WILMINGTON, DE / ACCESSWIRE / November 10, 2022 / Transparency Market Research Inc. - The global pain management therapeutics market is prognosticated to exceed a value of US$ 98.0 Bn by the end of 2031, according to a research report by Transparency Market Research (TMR). Furthermore, the market is expected to grow at a CAGR of 2.9% during the forecast period of 2022 to 2031, states a TMR study that sheds light on varied aspects including goal of pain management therapeutics manufacturers.
Key players in the global pain management therapeutics market are using different strategies such as partnerships, collaborations, and mergers & acquisitions in order to expand their businesses. Moreover, key enterprises are investing heavily in R&Ds in order to develop and launch next-gen products. Such initiatives, in turn, are driving the expansion of the global market, notes a TMR review on the therapeutic pain relief market.
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Pain Management Therapeutics Market: Key Findings
- The number of people suffering from chronic pain is being increasing globally. As per the 2019 statistics by the Centers for Disease Control and Prevention (CDC), around 20.4% of adult population in the U.S. was suffering from chronic pain and about 7.4% of adults were having chronic pain owing to which this population pool was frequently experiencing restricted work or life activities, states a TMR study on the pain management therapeutics market. As per the European Pain Federation, around 80 million adult population in Europe is living with chronic pain issues. Hence, surge in the occurrence of chronic pain disorders is expected to drive the business prospects in the market during the forecast period, note analysts of a TMR assessment on the ultrasound therapy for pain relief market.
- The cases of different types of cancer are being rising worldwide. Hence, the demand for pain management therapeutics is being increasing globally for the treatment of pain occurring due to cancer therapy and spread of cancer cells on to bones as well as other healthy parts of the body. According to the WHO projections, the prevalence of cancer is estimated to rise by approximately 75% during 2008-2030. This suggests that the need for the chronic pain management drugs is likely to rise in the near future, which in turn, is likely to create revenue-generation opportunities in the pain management therapeutics market.
Pain Management Therapeutics Market: Growth Boosters
- Surge in the cases of chronic pain diseases globally is expected to boost the demand for varied pain management therapeutics
- Increasing adoption of pain management drugs due to their effective nature is projected boost the growth of the pain management therapeutics market in the near future
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Pain Management Therapeutics Market: Regional Analysis
- The market is likely to gain prominent business avenues in North America during the forecast period owing to factors such as changes in the lifestyle of regional people, advanced healthcare policies, improved healthcare facilities, and accessibility to convenient and effective treatment options in Canada and the U.S.
- The Asia Pacific market is prognosticated to expand at notable pace in the near future owing to the presence of sturdy healthcare infrastructure in many regional nations including China, India, and Japan. Moreover, increase in the use of pain management therapeutics, surge in the understanding available treatment options, and early accessibility to pain management therapeutic products in the region are estimated to help in the growth of the Asia Pacific market during the forecast period.
Pain Management Therapeutics Market: Key Players
Some of the key players profiled in the report are:
- AstraZeneca plc
- Abbott
- Depomed, Inc.
- Pfizer, Inc.
- GlaxoSmithKline plc
- Endo International plc
- Mallinckrodt Pharmaceuticals
- Johnson & Johnson
- Novartis AG
- Merck & Co., Inc.
- Teva Pharmaceutical Industries Ltd.
- Purdue Pharma L.P.
- Q Biomed Inc.
- Venus Remedies Limited
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Pain Management Therapeutics Market Segmentation
- Therapeutics
- Anticonvulsants
- Antidepressants
- Anesthetics
- NSAIDs
- Opioids
- Oxycodones
- Hydrocodones
- Tramadol
- Others
- Antimigraine Agents
- Other Non-narcotic Analgesics
- Indication
- Neuropathic Pain
- Fibromyalgia
- Arthritic Pain
- Chronic Back Pain
- Migraine
- Post-operative Pain
- Cancer Pain
- Route of Administration
- Oral
- Parenteral
- Others
- Distribution Channel
- Retail Pharmacies
- Online Pharmacies
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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