Pain Management Drugs Market to Reach $85.54 Bn, Globally, by 2027 at 3.9% CAGR: Allied Market Research
- Increase in incidences of chronic diseases, favorable regulatory scenarios, and rise in geriatric populations drive the growth of the global Pain management drugs market.
PORTLAND, Ore., Sept. 23, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Pain management drugs Market by Drug Class, (NSAIDS, Anesthetics, Anticonvulsant, Anti-Migraine Drug, Antidepressant Drugs, Opioids, and Non-Narcotic Analgesics) and Indication (Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Pain, Post-Operative Pain, Migraine, and Fibromyalgia): Global Opportunity Analysis and Industry Forecast, 2019–2027." According to the report, the global Pain management drugs industry garnered $65.96 billion in 2019, and is estimated to reach $85.54 billion by 2027, witnessing a CAGR of 3.9% from 2020 to 2027.
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Drivers, restraints, and opportunities
Increase in incidences of chronic diseases, favorable regulatory scenarios, and rise in geriatric populations drive the growth of the global Pain management drugs market. However, availability of alternative therapies, drug exploitation, and patent expiration of prescription drugs hinder the market growth. On the other hand, advancement in drug development and untapped markets in developing economies create new opportunities in the coming years.
- The covid-19 outbreak has impacted the healthcare systems all across the world. Most of the clinics and pain services have been closed for public services, due to the safety measures imposed by governments.
- Consequently, most chronic pain facilities were considered non-urgent. In addition both outpatient and elective interventional procedures were stopped during the COVID-19 pandemic to curb the spread.
The opioids segment to maintain its lead position during the forecast period
Based on drug class, the opioids segment accounted for the largest share in 2019, holding for more than one-fourth of the global pain management drugs market, and is expected to maintain its lead position during the forecast period. This is owing to high efficiency of opioids to relieve pain in major chronic conditions. However, the anti-migraine agents segment is estimated to portray the highest CAGR of 4.8% from 2020 to 2027. Rise in number of people suffering from migraine and other headache conditions is the major factor driving the growth of the segment.
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The neuropathic pain segment to maintain its dominant share during the forecast period
Based on indication, the neuropathic pain segment accounted for around one-fifth of the global pain management drugs market in 2019, and is projected to maintain its dominant share during the forecast period. This is attributed to increase in presence of large patient population. However, the cancer pain segment is estimated to grow at the highest CAGR of 4.8% from 2020 to 2027. This is due to rise in number of cancer patients.
North America to maintain its leadership status by 2027
Based on region, North America held the highest market share of nearly half of the global Pain management drugs market in 2019, and is estimated to maintain its leadership status by 2027. On the other hand, Asia-Pacific is expected to portray the highest CAGR of 4.5% from 2020 to 2027. This was attributed to large number of aging population and favorable regulatory conditions.
Leading market players
- Novartis AG
- Eli Lilly & Company
- Abbott Laboratories
- Endo Health Solutions, Inc.
- Purdue Pharma L.P.
- Pfizer, Inc.
- Mylan NV.
- Merck & Co. Inc.
- Johnson & Johnson
- GlaxoSmithKline Plc.
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