Global Pain Management Therapeutics Market to Reach USD 79,500 Million by 2024

The global pain management therapeutics market was valued at approximately USD 61,000 million in 2017 and is expected to generate revenue of around USD 79,500 million by end of 2024, growing at a CAGR of around 4 percent between 2018 and 2024. The number of patients suffering from chronic pain is on a constant rise globally. According to the US Institute of Medicine, in 2011, approximately 100 million adults suffered from common chronic conditions such as low back pain followed by a migraine and neck pain. The increased patient base, in turn, affects the worker productivity, increases the nation’s healthcare costs and negatively impacts the patient’s emotionally and financially. The US alone spends around USD 560 billion to USD 635 billion annually on healthcare due to pain disorders. European expenditure accounts for 1.5 percent to 3 percent of GDP annually. This incremental cost is inclusive of medical costs of pain care, economic costs, and lost productivity. According to a survey, conducted in Europe, one in five Europeans suffers from chronic pain. This hampers the quality of life and overall well-being of the sufferers.

The increasing incidence rates of cancer worldwide further contribute largely to the rise in demand for pain management therapeutics. This includes pain occurring from cancer therapy as well as from incursion of cancer cells on to bones and other healthy body parts. WHO projections suggest that the global cancer prevalence will increase by almost 75 percent from 2008 to 2030. Thus, increasing incidence of chronic pain conditions will continue to encourage the use of pain management drugs, thereby driving the market growth. The global pain management therapeutics market is segmented by drug class, indication, distribution channel, and geography. Based on drug class, the pain management therapeutics market is segmented into anesthetics, NSAIDs, anticonvulsants, antidepressants, anti-migraine agents, non-narcotic analgesics, and opioids. The opioids segment is further segmented as tramadol, oxycodone, hydrocodone, and others. The NSAIDs and opioids segment accounted for the largest share in the global pain management therapeutics market in 2017. The easy availability of NSAIDs on over the counter such as ibuprofen, aspirin, and diclofenac is the key factor contributing towards the high share of NSAIDs in the global pain management therapeutics market. The opioids are expected to register a significant growth rate in the global pain management therapeutics market in the coming years. The non-narcotic analgesics segment is expected to register a high CAGR in the global market in the near future.

By indications, the market for pain management therapeutics market is categorized into chronic back pain, neuropathic pain, arthritic pain, fibromyalgia, cancer pain, migraine, and post-operative pain. The cancer pain management segment accounted for the largest share in the global pain management therapeutics market and is expected to grow at a higher pace. The rising prevalence of cancer and growing awareness about cancer pain therapeutics are the key factors contributing towards the growth of segment in the coming years. Based on the distribution channel, the global pain management therapeutics market is segmented into hospitals pharmacy, retail pharmacy, and online pharmacy. The online pharmacy is estimated to grow at a high CAGR in the global pain management therapeutics market in the near future. The increasing trend of online purchasing and growing digitalization are significantly contributing towards the growth of online pharmacies.

Geographically, the global pain management therapeutics market covered five main regions which included North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. North America and Europe dominated the global pain management therapeutics market in 2017 and is anticipated to remain dominant over the coming years. Asia Pacific is expected to grow at a high CAGR in the global pain management therapeutics market. Some of the key players covered in the pain management therapeutics market are Pfizer Inc., Endo International Plc., Depomed, Inc., Purdue Pharma L.P., Teva Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, AstraZeneca Plc., Novartis AG, Merck & Co., Inc., Johnson & Johnson Services, Inc., GlaxoSmithKline Plc., and Abbott Laboratories. – Zion Market Research