The global market for smart hospitals is anticipated to develop over the course of the projected period as a consequence of successful drug clinical trials. For example, Tonix Pharmaceuticals Holding Corp., a clinical-stage biopharmaceutical company, reported favourable results from its Phase 3 clinical research, RELIEF, of TNX-102 SL for the treatment of fibromyalgia in June 2021. Major industry participants are concentrating on developing drugs to alleviate chronic pain. For instance, Pfizer Inc. and Eli Lilly and Company reported in April 2018 that the U.S. Food and Drug Administration (FDA) had accepted for review a Biologics License Application (BLA) for tanezumab 2.5 mg administered subcutaneously (SC), which is being evaluated for patients with chronic pain caused by moderate-to-severe osteoarthritis (OA) who had not received adequate pain relief from other analgesics.
The global Chronic Pain Market is estimated to be valued at US$ 64,068 Mn in 2021 and is expected to exhibit a CAGR of 6.9% over the forecast period (2021-2028).
Market Leaders in the Chronic Pain Industry:
1. Eli Lilly and Company
Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. Eli Lilly and Company was founded in 1876 and is headquartered in Indianapolis, Indiana.
2. GlaxoSmithKline PLC
GSK plc, together with its subsidiaries, engages in the creation, discovery, development, manufacture, and marketing of pharmaceutical products, vaccines, over-the-counter medicines, and health-related consumer products in the United Kingdom, the United States, and internationally. It operates through four segments: Pharmaceuticals, Pharmaceuticals R&D, Vaccines, and Consumer Healthcare. GSK plc was founded in 1715 and is headquartered in Brentford, the United Kingdom. On May 2020, it was reported that GSK tap experimental arthritis antibody to calm cytokine storm hitting COVID-19 patients.
3. Pfizer Inc.
Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York. The company has collaboration agreements with Bristol-Myers Squibb Company; Astellas Pharma US, Inc.; Myovant Sciences Ltd.; Akcea Therapeutics, Inc; Merck KGaA; Valneva SE; BioNTech SE; and Arvinas, Inc. on December 2022, Pfizer Presents Updated Favorable Elranatamab Data from Pivotal Phase 2 MagnetisMM-3 Trial, early and deep responses, and a manageable safety profile for elranatamab in heavily pretreated patients with advanced multiple myeloma
4. Abbott Laboratories
Abbott is a global healthcare leader in medical products and devices manufacturing. It serves people in more than 160 countries. Abbott was established in 1888. Abbott launched its Navitor its latest generation transcatheter aortic valve implantation (TAVI) system to treat Aortic Stenosis in India.
5. Novartis AG
Novartis AG researches, develops, manufactures, and markets healthcare products in Switzerland and internationally. The company operates through two segments: Innovative Medicines and Sandoz. Novartis AG was incorporated in 1996 and is headquartered in Basel, Switzerland. Novartis AG has a license and collaboration agreement with Alnylam Pharmaceuticals to develop, manufacture, and commercialize inclisiran, a therapy to reduce LDL cholesterol.
6. Johnson & Johnson
Johnson & Johnson, together with its subsidiaries, researches and develops, manufactures, and sells various products in the healthcare field worldwide. The company was founded in 1886 and is based in New Brunswick, New Jersey. On October 2022, The U.S. Food and Drug Administration (FDA) has approved Johnson & Johnson's therapy for treating a type of multiple myeloma, the company said on Tuesday, giving another treatment option to patients with the incurable blood cancer.
7. AstraZeneca plc
AstraZeneca PLC was incorporated in 1992.The company is headquartered in Cambridge, the United Kingdom and operational in more than 100 countries. AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacturing, and commercialization of prescription medicines. In December, 2022 AstraZeneca’s Calquence (acalabrutinib), a selective Bruton’s tyrosine kinase (BTK) inhibitor, has been approved in Japan for the treatment of adult patients with treatment-naïve chronic lymphocytic leukaemia (CLL)
8. Bristol-Myers Squibb Company
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products globally from 1887. The company was headquartered in New York, New York. In September, 2022 announced that the U.S. Food and Drug Administration (FDA) approved Sotyktu™ (deucravacitinib), a first-in-class, oral, selective, allosteric tyrosine kinase 2 (TYK2) inhibitor, for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.
9. Becton, Dickinson and Company
Becton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. The company was founded in 1897 and is based in Franklin Lakes, New Jersey. In January, 2023 BD (Becton, Dickinson and Company) introduced a new, robotic track system for the BD Kiestra™ microbiology laboratory solution that automates lab specimen processing, which may help to reduce manual labor and wait time for results.
10. Sanofi S.A.
Sanofi, together with its subsidiaries, engages in the research, development, manufacture, and marketing of therapeutic solutions and was founded in 1973. The company is headquartered in Paris, France and is operational in 100 plus countries. Sanofi and Innate Pharma SA announced in December, 2022 an expansion of their collaboration, with Sanofi licensing a natural killer (NK) cell engager program targeting B7H3 from Innate’s ANKET (Antibody-based NK Cell Engager Therapeutics) platform.
*Definition- Pain that persists for three months or longer than anticipated is referred to as chronic pain. Many factors, such as following surgery or an injury, another condition, or other factors, might result in chronic pain.
