The global pain management drugs market was worth US$ 38.9 Billion in 2018. Pain is a distressing feeling which can be caused due to various health issues such as osteoarthritis, chronic arthritis, diabetic neuropathy, multiple sclerosis and cancer. Pain mechanism is an intricate process, and there are several pain management drugs that provide relief by acting through various physiological functions. These medications are specific drugs that perform pharmacological actions on pain receptors and work against the discomfort-causing symptoms.
High prevalence of chronic pain diseases and increasing geriatric population are among the key factors driving the global pain management drugs market. In 2018, around 991 Million people across the globe were more than 60 years old. By 2024, we expect these figures to reach 1.18 Billion. With the prevalence of chronic pain being significantly higher in older adults, this represents a key factor driving the demand of pain management drugs. Additionally, the increasing number of hospitalization cases, a huge demand-supply gap for effective neuropathic pain management drugs, and application of innovative and advance therapies, are also catalyzing the growth of the market. Furthermore, increasing occurrence of chronic diseases such as cancer, arthritis, heart attacks and diabetes along with neurological issues are also boosting the global demand for these drugs. Moreover, factors such as rising healthcare expenditure, improving R&D, rising consumer awareness, and significant government support for improving healthcare services are also driving the growth of the market. Looking forward, IMARC expects the market to reach US$ 52.1 Billion by 2024, exhibiting a CAGR of around 5% during 2019-2024
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 Health Solutions, Inc., F. Hoffmann La Roche Ltd., Valeant Pharmaceuticals International Inc., Merck & Co. Inc., Allergen Inc., Novartis AG, Johnson & Johnson, GlaxoSmithKline Plc, Purdue Pharma L.P., etc.
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