Market Research Report
Pain Management Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Published by||IMARC Services Private Limited||Product code||999842|
|Published||Content info||108 Pages
Delivery time: 2-3 business days
|Pain Management Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
|Published: April 12, 2021||Content info: 108 Pages||
The global pain management drugs market reached a value of US$ 74 Billion in 2020. Pain management drugs perform pharmacological actions on pain receptors and work against discomfort-causing symptoms. These medications provide relief from the distressing feeling caused due to various health issues, such as osteoarthritis, chronic arthritis, diabetic neuropathy, multiple sclerosis and cancer, by acting through different physiological functions. In recent years, medical advancements have led to the introduction of novel combinations and newer drug delivery techniques that provide improved pain management.
One of the key factors driving the global market is the rising geriatric population across the globe. In 2018, the population of people aged 60 years and above was around 991 million. This population is projected to reach 1.18 billion by 2024. With the prevalence of chronic pain being significantly higher in older adults, the demand for pain management drugs is escalating across the globe. Furthermore, a rise in the number of hospitalization cases and a huge demand-supply gap for effective neuropathic pain management drugs have led to the emergence of innovative and advanced therapies and medicines. Moreover, the leading pharmaceutical companies are investing heavily in research and development (R&D) activities to develop analgesics or painkillers that are safer, more effective, economically viable and easier to administer. Other factors, including rising healthcare expenditure, improving R&D, increasing consumer awareness, and significant government support for improving healthcare services, are driving the growth of the market. Looking forward, IMARC Group expects the global pain management drugs market to exhibit moderate growth during the forecast period (2021-2026).