Increasing Prevalence of Chronic Disorders to Bolster Pain Management Therapeutics Market
Growing occurrence of critical illnesses has translated into prevalence of chronic pain. Concerns apropos to pain associated with chronic ailments have fuelled the need for effective therapeutics. Since the past few years, number of individuals suffering from chronic pain has significantly increased, thus prompting healthcare bodies to develop new and efficient pain management therapeutics. For instance, according to NIH (National Institutes of Health), 1 in 10 individuals in the United States critically suffer from chronic disorder and associated pain. Moreover, rising cancer cases worldwide have further pushed the demand for pain management therapeutics. Pains associated with cancer are driving demand for medications such as opioids, NSAIDs (Non-Steroidal Anti-Inflammatory Drugs), anaesthetics and anticonvulsants. According to the National Institute of Cancer, in 2018, about 1,735,350 cancer cases were registered from the United States alone. The World Health Organization (WHO) anticipates that cancer cases are expected to increase by about 75% by 2030 on the global front. This factor alone is expected to raise demand for pain management therapeutics in the coming years as easing the condition is a critical part of caring for the patient.
As per study, the global pain management therapeutics market was valued at around US$ 65 billion in 2018. It is projected to further grow by a rate of more than 4% in the next six years reaching a market value of over US$ 85 billion.
Opioids to Account for a Significant Share in the Market
With respect to therapeutics, opioids are likely to witness high traction as the most selling medication for pain management. Opioids have proven extremely efficient against cancer pain. Containing synthetic and natural opiates, opioids are an effective solution for acute pain, short term pain, and pain and trauma associated with surgeries. Against this backdrop, they are the most prescribed medications, consequently accounting for a significant revenue share in the pain management therapeutics market.
North America Likely to Account for Major Share as Healthcare Systems Remain More Established
Prevalence of chronic illnesses has always been a topic of concern among individuals and healthcare bodies and has created a need for associated therapeutics for common population. That said, the demand for pain management therapeutics across developed economies in North America is expected to witness significant increase in the following years. According to analysis carried out by CDC (Centres for Disease Control and Prevention), chronic pain has been prevalent in United States. Moreover, CDC observes that chronic pain increases with growing age and is largely impacting individuals aged 65 and above. The occurrence of chronic pain and associated illnesses went up since 2019 and is expected to further increase in the years to follow. In addition, according to Population Bulletin, number of individuals aged 65 years and above is expected to almost double to touch around 95 million by 2060 from 52 million in 2018. That said, the need for pain management therapeutics is likely to increase in North America.
Also, increasing presence of specialist physicians practicing pain management and companies providing pain management therapeutics and solutions in the region is also expected to augment market growth. Moreover, robust healthcare infrastructure and growing FDA approvals for pain management solutions to patients are expected to bode well for the market. For instance, in 2020, FDA approved Baudax Bio’s “Anjesco”, a meloxicam injection. This injection is used to treat severe and moderate pain situations.
Likewise, emerging economies in Asia Pacific are also poised to showcase higher inclination towards adoption of pain management therapeutics. Increasing mortality rates owing to chronic diseases such as cancer and increasing prevalence of chronic disorders in the region have pushed the need for pain management. Moreover, being the cornerstone for various businesses, Asia Pacific has a higher business potential backed by cheap labour and land. With India and China as major revenue pockets in the region, companies can focus to tap the pain management therapeutics market in the region and expect stream of growth opportunities going forward.
Pain Management Therapeutics Market: Competitive Landscape
Few of the major players in the pain management therapeutics market include Eli Lilly & Company, Abbott Laboratories, Baxter International Inc., Boston Scientific Corporation, GlaxoSmithKline PLC, Becton Dickinson and Company, AstraZeneca, Novartis AG, Endo Pharmaceuticals Inc., Mallinckrodt Pharmaceuticals Company, Merck & Co. Inc., and Teva Pharmaceuticals.
Global Pain Management Therapeutics Market is Segmented as Below:
By Distribution Channel
Key Elements Included In The Study: Global Pain Management Therapeutics Market
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