Pain Management Therapeutics Market | North America is Expected to Hold Largest Share of the Industry to 2031 - TMR Study
19 Oct 2022
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Widespread demand for opioids for managing moderate-to-severe pain, especially for chronic back pain, to steer revenues in pain management therapeutics market; adoption of therapeutics for pain management for cancer patients to rise
Increased patient preference of NSAIDs for inflammatory conditions to fuel growth opportunities; Asia Pacific to witness vast lucrative avenues propelled by awareness
WILMINGTON, Del., Oct. 19, 2022 /PRNewswire/ -- An evaluation of recent pain management therapeutics market trends highlight that companies are leaning toward bolstering R&D spending toward developing personalized therapies for chronic pain. A pain management therapeutics market forecast by TMR found that non-steroidal anti-inflammatory drugs (NSAIDs) are a potentially lucrative segment which firms will be capitalizing on until at least 2031. The pain management therapeutics market size was pegged at US$ 73.6 Bn in 2021.
Along with NSAIDs, rising demand for and patient acceptance of opioids will stir enormous revenue potential for players in pain management therapeutics market. The study observed that wide commercialization of opioids over the years has generated vast growth opportunities to market players. Indeed, the segment held a major market share in 2021.
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Key Findings of Pain Management Therapeutics Market Study
Prevalence of Chronic Pain Especially in Cancer Underpins Abundant Opportunities: The study found that rapid increase in adoption of pain therapeutics for managing moderate to severe chronic pain over the past few years. The demand has risen for managing severe pain due to cancer and during the cancer treatment. Additionally, the study observed sizable opportunities arising from the demand for pain management therapeutics for patients with terminal illness.
Acceptance of Opioids for Moderate-To-Severe Pain Management Creating Lucrative Avenues: An analysis of pain management therapeutics market found that the popularity of opioids for management of chronic pain has catalyzed generation of lucrative opportunities in the segment. Massive demand for NSAIDs for managing moderate to severe pain is generating vast profitable avenues, as an in-depth study by TMR analysts has found. High efficacy and low side-effects of NSAIDs will fuel the demand for such medications, thus propelling revenue generation in the pain management therapeutics market.
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Pain Management Therapeutics Market: Key Drivers
Prevalence of chronic pain and rising burden of pain is a key driver for need for pain management therapeutics. Of note, product approvals of a wide spectrum of therapeutics especially analgesics have kept the market prospects ebullient.
R&D in biopharmaceutical properties of available drugs and emphasis of various stakeholders on promoting personalized pain therapies have considerably expanded the horizon in recent years. Thus, research on genetic tests for developing such therapies will fuel the growth prospects, opined the analysts for the TMR study on the global pain management therapeutics market.
Pain Management Therapeutics Market: Regional Growth Dynamics
North America is estimated to hold a major market share during the forecast period. Abundant demand for optimal pain management therapeutics in wide range of conditions including cancer has propelled the market growth, particularly in the U.S. and Canada. Ongoing R&D on personalized therapies for severe chronic pain are likely to pave way to new more revenue streams in the coming few years.
Asia Pacific is projected to a remarkably lucrative regional market. The region is forecast to expand at the most attractive growth rate in the global pain management therapeutics market during the forecast period. The expansion of the market hinges on the rising awareness of cost-effective and easily available prescription drugs for managing chronic pain.
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Pain Management Therapeutics Market: Competition Landscape
In the TMR study, the authors have provided a detailed scrutiny of the dynamics that have shaped the competition landscape. The study evaluates the trends underlying competitive strategies implemented by leading companies and pioneers, with a focus on recent mergers & acquisitions, collaborations and strategic partnerships, and innovative product launches by various key players.
Some of the prominent companies the study has profiled include Q Biomed, Inc., Teva Pharmaceutical Industries Ltd., Novartis AG, Merck & Co., Inc., Johnson & Johnson, GSK plc, Endo International plc, Endo International plc, Pfizer, Inc., AstraZeneca plc., and Abbott.
Pain Management Therapeutics Market Segmentation
Therapeutics
Anticonvulsants
Antidepressants
Anesthetics
NSAIDs
Opioids
Others
Antimigraine Agents
Other Non-narcotic Analgesics
Indication
Post-operative Pain
Cancer Pain
Route of Administration
Oral
Others
Online Pharmacies
Others
Regions Covered
North America
Europe
Latin America
Middle East & Africa
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