The global pain management drugs market was worth US$ 41.2 Billion in 2019. 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 market to exhibit moderate growth during the forecast period (2020-2025).
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global pain management drugs market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, type, service, organization size, and verticle.
The report has also analysed the competitive landscape of the market with some of the key players being 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, etc.
Key Questions Answered in This Report:
The global pain management drugs market was worth US$ 41.2 Billion in 2019.
The market is primarily driven by the expanding geriatric population, along with the growing prevalence of chronic conditions and rising investments in research and development (R&D) activities to develop safer and effective analgesics.
Leading pain management drugs manufacturers are 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.
On the basis of the distribution channel, the market has been segregated into hospitals, retail and online pharmacies.
The pain management drugs market is anticipated to exhibit moderate growth during the forecast period (2020-2025).
Opioids currently represent the leading segment, holding the majority of the market share.
Based on the indication, musculoskeletal pain is the leading indication in the market.
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