The latest report by IMARC Group, titled “Pain Management Drugs Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global pain management drugs market size reached US$ 38.9 Billion in 2018. Pain management drugs are a set of medications that are used for reducing or treating the pain associated with a disease, injury or surgery. These drugs provide relief by acting through distinctive physiological mechanisms. The management of pain remains of high relevance across a broad spectrum of medical fields as it is one of the most common concerns for physicians while dealing with severe medical conditions. Owing to this, pain management medicines have evolved into a large specialty area over the years.
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Global Pain Management Drugs Market Trends:
The increasing prevalence of chronic conditions, such as lower back pain, post-operative pain, osteoarthritis and migraine headache, is the primary factor for the increase in the sales of pain management drugs across the globe. Also, these painkillers help the rising number of cancer patients to minimize pain during chemotherapy, radiotherapy, and surgeries involved in the treatment. Apart from this, governments of various nations are also providing funds to improve healthcare services. This has led to several medical advancements, resulting in the introduction of novel molecule combinations and newer drug delivery techniques. Moreover, the leading pharmaceutical companies are heavily investing in research and development (R&D) activities to develop analgesics that are safer, more effective, economically viable and easier to administer. Looking forward, the market value is projected to reach US$ 52.1 Billion by 2024, expanding at a CAGR of 5% during 2019-2024.
- Based on the drug class, the market has been segmented as nonsteroidal anti-inflammatory drugs (NSAIDs), anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids and others.
- On the basis of the indication, the market can be bifurcated into musculoskeletal, surgical and trauma, cancer, neuropathic, migraine, obstetrical, fibromyalgia, burn, dental/facial, pediatric and other types of pain.
- The market has been categorized based on the distribution channel into the hospital, retail and online pharmacies.
- Region-wise, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Abbott Laboratories, Inc., Pfizer, Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG, Bausch Health Companies, Inc., Merck & Co. Inc., Allergen Inc., Novartis International AG, Johnson & Johnson Private Limited, GlaxoSmithKline Plc and Purdue Pharma L.P.
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This post was originally published on Space Market Research