Pain is a distressing sensory and emotional experience resulting from tissue damage or disease. The pain could range from acute to chronic in duration. Acute pain results from degenerative bone and joint diseases, nerve damage, or trauma. Utilizing a variety of medications to reduce or treat pain is pain management. The global market for pain management expansion is primarily driven by the aging population, as the elderly are more likely to experience joint pain and other chronic conditions. In addition, chronic diseases such as cancer, diabetic neuropathy, and osteoarthritis drive market growth. In addition, the market expansion is anticipated to be fueled by the rise in surgical procedures and healthcare expenditures.
The market for pain management drugs is driven by the prevalence of chronic diseases such as heart disease, type II diabetes, stroke, and cancer. Chronic diseases like cancer are increasing in prevalence. The National Cancer Institute reports that between 20 and 50% of cancer patients experience pain. Approximately 80% of advanced-stage cancer patients report moderate to severe pain. Consequently, an increase in the prevalence of these diseases is anticipated to increase the demand for medicinal pain products worldwide, thereby driving market expansion.
Investments in healthcare and infrastructure have increased significantly in developing nations such as Brazil, India, and China. It is anticipated that the pressure of an aging population, the prevalence of chronic diseases, and the need for effective pain treatment will increase the demand for pain relief medications in the coming years. In addition, emerging nations must prioritize cost-efficiency and scalability to meet the needs of a growing patient population. In addition, these nations are anticipated to become important markets for manufacturers and distributors of pain medications.
North America dominates the market, registering a CAGR of 3.5%. North America's market growth is largely attributable to the high consumption of painkillers. The Patient Protection and Affordable Care Act of 2010 also helps to reduce the cost of medications and increase their use to treat various painful conditions in the region. A rise in the number of drug abuse cases and the addictive nature of opioids have reduced the number of opioid prescriptions in the region, resulting in a decline in the consumption of opioids for pain management. Government initiatives and support to reduce the use of opioid painkillers have led to an increase in research and development for non-opioid medicines.
Europe is one of the largest contributors to the expansion of the global market for pain management drugs. Due to the presence of a substantial patient population, the region is growing at a CAGR of 3.9%. The increased demand for pain relievers in Europe has resulted in the acquisition of pharmaceutical companies. On January 10, 2019, GlaxoSmithKline acquired the consumer health business of Pfizer. Pfizer's acquired topical pain management business was marketed under the name ThermaCare.
Asia-Pacific is the fastest-growing segment in the global pain management drugs market, registering a CAGR of 4.5%. This is primarily due to the increased region's patient population and healthcare expenditures. Japan contributes the most to the Asia-Pacific market. China and India are among the region's fastest-growing markets for pain management drugs. Increasing cancer rates and an aging population have prompted government initiatives to improve pain medication accessibility in developing nations. This has led to a rise in the region's use of painkillers.
LAMEA is the second fastest-growing segment in the market. Brazil became a regional powerhouse, increasing the appeal of the area. Due to the increased geriatric population and the prevalence of numerous chronic diseases, the pain management drug industry's up-and-coming players are investing in this region. Governments have also increased their investments in the pharmaceuticals and diagnostics industries to entice major players to expand their operations in this region.
The key players operating in the global pain management drugs market include Novartis AG, Purdue Pharma L.P., Eli Lilly & Company, Abbott Laboratories, Endo Health Solutions, Inc., Pfizer, Inc., Mylan NV., Merck & Co. Inc., Johnson & Johnson, and GlaxoSmithKline Plc., Allergen Inc., Bayer AG, Bristol-Myers Squibb, Sorrento Therapeutics, Valeant Pharmaceuticals International Inc., Boehringer Ingelheim, WEX Pharmaceuticals, and Zynerba Pharmaceuticals.