Future of Pain Management Drugs Market: $85,549.3 Million Expected Revenue by 2027
Pune, Maharashtra,India, November 5 2020 (Wiredrelease) Origius Systems Private Limited –:
According to the report added on Big Market Research, the Global Pain Management Drugs Market was valued at $65,963.1 million in 2019, and is estimated to reach $85,549.3 million by 2027, registering a CAGR of 3.9% from 2020 to 2027.
Pain is a distressing sensory and emotional sensation, which is caused by tissue injury or disease. Moreover, different disorders may cause discomfort, such as multiple sclerosis, osteoarthritis, stomach ulcer, chronic arthritis, fibromyalgia, diabetic neuropathy, and cancer. The length of the pain would range from acute pain for short term to chronic pain for long term. Acute pain is a sudden onset of pain when chronic pain is caused by aged bone & joint conditions, nerve damage, or injury. Pain management involves reducing or treating pain by using a given range of medications. There are several medicines available, which provide pain relief through a variety of physiological mechanisms such as targeting nociceptors.
The report also includes the impact of ongoing global crisis i.e. COVID-19 on the Pain Management Drugs Market and what the future holds for it. The published report is designed using a vigorous and thorough research methodology and Big Market Research is also known for its data accuracy and granular market reports.
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Rise in geriatric population is the major factor that drives growth of the global pain management market, as aged people are more prone to suffer from joint pain and other chronic conditions. For instance, prevalence of chronic diseases such as cancer is on the rise. As per the National Cancer Institute, almost 20 to 50% of people with cancer suffer from pain. Around 80% of patients with advanced stage cancer suffer from moderate to severe pain. Moreover, surge in prevalence of chronic diseases, such as cancer, diabetic neuropathy, and osteoarthritis propels the market growth. Furthermore, rise in number of surgical procedures and rise in healthcare expenditure are expected to fuel growth of the market. However, drug exploitation, patent expiration of prescription pain medication drugs, and availability of substitutes such as pain relief devices restrain the market growth.
The global pain management drugs market is segmented on the basis of drug class, indication, and region. On the basis of drug class, the market is categorized into nonsteroidal anti-inflammatory drugs (NSAIDs), anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and nonnarcotic analgesics. Opioids are further classified into tramadol, hydrocodone, oxycodone, and others (fentanyl, morphine, meperidine, codeine, and methadone). Based on indication, the market is divided into arthritic pain, neuropathic pain, cancer pain, chronic back pain, postoperative pain, migraine, and fibromyalgia. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key market players and their strategies have been analyzed to understand the competitive outlook of the market. Top players in the market are Abbott Laboratories, Eli Lilly & Company, Endo Health Solutions, Inc., GlaxoSmithKline Plc., Johnson & Johnson, Merck & Co. Inc., Mylan NV., Novartis AG, Pfizer, Inc., Purdue Pharma L.P. and some more.
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The study provides an in-depth analysis of the global pain management drug market along with the current trends and future estimations to elucidate the imminent investment pockets.
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