22 February 2021
Visiongain has published a new report on Pain Management Therapeutics Market Report 2021-2031: Forecasts By Drug Class (NSAIDS, Anesthetics, Anticonvulsants, Antimigraine Drug, Antidepressant Drugs, Opioids, and Non-narcotic analgesics), By Indication (Arthritic pain, Neuropathic pain, Cancer pain, Chronic back pain, Post-operative Pain, Migraine, Fibromyalgia, Bone fracture, Muscle Sprain/Strain, Acute Appendicitis, and Others), By Drug Type (Generic Drug, and Branded Drug ), By End User (Hospitals, Homecare, Specialty Clinics, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) PLUS Profiles of Leading Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Pain Management Therapeutics market was valued at US$ xx Million in 2020 and is projected to reach at a market value of US$ xx Million by 2031. North America dominated the global Pain Management Therapeutics market and is projected to witness CAGR of XX% during the first half of the forecast period i.e. 2021 to 2031.
COVID-19 Impact on Pain Management Therapeutics Market
COVID-19 impact through different recovery models such as V-shaped, U-shaped, W-shaped, and L-shaped; has been taken into consideration while estimating and forecasting the Pain Management Therapeutics market. Different recovery scenarios are also included in the report for all the segments and regions/nation. The recovery scenarios based on which market has been forecasted and analysed herein the report are mentioned below:
Increasing Prevalence of Chronic Diseases around the World
The burden of chronic diseases is increasing very rapidly around the world. Prevalence of chronic diseases is expected to continuously rise over the forecast period due to rapid change in lifestyle (consumption of alcohol, tobacco and among other) and increasing malnutrition in day to day life. The increasing prevalence is chronic diseases is creating a huge demand for the pain management therapeutics for the treatment of arthritic pain, neuropathic pain, cancer pain, chronic back pain, post-operative pain, migraine, fibromyalgia, bone fracture, muscle sprain/strain, acute appendicitis, and others. Due to which increasing prevalence of chronic diseases around the world is working as a driver for the pain management therapeutics market.
Increasing geriatric population around the world
An increasing number of geriatric populations are suffering from chronic disease and there is very rapid growth in chronic diseases in geriatric populations. The rapid increase in chronic diseases is being register because of rapid increase in geriatric population around the world from last few decades. All regions are facing a huge increase in the number of geriatric population. For instance: According to United Nations, Department of Economic and Social Affairs, Population Division geriatric population (persons aged 65 or over) was 702.9 million in 2019. Rapid increase in chronic diseases in geriatric population is increasing the demand for pain management therapeutics for the treatment of chronic diseases in geriatric population around the world. Due to which increasing geriatric population around the world is working as a driver for the pain management therapeutics market.
Increasing therapeutic Advancements in Pain Management Therapeutics
Increasing prevalence of chronic diseases has led various leading manufactures to increase their research and development activities for pain management therapeutics. Research and development activities for therapeutic advancements advanced are expected to reduce side effects associated with the pain management therapeutics and to increase adoption of pain management therapeutics treatment for treatment of arthritic pain, neuropathic pain, cancer pain, chronic back pain, post-operative pain, migraine, fibromyalgia, bone fracture, muscle sprain/strain, acute appendicitis, and others. Currently, many of the manufacturers are engaged in research and development activities to create competitive advantages with the launch of their new advanced pain management therapeutics in the market.
Huge Untapped Potential in Emerging Markets
Governments, international organisations and regulatory authorities in various developing nations are making huge efforts for transitioning their healthcare infrastructure and therapeutics from less developed healthcare infrastructure towards a modern, advanced and developed healthcare infrastructure with advancements therapeutics delivery. Increasing focus on healthcare infrastructure is expected to untapped the potential markets in the emerging nations. Emerging markets is expected to be the next most growing market in the forecasted period as the manufactures are already initiated to take various strategic initiatives such as acquisition & merger, product launch, licence acquisition, regulatory approval and others to dominate or increase their market share in the potential in emerging markets. Moreover, key market manufactures are shifting their focus towards untapped potential in emerging markets.
Top companies (Abbott Laboratories, Eli Lily And Company, and Endo Health Solutions, Inc. (Endo International Plc.)) constitute more than XX% share of the global Pain Management Therapeutics market. Other companies profiled in the report include: Glaxosmithkline Plc (GSK), Johnson & Johnson, Merck & Co., Inc., Mylan N.V., Novartis International Ag, Pfizer Inc., Purdue Pharma L.P. others Some of the key developments are listed below:
● In 2019, Novartis received US Food and Drug Administration (FDA) approval for Adakveo (crizanlizumab). Adakveo is developed for reduction of vaso-occlusive crises (VOCs), or pain crises frequency in patients aged 16 years and older. The approval will help the company to increase revenue generation in the pain management therapeutics market.
● In 2020, Pfizer Inc. and Eli Lilly and Company will receive U.S. Food and Drug Administration (FDA) regulatory submission under Biologics License Application (BLA) for tanezumab. Tanezumab is being evaluated for chronic pain from moderate-to-severe osteoarthritis (OA). The clinical trial will help the company to increase its market share in the pain management therapeutics market.
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