According to a new report published by Allied Market Research, titled, " U.S. Pain Management Drugs Market by Drug type, Indication and Pain type: Opportunity Analysis and Industry Forecast, 2020–2027," the U.S. pain management drugs market size was valued at $31.49 billion in 2019, and is estimated to reach $39.35 billion by 2027, growing at a CAGR of 3.4% 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. 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.
COVID-19 pandemic, which started from Wuhan city of China, has widespread across the globe. This pandemic has disrupted growth in many economies across various domains. The COVID-19 outbreak is expected to impact the pain management drugs market in the initial phase of during the forecast period. The COVID-19 pandemic has stressed healthcare systems, so many clinics and pain services are no longer open for public services, owing to of safety measures imposed by governments. Moreover, many patients have been nervous about going to the pharmacy to pick up prescriptions, and physicians can recommend useful over-the-counter medicines and provide instructions on how to administer prescription and non-prescription medicines all through telemedicine. This is anticipated to increase the U.S. pain management drugs market growth in near future. Hence, the U.S. pain management drugs market is expected to continue to grow post the pandemic.
Availability of sophisticated treatment options and advancements in technologies have increased life expectancy rates, 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 U.S. pain management drugs market growth. As per statistics provided by the ruralhealthinfo, in 2019, there are more than 46 million older adults age 65 and older living in the U.S.; by 2050, that number is expected to grow to almost 90 million. Moreover, increase in R&D investments and rise in outsourcing of pharmaceuticals are expected to fuel the market growth in the U.S. However, availability of alternative therapies and patent expiration of prescription drugs for the treatment of pain hamper the growth of the U.S. pain management drugs market.
The opioids segment was the largest contributor to the market growth in 2019, owing to high efficiency of opioids to relieve pain in major chronic conditions. The anesthetics segment is anticipated to possess highest the growth rate during the forecast period.
Postoperative pain and chronic back pain were among the largest revenue contributors in 2019, owing to increase in number of surgeries in the U.S. and rise in prevalence of chronic diseases that lead to back pain. Furthermore, the cancer pain segment is expected to grow at the highest rate throughout the forecast period, owing to rise in prevalence of cancer in the U.S.
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 3.7% during the forecast period.
Key Findings Of The Study
- By drug type, the opioids segment occupied 2.8% share of the pain management drug market in 2019.
- By indication, the cancer pain segment is anticipated to grow with the highest CAGR throughout the forecast period.
- By pain type, chronic pain segment is anticipated to experience growth at 3.7% during the forecast period.