PAIN MANAGEMENT THERAPEUTICS MARKET ANALYSIS

Market News

Recent Developments:

Companies are publishing studies on alternative pain management therapeutics for replacing the use of opioids which can be attributed to drive the market growth. For instance, in July 2021, Heron Therapeutics, Inc., a commercial-stage biotechnology company published new analysis evaluating the efficacy and safety of ZYNRELEF. It is an extended-release solution of bupivacaine and meloxicam for producing postsurgical analgesia for up to 72 hours after bunionectomy.

In addition, companies are developing new candidates for pain management which is further boosting the market growth. For instance, in July 2021, Sorrento Therapeutics announced U.S. FDA approval for Phase 2 testing of its pain management candidate resiniferatoxin (RTX) which is used for treating moderate-to-severe osteoarthritis.

Moreover, the increasing number of patients requiring surgeries such as orthopedic, trauma and general surgeries is growing which is aid in boosting the market growth through the forecast period. For instance, according to the Australian Institute of Health and Welfare, compared to 2014–15 the admissions from public hospital elective surgery waiting lists increased, by an average of 2.1% per year in 2018–19.

Global Pain Management Therapeutics Market: Key Developments

Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in November 2019, Q Biomed Inc. announced the U.S. FDA approval of its contract manufacturer IsoTherapeutics Group LLC (ITG) to manufacture the company\'s Strontium-89 Chloride USP, a non-opioid radiopharmaceutical indicated for the treatment of painful skeletal metastases caused by cancer.

Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in July 2019, Harvest One Cannabis Inc. acquired Delivra Corp., a specialty biotechnology company that manufactures and sells transdermal delivery system platform for nerve pain, varicose veins, and other conditions.