BACK PAIN THERAPY MARKET ANALYSIS

Regional Analysis

North America is expected to hold a dominant position in global back pain therapy market, owing to development of new therapies

In 2017, U.S.-based Pfizer Inc. and Eli Lilly and company received the U.S. Food and Drug Administration (FDA) fast track designation for its drug tanezumab, which is indicated for the treatment of chronic low back pain. Tanezumab is a humanized monoclonal immunoglobulin G2 (IgG2), which could be used as an alternative to opioids. The development of such novel drugs in the U.S. is expected to drive growth of the market in North America. Asia Pacific is expected to be the second largest market for global back pain therapy market due to increasing prevalence of back pain in ageing population. According to a study published by United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in 2016, Asia Pacific region constitutes around 60% of the world’s geriatric population. According to study published by World Health Organization (WHO) in 2016, an estimated one out of six people in India are projected to suffer from arthritis once in life.