Pain management therapy involves various treatments such as acupuncture, chiropractic treatment, yoga, hypnosis, biofeedback, aromatherapy, relaxation, herbal remedies, massage, therapeutic touch, medication and many others.
According to the Institute of Neurological Disorder and Stroke, approximately 80% of adults suffers from back pain due to various factors such as job-related disability, repeated heavy lifting, and osteoporosis. Increasing prevalence of cervical spinal stenosis among women is likely to spur the prevalence of back pain which in turn is expected to drive the market.
In postmenopausal women body produces less estrogen which leads to decrease in calcium absorption. Thereby, increasing breakdown of bones and other bone related diseases further supporting the market growth.
The global pain management therapeutics market accounted for over USD 58,000 million in 2017 and is expected to grow at a CAGR of 4.3% during the forecast period, 2019–2026.
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Global pain management therapeutics is segmented into 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. Opioids segment is further segmented into tramadol, oxycodone, hydrocodone, and other. The opioids and NSAIDS segments holds the largest share on account of easy availability of NSAIDs on over the counter drugs such as ibuprofen, aspirin, and diclofenac.
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. Increasing prevalence of osteonecrosis and back pain in the developed and developing region is expected to support the market growth.
Based on distribution channel, the market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. Hospitals pharmacy is leading segment in the distribution channel segment owing to the increasing number of hospitals across the globe with technologically advanced services.
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 expected to hold the major share of the market due to huge presence of baby boomer population suffering from back pain. For instance, according to the Population Reference Bureau, in 2016, over 46 million people in America are of the age above 65. Furthermore, chronic diseases such as cancer has major impact on North America. For instance, according to the National Cancer Institute, around 1.7 million new cases of cancer were diagnosed in the U.S. Thus, increasing prevalence of cancer is likely to fuel the market growth over the forecast period 2019–2026..
Europe has several opportunities in pain management therapeutics market on account of growing prevalence of osteoporosis due to aging, calcium deficiency, increasing alcohol consumption. According to the International Osteoporosis Foundation (IOF), in 2015, approximately 20 million people above the age of 50 suffered from osteoporosis.
Asia Pacific is expected to be the fastest growing market for pain management therapeutics. Increasing prevalence of various diseases such as depression, migraine, and spondylitis is supporting the market growth. For instance, according to the World Health Organization (WHO), 4.5 % of Indian population suffered from depression in 2016. Increasing prevalence of depression due unhealthy diet and modernization is anticipated to positively influence the market growth.
Latin America offers slow growth prospects on account of osteoporosis which is more common in Latin American people. Increasing number of incidences of osteoporosis in Mexico, Brazil, Argentina, Bolivia, Puerto Rico and Colombia countries is expected to boost the market growth in the coming years. In the Middle East and Africa growing population and rise in per capita income is driving the market.
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.
|Market Size||USD 58,000 million in 2017|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Drug Class, Indication, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||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 Market Opportunities||Increasing Prevalence Of The Healthcare It Industry Enhances The Expansion Of The Pain Management Therapeutics Market Share|