Global Pain Management Therapeutics Market: Snapshot
The global market for pain management therapeutics is anticipated to rise at a steady pace in the upcoming years on the back of improving healthcare infrastructure, increasing economic stability globally, and increasing penetration of established players in emerging economies that are brimming with growth opportunities.
Besides this, growing geriatric population globally, changing lifestyles, and high prevalence of chronic pain are acting in favor of the market’s growth. As per statistics of the National Health Interview Survey, in 2016, almost 20% of the world’s population was reported to be suffering from chronic pain.
As per a report by Transparency Market Research (TMR), the global market for pain management therapeutics is likely to clock a CAGR of 4.0% for the forecast period from 2017 to 2025. Progressing at this rate, the market’s valuation of US$62,246.8 mn in 2016 will become worth US$88,253.4 mn by the end of 2025.
Opioids Product Segment to Remain Attractive in Future
The report studies the pain management therapeutics market based on a few parameters, viz. indication, therapeutics, and geography. By therapeutics, anticonvulsants, antidepressants, anesthetics, opioids, non-steroidal anti-inflammatory drugs (NSAIDS), antimigraine agents, and other non-narcotic analgesics are the segments into which the pain management therapeutics market is segmented in this report. Of them, opioids and NSAIDS account for leading revenue contribution to the overall market. In 2016, NSAIDS and opioids held almost 22% and 26.7% share respectively in the overall market. Increasing prescription of opioids for pain management is one of the key growth drivers of this segment; the opioids segment is likely to exhibit a CAGR of 4.4% from 2017 to 2025. On the other hand, other non-narcotic analgesics is likely to emerge as a lucrative segment during the forecast period.
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Based on disease indication, the pain management therapeutics market has been categorized into neuropathic pain, arthritic pain, fibromyalgia, chronic back pain, migraine, cancer pain, and post-operative pain. The cancer pain management segment is likely to lead the market vis-à-vis revenue over the report’s forecast period. The growth of this segment is attributed to increasing prevalence of cancer along with rising awareness for cancer pain therapeutics. As per a report published by International Association of Study Pain, over 10 million individuals globally are diagnosed with cancer every year.
However, the segment of chronic back pain is likely to surpass in terms of growth rate; the segment is likely to exhibit a CAGR of 4.3% during the forecast period from 2017 to 2025. This is mainly because of rising incidence of lower back pain problems among individuals with long desk jobs and increasing incidence of other chronic conditions.
Lucrative Opportunities in Asia Pacific draws Players Galore
Geography-wise, the global pain management therapeutics market has been classified into North America, Asia Pacific, Europe, and Rest of the World. Of them, North America held the leading share of 56.1% in the pain management therapeutics market in 2016. The growth of this regional market is mainly because of favorable reimbursement policies for prescription drugs used for pain management and availability of a spectrum of over-the-counter drugs for pain management in the U.S., and Canada. Powered by the U.S., the North America pain management therapeutics market will likely display a CAGR of 4.1% during the forecast period from 2017 to 2025.
Europe stood second holding 25.9% of the overall market in terms of revenue in 2016.
Asia Pacific, on the other hand, is anticipated to witness the leading growth rate of 4.6% from 2017 to 2025 due to a growing geriatric population, rising awareness to address health problems in a timely manner, and increased focus of leading companies to tap into growth opportunities in China and India.
Prominent names in the global pain management therapeutics market include Abbott Laboratories, AstraZenecal plc, Mallinckrodt plc, Eli Lilly & Company, GlaxoSmithKline plc, Endo Health Solutions, Novartis AG, Purdue Pharma LP, Merck & Co. Inc., Pfizer Inc., Johnson & Johnson, and Teva Pharmaceuticals.