Pain Management Therapeutics Market Scope
According to the estimation of the National Health Interview Survey (NHIS), about 25.3 million adults, i.e.11.2% of adults suffered from pain every day and 12.7% experience chronic pain. The global market for pain management therapeutics is expected to increase in the coming years due to improving healthcare infrastructure, Increasing economic stability and increased penetration of players in emerging economies. One among that severe pain inducing disease is ‘Cancer pain’. World Health Organization has projected that “Global cancer prevalence will increase by almost 75% from 2008 to 2030”. The increasing rate of cancer cases worldwide will further contribute to the rise in demand for pain management therapeutics thereby driving this market. Pain is an unpleasant sensation and emotional experience linked to tissue damage. Pain management involves the process of treating all types of pain (Acute and Chronic), including musculoskeletal, spinal and neuropathic pain disorders. With an accurate diagnosis and early intervention, pain management therapeutics helps patients to avoid the state of chronic pain, or at least reduce the severity of pain. Pain management can be most effective only when the underlying disease conditions are cured. Minimally invasive procedures and proper use of medications are implemented to achieve pain management goals among individuals.
According to AMA, the Europe Pain Management Therapeutics market is expected to see growth rate of 3.5%The market is fragmented by both small and big players who have locked horns with each other in the market and are making tireless efforts to gain supremacy over their counterparts. This cut-throat competition is expected to prove beneficial for the consumers who will now have a wide range of vendors, each of whom is willing to go an extra mile to attract the consumers. The strategy that can help these players in growing their customer base and expansion of their product portfolio. Research Analyst at AMA estimates that United Kingdom Players will contribute to the maximum growth of Europe Pain Management Therapeutics market throughout the predicted period.
Pfizer Inc. (United States), Endo International Plc. (Ireland), Depomed, Inc. (United States), Purdue Pharma L.P. (United States), Teva Pharmaceutical Industries Ltd. (Israel), Mallinckrodt Pharmaceuticals (UK), AstraZeneca PLC. (UK), Novartis AG(Switzerland), Merck & Co. Inc. (United States) and Johnson & Johnson Services, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are GlaxoSmithKline Plc (UK) and Abbott Laboratories (United States).
Segmentation Overview
The study have segmented the market of Europe Pain Management Therapeutics market by Type (Antidepressants, Anesthetics, NSAIDs, Opioids, Anti-Migraine Agents and Other), by Application (Burn Pain, Cancer Pain, Dental/Facial Pain, Migraine Headache Pain, Musculoskeletal Pain, Neuropathic Pain, Obstetrical Pain and Others) and Region with country level break-up.
On the basis of geography, the market of Pain Management Therapeutics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Trend:
The increasing prevalence of several pain- inducing diseases leading to the growth of counteractive treatment thereby using pain management therapeutics devices and Consumption of over-the-counter (OTC) drugs rather than prescription drugs among patients.
Market Growth Drivers:
The increasing number of patients suffering from chronic pain, Increasing incidence of Cancer worldwide, Improving healthcare reforms and regulatory aspects and Increase in geriatric population with high risk of diseases.
Challenges:
Low diagnosis and prescription rates for pain management among patients, The expected expiry of blockbuster pain management drugs., Pain management R&D including unmet needs, Clinical trial design and alternative R&D approaches, Potential pain biomarkers, Functional imaging techniques and Pain considerably affects day-to-day activities in life and its management is a considerable challenge for the physicians.
Restraints:
Alternative therapies and surgical procedures during pain relief from medical devices, Prescription drug exploitation and lack of skilled or trained physicians and The absence of perfect pain management solution.
Opportunities:
Improving healthcare infrastructure, increasing economic stability and increases penetration of players emerging economies.
Market Leaders and their Expansionary Development Strategies
In May , 2021 Heron Therapeutics, Inc. a commercial-stage biotechnology company focused on improving the lives of patients by developing best-in-class treatments to address some of the most important unmet patient needs, today announced that the U.S. Food and Drug Administration (FDA) has approved ZYNRELEF (bupivacaine and meloxicam) extended-release solution for use in adults for soft tissue or periarticular instillation to produce postsurgical analgesia for up to 72 hours after bunionectomy, open inguinal herniorrhaphy and total knee arthroplasty.
In January 2021,Abbott announced the upcoming launch of NeuroSphere myPath, a digital health app designed to track and report on patient perceived pain relief and general well-being associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy.
Key Target Audience
Hospitals, Health Care providers, Medical practitioners, Traders, Distributors, Suppliers, Pain Management Therapeutics Manufacturers and Government and regional agencies
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.