PORTLAND, Oregon and PUNE, India, November 14, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Pain Management Drugs Market by Drug Class, Indications, and Geography: Global Opportunity Analysis and Industry Forecast, 2017-2023," the pain management drugs market accounted for $58,577 million in 2016, and is estimated to reach $77,131 million by 2023, registering a CAGR of 4% from 2017 to 2023. North America was the highest contributor to the pain management drugs market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Pain is a complex medical condition, which not only affects the physical but also mental well-being of an individual. It is caused due to trauma or tissue damage, and its intensity varies from person to person. Based on the cause of pain, the treatment provided can be a simple or complex. Pain can be managed with the help of a variety of pharmacological and non-pharmacological therapies.
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The availability of sophisticated treatment options and advancement in technology have increased life the expectancy rates globally, which has resulted in an increase in the geriatric population. As the elderly people are highly prone to suffer from pain owing to various reasons, rise in elderly population is a major factor contributing towards the growth of the global pain management market. As per the statistics provided by the UN Population Division, the total proportion of people above 60 years has increased from 12% in 1950 to 22% in 2011, and is projected to reach 32% by 2050. Moreover, increase in R&D investment and rise in outsourcing of pharmaceuticals are expected to fuel the market growth in developing regions such as Asia-Pacific and LAMEA. However, availability of alternative therapies and patent expiration of prescription drugs for treatment of pain hamper the growth of the market.
The opioids segment is was the largest contributor towards the market growth in 2016, due to high efficiency of opioids to relieve pain in major chronic conditions. Anesthetics is anticipated to possess the highest growth rate during the forecast period.
Postoperative pain and chronic back pain were among the largest contributors in 2016, owing to increase in the number of surgeries globally and rise in prevalence of chronic diseases that lead to back pain. Furthermore, cancer pain is expected to grow at the highest rate throughout the forecast period, owing to rise in prevalence of cancer worldwide.
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North America is expected to generate the highest revenue during forecast period. However, Asia-Pacific is projected to grow at the highest rate during 2017-2023, due to increase in government initiatives to improve the healthcare infrastructure and improved regulatory framework.
KEY FINDINGS OF THE STUDY
- Cancer pain segment is projected to grow at the highest rate during the analysis period.
- Opioids segment generated the highest revenue, and is expected to continue its dominance during the forecast period.
- North America occupied almost half of the market, and is projected to continue its dominance in future.
- China is expected to grow at a CAGR of 6% over the forecast period.
- Postoperative pain was the largest contributor among the indication segment in 2016.
The key companies profiled in the report include 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.
Other prominent players in the value chain include Allergen Inc., Bayer AG, Bristol-Myers Squibb, Valeant Pharmaceuticals International Inc., Boehringer Ingelheim, Sorrento Therapeutics, WEX Pharmaceuticals, and Zynerba Pharmaceuticals.
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SOURCE Allied Market Research