PAIN MANAGEMENT THERAPEUTICS MARKET ANALYSIS

Pain Management Therapeutics MarketSize and Trends

The global pain management therapeutics market is estimated to be valued at US$ 75,976.0 million in 2021 and is expected to exhibit a CAGR of 3.6% over the forecast period (2021-2028).

Market Trends

Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in December 2019, Averitas Pharma, Inc., a subsidiary of GRT US Holding, Inc., announced that the U.S. Food and Drug Administration (FDA) set a goal date under the Prescription Drug User Fee Act (PDUFA) of July 19, 2020 for QUTENZA for the treatment of neuropathic pain associated with diabetic peripheral neuropathy.

Several market players have faced lawsuits regarding opioid crisis. For instance, in March 2019, Purdue Pharma reached a US$ 270 million settlement in a lawsuit, which claimed its opioids contributed to the deaths of thousands of people.

Figure 2. Global Pain Management Therapeutics Market Share, By Pain Type, 2020

Key Takeaways of the Graph:

• Among pain type, the acute held dominant position in the market and accounted for 54.5% share in the global pain management therapeutics market in 2020. The segment is expected to reach US$ 52,887.86 million in 2028.
• The enforcement of new guidelines by international healthcare organization for efficient management of acute pain can be attributed to the segment growth. For instance, in November 2020, the American Academy of Family Physicians (AAFP) and the American College of Physicians (ACP) revised the guidelines for management of acute pain of non–low back, and other musculoskeletal injuries in adults in the outpatient setting. The guidelines covered several recommendations such as use of topical nonsteroidal anti-inflammatory drugs (NSAIDs) as first-line therapy and conditional use of opioids.
• Among pain type, the chronic is expected to grow with the fastest CAGR of 3.9% over the forecast period.
• The expansion of product portfolio through business development strategies such as acquisition, agreements and collaboration is expected to drive the growth of chronic segment through the forecast period. For instance, in January 2021, Eli Lilly and Company announced acquisition agreement with Asahi Kasei Pharma Corporation for AK1780. AK1780 is an orally bioavailable P2X7 receptor antagonist which has completed phase 1 and is used for treating patients with chronic pain conditions.