is the largest contributor toward the market growth, owing to high popularity of these drugs worldwide. However, the anesthetics segment is anticipated to be the fastest growing segment in the market, owing to frequent use of this drug type during surgeries and rise in number of surgeries globally.
Neuropathic Pain segment accounted for a majority of the pain management drugs market share in 2019 and is expected to exhibit a prominent growth rate during the forecast period, increase in presence of large patient population is the major factor that increases the demand for drugs for neuropathic pain. Cancer pain and chronic back pain were segment is expected to grow at the highest rate throughout the forecast period in 2019, owing to increase in number of surgeries globally and rise in prevalence of chronic diseases that lead to back pain.
On the basis of pain type, the chronic pain segment was the largest contributor to the market growth in 2019, and is expected to grow at a CAGR of 3.9% during the forecast period.
As per the industry experts, long term effect of COVID-19 outbreak is expected to be witnessed over the coming years. This pandemic has disrupted growth in many economies across various domains. The COVID-19 outbreak will impact the pain management drugs market in the initial phase of the forecast period. The COVID-19 pandemic has stressed healthcare systems worldwide, so that many clinics, pain services are no longer open for public services because of safety. Moreover, throughout the latter half of the forecast period, the demand for pain management drugs is expected to rise. Owing to the factors such as telemedicine, physicians are able to provide guidance to patients for physical exercises at-home for pain relief. This is anticipated to increase the market growth in near future.
The report provides some of the key players operating in the market include Abbott Laboratories Novartis AG, Eli Lilly & Company, Abbott Laboratories, Endo Health Solutions, Inc., Purdue Pharma L.P., Pfizer, Inc., Mylan NV., Merck & Co. Inc., Johnson & Johnson, and GlaxoSmithKline Plc. The other prominent players in the value chain include Allergen Inc., Bayer AG, Bristol-Myers Squibb, Valeant Pharmaceuticals International Inc., Boehringer Ingelheim, Sorrento Therapeutics, WEX Pharmaceuticals, and Zynerba Pharmaceuticals.
Key Findings Of The Study
- By drug type, the opioids segment occupied 26.5 % share of the pain management drug market in 2019.
- By indication, the postoperative pain segment is anticipated to grow with the highest CAGR throughout the forecast period.
- By pain type, the chronic pain segment accounted for the largest share
- By region, North America is anticipated to experience growth at 3.6% during the forecast period.