Pain Management Drugs Market to reach $109.6 billion by 2033, growing at a CAGR of 4.2%
pain-management-therapeutics-market2033
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Rise in incidences of chronic diseases, favorable regulatory scenario, and increase in geriatric population are the major factors that drive the growth of the pain management drugs market. However, availability of alternative therapies and patent expiration of prescription drugs restricts the market growth. Moreover, advancements in drug development and untapped markets in developing economies offer remunerative opportunities for the expansion of the global pain management drugs market.
The opioids segment is expected to maintain its leadership status during the forecast period.
By drug class, the opioids segment is expected to maintain its leadership status during the forecast period. This is attributed to increase in prevalence of chronic pain conditions, rise in aging population, and expansion of awareness and access to pain management treatments. Opioids, known for their potent analgesic properties, have traditionally been important in managing moderate to severe pain. However, their widespread use has also been associated with significant challenges, including the risk of addiction, misuse, and overdose.
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The postoperative pain segment to maintain its leadership status during the forecast period
By indication, the postoperative pain segment dominated the market share in 2023. Aging population worldwide is experiencing a surge in surgical interventions, as older individuals often require medical interventions for age-related conditions such as joint replacements, cardiac surgeries, and cancer treatments. Postoperative pain management becomes crucial in these scenarios, as surgical procedures result in varying degrees of pain, requiring effective pain relief measures for optimal recovery.
The chronic pain segment to maintain its leadership status during the forecast period
By pain type, the chronic pain segment dominated the market share in 2023. This is attributed to growth in prevalence of chronic pain and rise in incidence of chronic health conditions such as diabetes, cancer, and cardiovascular diseases. These conditions can lead to neuropathic pain, visceral pain, or pain associated with cancer treatments, chemotherapy, or surgical procedures, necessitating long-term pain management strategies.
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Regional Outlook
North America to maintain its dominance by 2033
North America dominated the market share in 2023. This is attributed to advanced healthcare systems, rise in prevalence of chronic pain conditions, and greater accessibility to healthcare services. These regions also witness significant research and development activities, leading to the introduction of innovative pain management therapies and medications. However, in emerging markets such as Asia-Pacific and LAMEA, the pain management drugs market is experiencing rapid growth driven by increase in healthcare expenditure, expansion in pharmaceutical industries, and rise in awareness about pain management.
Key Players
Novartis AG
Eli Lilly & Company
Abbott Laboratories
Endo Health Solutions, Inc.
Purdue Pharma L.P.
Pfizer, Inc.
Viatris Inc.
Merck & Co. Inc.
Johnson & Johnson
GlaxoSmithKline Plc
The report provides a detailed analysis of these key players in the global pain management drugs market. These players have adopted different strategies such as agreement, product approval, clinical trials and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments in Pain Management Drugs Market Worldwide
In January 2024, Heron Therapeutics, Inc. a commercial-stage biotechnology company announced that the U.S. Food and Drug Administration has approved its supplemental New Drug Application for ZYNRELEF to expand the indication for soft tissue and orthopedic surgical procedures including foot and ankle, and other procedures in which direct exposure to articular cartilage is avoided. ZYNRELEF is the first and only therapy for postoperative pain management to be rigorously tested in Phase 3 studies and demonstrate superiority to bupivacaine solution, the current standard-of-care.
In December 2022, Tris Pharma, Inc. (Tris), a fully integrated, innovation-driven pharmaceutical company focused on CNS disorders announced new clinical data from its oral human abuse potential study in patients who are nondependent recreational opioid users, which demonstrate that cebranopadol (TRN-228) possesses significantly less likeability at high doses, above the therapeutic range versus immediate release (IR) formulations of tramadol or oxycodone. Cebranopadol is a novel, dual nociceptin/orphanin FQ peptide (NOP) receptor and μ-opioid peptide (MOP) receptor agonist in development for the treatment of moderate to severe pain.
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