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The global pain management drugs market reached a value of US$ 74 Billion in 2020. 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 global pain management drugs market to exhibit moderate growth during the forecast period (2021-2026).
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 2021-2026. Our report has categorized the market based on region,drug class, indication and distribution channel.
The report has also analysed the competitive landscape of the market with some of the pain management drugs companies 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.
The global pain management drugs market reached a value of US$ 74 Billion in 2020.
The rising geriatric population who are more prone chronic pain is augmenting the demand for pain management drugs across the globe.
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 expected to exhibit moderate growth during the forecast period (2021-2026).
On the basis of the drug class, the market has been bifurcated into non-steroidal anti-inflammatory drugs (NSAIDs), anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and others. In this segment, opioids dominate the global market.
On the basis of the indication, the market has been bifurcated 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. In this segment, musculoskeletal pain accounts for the largest market share.
Several medical advancements have led to the introduction of novel combinations and newer drug delivery techniques for providing improved pain management, which are among the key trends in the pain management drugs market.
The market for pain management drugs is experiencing a negative growth on account of the outbreak of COVID-19 as several outpatient and elective interventional procedures across healthcare facilities are reduced or interrupted to reduce the risk of disease transmission. Also, the disruptive supply chains of pharmaceutical products is also hampering the market growth.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America holds the largest market share.
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