PUBLISHER: The Business Research Company | PRODUCT CODE: 1409674
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409674
“Pain Management Drugs Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pain management drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pain management drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The pain management drugs market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A pain management drug is a medication designed to reduce pain, achieving analgesia through actions at multiple levels of the nervous system. These actions include the inhibition of neurotransmitter release from the primary afferent terminals in the spinal cord and the activation of descending inhibitory controls in the midbrain.
The primary classes of pain management drugs comprise non-steroidal anti-inflammatory drugs (NSAIDs), anesthetics, anticonvulsants, anti-migraine agents, antidepressants, opioids, and nonnarcotic analgesics. NSAIDs, or nonsteroidal anti-inflammatory drugs, are specifically designed to lower a high fever, reduce inflammation, and alleviate discomfort. They find application in various conditions such as arthritic pain, neuropathic pain, cancer pain, chronic back pain, postoperative pain, migraine, fibromyalgia, muscle sprain/strain, bone fractures, among others. These drugs are distributed through different channels including hospital pharmacies, retail pharmacies, and online pharmacies.
The pain management drugs market research report is one of a series of new reports from The Business Research Company that provides pain management drugs market statistics, including pain management drugs industry global market size, regional shares, competitors with a pain management drugs market share, detailed pain management drugs market segments, market trends, and opportunities, and any further data you may need to thrive in the pain management drugs industry. This pain management drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pain management drugs market size has grown strongly in recent years. It will grow from $76.76 billion in 2023 to $81.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed in the historical period can be attributed to factors such as the increase in chronic pain cases, a rise in cancer cases, heightened surgical procedures, improved methods of pain assessment, and government initiatives.
The pain management drugs market size is expected to see strong growth in the next few years. It will grow to $100.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to the adoption of non-opioid alternatives, the development of targeted therapies, precision medicine approaches, implementation of psychological interventions, and a concentrated effort on minimizing side effects. Key trends expected in the forecast period encompass the adoption of value-based care models, expanded access programs, the exploration of combination therapies, the development of innovative formulations, and the emergence of biosimilar pain drugs.
The anticipated increase in the number of surgeries is poised to drive the growth of the pain management drugs market. Surgical procedures involve medical interventions that cut or penetrate the body's tissues for therapeutic purposes or to enhance bodily functions. Pain management drugs are crucial in surgeries as they help control and alleviate post-operative pain, contributing to improved patient comfort and recovery. In 2021, surgical procedures saw a substantial increase of 54% compared to 2020, with non-surgical procedures also rising by 44%, as reported by the Aesthetic Society. This surge in the rate of surgeries is a significant factor propelling the pain management drugs market.
The growth of the pain management drugs market is further expected to be boosted by the rise in the geriatric population. The geriatric population, comprising individuals aged 65 and older, often requires pain management drugs to alleviate conditions such as arthritis, cancer, and neurological disorders that are more prevalent in later life. According to a report by the World Health Organization (WHO) in October 2022, it is projected that by 2030, one in six individuals globally will be 60 years or older, and the number of individuals over 60 will double to 2.1 billion by 2050. Additionally, between 2020 and 2050, there will be an increase of 426 million people aged 80 or older. This demographic shift toward an aging population is a driving force behind the growth of the pain management drugs market.
A key trend gaining traction in the pain management drugs market is technological advancement. Major companies in this market are dedicated to developing innovative technologies to address pain management needs. For example, in November 2021, AppliedVR, Inc., a U.S.-based company offering virtual reality therapeutics, introduced EaseVRx, a prescription-only immersive virtual reality system designed to help patients with chronic lower back pain. Utilizing cognitive behavioral therapy and other behavioral techniques, EaseVRx employs 56 VR sessions over eight weeks to reduce pain and pain interference. This application of behavioral therapy principles through virtual reality represents a notable technological advancement in pain management.
Major companies in the pain management drugs market are developing drugs and obtaining FDA approval. FDA approval, indicating adherence to safety and efficacy standards, is crucial for commercial distribution in the United States. For instance, in October 2023, Hyloris Pharmaceuticals, a Belgium-based pharmaceutical company, received FDA approval for Maxigesic IV. This non-opioid intravenous painkiller, combining paracetamol and ibuprofen, offers a dual-action mechanism for pain relief and represents a significant advancement in the market, providing a new non-opioid treatment option for post-operative pain relief.
In November 2021, Pacira BioSciences, a U.S.-based pharmaceutical company, completed the acquisition of Flexion Therapeutics for $427.5 million. This strategic move strengthens Pacira's position in non-opioid pain management and expands its product portfolio to offer comprehensive non-opioid solutions along the pain pathway. The acquisition includes Flexion's ZILRETTA, an extended-release treatment for osteoarthritis knee pain, along with two clinical-stage pain medication candidates, FX201 and FX301. Flexion Therapeutics, a U.S.-based biopharmaceutical company, has a focus on non-opioid pain management.
Major companies operating in the pain management drugs market report are Novartis AG, Eli Lilly And Company, Abbott Laboratories, Endo International plc, Purdue Pharma L.P., Pfizer Inc., Merck & Co. Inc., Johnson & Johnson Services Inc., GlaxoSmithKline plc, AbbVie Inc., Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd., AstraZeneca plc, Mylan N.V., Bausch Health Companies Inc., Becton Dickinson and Company, Boston Scientific Corporation, Baxter International Inc., Sanofi, Medtronic PLC, F. Hoffmann-La Roche Ltd., Boehringer Ingelheim, Mallinckrodt Pharmaceuticals, Allergan, Daiichi Sankyo Company Limited, Grunenthal GmbH, Mundipharma International Limited, Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Zydus Cadila, Lupin Pharmaceuticals Inc., Torrent Pharmaceuticals Ltd
North America was the largest region in the pain management drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the pain management drug market report during the forecast period. The regions covered in the pain management drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pain management drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pain management drug market consists of sales of acetaminophen, anti-seizure medications, steroids, muscle relaxers, and other related drugs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.