Pain Management Therapeutics Market is Surging Due to Increasing Cases of Cancer

Fri, 03 May 2019 6:50

According to the Cancer Research of U.K, in 2018, around 17 million new cases of cancer were diagnosed globally. Cancer pain is a common problem of cancers owing to chronic and progressiveness of cancer. Its pain is very severe and results from tissue damage. Thus, increasing prevalence of cancer across the globe is increasing demand for cancer pain management. Additionally, according to the World Health Organization (WHO), in 2015, approximately 322 million people were living with depression across the globe. Antidepressant medications, stress-reduction techniques, pain rehabilitation programs, such pain management therapy used for reduce depression pain.

Segmental Insights

The global pain management therapeutics market is segmented by drug class, indication, distribution channel, and region.

On the basis of drug class, the market is segmented into anesthetics, NSAIDS, anticonvulsants, antidepressants, anti-migraine agents, non-narcotic analgesics, and opioids. In the global market for pain management therapeutics, anesthetics drug class segment is expected to witness significant growth.

On the basis of indication, the market is segmented into neuropathic pain, arthritic pain, cancer pain, post-operative pain, chronic back pain, fibromyalgia, and migraine.

Based on distribution channel, the market is segmented into hospitals pharmacy, retail pharmacy, and online pharmacy.

Regional Insights

Geographically, the global pain management therapeutics market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).

 

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North America is likely to account for the largest share of the global pain management therapeutics market during the forecast period 2019–2026. Growth of the region is attributed to the chronic back pain and lower back pain which is the leading disease in the U.S. Additionally, increasing number of incidences of cancer such as cervical cancer, brain cancer is escalating the market growth.

Europe accounts for significant share of the global pain management therapeutics market. Geriatric people are more susceptible to the diseases such as arthritis, epilepsy, joint or bone pain, depression, nerve damage, diabetic neuropathy. Increasing geriatric population in the region is expected to demand for advanced pain management therapeutics which in turn is anticipated to fuel the market growth..

Asia–Pacific is expected to be the fastest growing market during the forecast period 2019–2026. Significant growth of the market is attributed to the increasing prevalence of neurological disorder such as epilepsy in India due to unhealthy lifestyle and changing lifestyle trends.

Key Players

Some of the major players in the pain management therapeutics market are Novartis AG, Eli Lilly & Company, Abbott Laboratories, Endo Health Solutions, Inc., Purdue Pharma L.P., Pfizer, Inc., F. Hoffmann La Roche Ltd., Merck & Co. Inc., Johnson & Johnson, and GlaxoSmithKline Plc.

Key Development

In June 2017, Daiichi Sankyo launched Naruvein Injection Japan. Naruvein Injection is Hydromorphone hydrochloride is an opium-based narcotic analgesic.

In March 2017, lupin launched Hydrocodone Bitartrate and Acetaminophen drug in the U.S. market for expansion of distribution network.

In May 2015, Iroko Pharmaceuticals launched of Zorvolex i(diclofenac) is a nonsteroidal anti-inflammatory drug (NSAID), available for acute and chronic pain outside of the U.S.

In September 2017, Sanofi launched Combiflam Icyhot pain relief topical in India for expansion of distribution network.