Global Pain Management Drugs Market to Reach US$ 85.3 Billion by 2028, Propelled by Increasing Prevalence of Chronic Ailments

April 12, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Pain Management Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global pain management drugs market size reached US$ 67.8 Billion in 2022. Pain management drugs, also known as analgesics or painkillers, reduce discomfort-causing symptoms by inhibiting pain receptors. The use of these drugs is aimed at managing pain caused by inflammation in response to tissue damage, chemical agents/pathogens, or nerve damage. As a result, they are known to bind to specific proteins on the surface of cell membranes and affect the biochemical processes of the body by doing so. Numerous health problems, such as osteoarthritis, long-term arthritis, diabetic neuropathy, multiple sclerosis, and cancer, are relieved by these medications. Several over the counter (OTC) pain management drugs ease pain from chronic health conditions, such as arthritis, muscle strains and headaches. In contrast, prescription analgesics provide a better solution for severe chronic pain, trauma, injury and surgery pain relief.

Global Pain Management Drugs Market Trends:

The market is majorly driven by the rising prevalence of chronic ailments, such as osteoarthritis, diabetes, cancer and migraine, across the globe. This can be attributed to a considerable rise in the geriatric population that is susceptible of developing these conditions. In line with this, the escalating demand for non-invasive and minimally invasive surgical procedures are also providing an impetus to the market growth. Additionally, continual technological developments in the manufacturing of new pharmaceuticals, along with the introduction of new pipeline drugs are impacting the market positively. Besides this, the growing number of clinical trials and extensive research and development (R&D) activities conducted by the key players are creating lucrative growth opportunities in the market. The market is further propelled by a considerable rise in healthcare expenditure on the global level. Continual product innovations, such as the advent of novel therapies and medicines for neuropathic pain management, are also creating a positive outlook for the market. Apart from this, numerous strategies adopted by the market players, such as mergers and acquisitions (M&As) and partnerships and collaborations to enhance their geographical presence are propelling the market. Furthermore, the easy availability of numerous OTC and prescription drugs in organized retail channels, along with telemedicine and online consultation services, is providing a boost to the market. Some of the other factors contributing to the market include rapid urbanization, inflating disposable income levels, and favorable government initiatives. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 85.3 Billion by 2028, exhibiting a CAGR of 2.8% during 2023-2028.

Market Summary:

Based on the drug class, the market has been segmented into NSAIDs, anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and others.
On the basis of the indication, the market has been divided into musculoskeletal pain, surgical and trauma pain, cancer pain, neuropathic pain, migraine pain, obstetrical pain, fibromyalgia pain, burn pain, dental/facial pain, pediatric pain, and others.
Based on the distribution channels, the market has been categorized into hospital pharmacies, retail pharmacies, and online pharmacies.
On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Abbott Laboratories, Inc., Pfizer, Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG, Bausch Health Companies, Inc., Merck & Co. Inc., Allergen Inc., Novartis International AG, Johnson & Johnson Private Limited, GlaxoSmithKline Plc, and Purdue Pharma L.P.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Drug Class, Indication, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Abbott Laboratories, Inc., Pfizer, Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG, Bausch Health Companies, Inc., Merck & Co. Inc., Allergen Inc., Novartis International AG, Johnson & Johnson Private Limited, GlaxoSmithKline Plc and Purdue Pharma L.P
Customization Scope	10% Free Customization
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Global Pain Management Drugs Market to Reach US$ 85.3 Billion by 2028, Propelled by Increasing Prevalence of Chronic Ailments

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