Transparency Market Research (TMR) has published a new report titled, ‘Pain Management Therapeutics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Pain Management Therapeutics market was valued at US$ 66,558.6 Mn in 2018 and is projected to expand at a CAGR of 3.7% from 2019 to 2027.
- Pain is the result of potential tissue damage which leads to an unbearable sensory and emotional experience. According to the International Association for the Study of Pain (IASP), pain can be further categorized based on certain factors such as region of the body involved, duration, intensity of pain and etiology.
- The first line of treatment in pain management usually involves the use of pharmaceuticals from various therapeutic classes such as antidepressants, opioids, NSAIDs, anticonvulsants, anesthetics and other non-narcotic analgesics.
- North America dominated the global pain management therapeutics market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, advancement in health care facilities in countries such as the U.S., and Canada, and availability of effective and convenient treatment options are expected to drive the market in North America.
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- Asia Pacific is likely to be a highly lucrative market for pain management therapeutics and it is expected to expand at a high CAGR during the forecast period
High Incidence of Chronic pain and Increase in Number of Generic Products to Drive Market
- High incidence of chronic pain is likely to drive the market. High incidence of chronic pain among adults drives demand for pain management therapeutics. According to recent study, more than 1.5 billion people worldwide are affected by chronic pain. Chronic pain is most prevalent in China, where over 35% of people experience chronic pain, mainly headaches, chronic back pain, and chronic lower back pain.
- NSAIDs and some other non-opioids such as paracetamol, codeine, ibuprofen, and Aspirin (acetylsalicylic acid) are the most consumed drugs across the globe. According to the FDA, nearly 8 in 10 prescriptions filled in the U.S. are for generic drugs. The use of generic drugs is expected to increase in the next few years, such factors are helps to fuel the growth of this market.
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Opioids Segment to Dominate Market
- Based on therapeutics, the global pain management therapeutics market has been divided into anticonvulsants, antidepressants, anesthetics, NSAIDS, opioids, antimigraine agents and other non-narcotic analgesics. The opioids segment has been bifurcated into oxycodones, hydrocodones, tramadol and others. The opioids segment dominated the global pain management therapeutics market in 2018 and the trend is projected to continue during the forecast period. Increasing prescription of opioids drugs to accelerate the growth of the segment. In addition, factors such as high awareness, favorable regulatory scenario, and health care reforms are expected to boost the market during the forecast period.