Nociceptive pain and neuropathic pain are the basic types of pain. Nociceptive pain is the pain from physical damage or potential damage to the body. Neuropathic pain is pain caused by damage or disease that affects the nervous system.
Market Statistics:
The global pain management therapeutics market is expected to surpass US$ 97,041.9 Mn in terms of value by the end of 2028.
Global Pain Management Therapeutics Market: Drivers
Increasing prevalence of cancer is expected to propel growth of the global pain management therapeutics market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Global Pain Management Therapeutics Market: Opportunities
Clinical trials to assess the efficacy of potential therapeutics is expected to offer lucrative growth opportunities for players in the global pain management therapeutics market. For instance, in October 2019, researchers from St Anthony Hospital, U.S., initiated a single center randomized controlled trial to evaluate dronabinol for acute pain management in adults with traumatic injury.
Global Pain Management Therapeutics Market: Recent Developments
The robust pipeline of pain management drugs is contributing in the growth of pain management therapeutics market. For instance, May 2021, Allay Therapeutics, a clinical-stage biotechnology company developed ATX-101, a small dissolvable product candidate incorporating the validated local analgesic bupivacaine which is used for treating pain after total knee arthroplasty.
Moreover, the initiatives undertaken by international healthcare organization and government is driving innovation in the pain management therapeutics market. For instance, in July 2021, researchers from UC Davis developed a new type of pain medication from tarantula venom. This project is a part of NIH Helping to End Addiction Long-Term (HEAL) Initiative, aimed at ending opioid addiction and creating non-addictive therapies to treat pain.
Furthermore, the rise in funds granted for the development of new pain management solutions can be further attributed to the market growth. For instance, in November 2020, Vapogenix Inc. a Houston-based clinical-stage drug manufacturing company, was granted US$ 1.5 million from the National Institute of Health's National Institute of Arthritis and Musculoskeletal and Skin Diseases for VPX638. It is the company’s lead candidate targeting wound pain and also for general corporate purposes.
Global Pain Management Therapeutics Market: Restraints
Availability of counterfeit drugs is expected to hinder the market growth. Certain classes of pain management drugs such as anesthetics and NSAIDs are commonly available in the market without prescription in many countries, particularly in Asia and Rest of the World.
Global Pain Management Therapeutics Market - Impact of Coronavirus (Covid-19) Pandemic
Chronic pain management during the COVID-19 pandemic has been a challenging task. Several studies have reported link between the infection and myalgias, referred pain, and widespread hyperalgesia. People suffering from COVID-19 have reported muscular pain, joint pain, stomach pain, testicular pain, and neuropathic pain. In such scenario, it is important to ensure the care continuity, painkillers, use of telemedicine, and a biopsychosocial management approach.
To know the latest trends and insights prevalent in the Pain Management Therapeutics Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pain-management-therapeutics-market-4626
Key Takeaways:
- The global pain management therapeutics market was valued at US$ 73,624.2 Mn in 2020 and is forecast to reach a value of US$ 97,041.9 Mn by 2028 at a CAGR of 3.6% between 2021 and 2028.
- The NSAIDS segment was valued US$ 15,829.2 Mn in 2020 and is expected to witness a CAGR of 4.5% over the forecast period.
Market Trends
Several market players have faced lawsuits regarding opioid crisis. For instance, in October 2019, AmerisourceBergen, Cardinal Health, McKesson Corporation, Johnson & Johnson, and Teva Pharmaceuticals agreed to pay US$ 50 billion in cash and addiction treatments to resolve opioid cases in U.S. states.
The U.S. witnessed fall in opioid prescription. For instance, during January 2017 and February 2019, the total amount of opioid prescription decreased by 34% in the U.S.
Global Pain Management Therapeutics Market: Competitive Landscape
Major players operating in the global pain management therapeutics market include, AcelRx Pharmaceuticals, Inc. Averitas Pharma, Inc., AmerisourceBergen, Cardinal Health, McKesson Corporation, Johnson & Johnson, Teva Pharmaceuticals, Abbott Laboratories, Allergan, Inc., Covidien plc, Durect Corporation, Eli Lilly and Company, Endo Health Solutions, Inc., Forest Laboratories, Inc., GlaxoSmithKline plc, Hospira, Inc., Merck & Co., Inc., Mundipharma International Ltd., and Novartis International AG.
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 June 2018, AcelRx Pharmaceuticals, Inc. received the European Commission (EC) approval for DZUVEO for the management of acute moderate to severe pain in adults in medically monitored settings.
Major players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in January 2018, Depomed, Inc. announced the closing of commercialization agreement with Collegium Pharmaceutical Inc. for the U.S. rights to commercialize both NUCYNTA Extended Release and NUCYNTA Immediate Release for management of short-term (acute) pain in adults.
