IMARC Group’s latest research report, titled “Pain Management Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the pain management drugs market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global pain management drugs market size reached US$ 67.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 85.3 Billion by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028.
Pain Management Drugs Market Overview:
Pain management drugs, also known as analgesics or painkillers, reduce discomfort-causing symptoms by inhibiting pain receptors. The use of these drugs is aimed at managing pain caused by inflammation in response to tissue damage, chemical agents/pathogens, or nerve damage. As a result, they are known to bind to specific proteins on the surface of cell membranes and affect the biochemical processes of the body by doing so. Numerous health problems, such as osteoarthritis, long-term arthritis, diabetic neuropathy, multiple sclerosis, and cancer, are relieved by these medications. Several over the counter (OTC) pain management drugs ease pain from chronic health conditions, such as arthritis, muscle strains and headaches. In contrast, prescription analgesics provide a better solution for severe chronic pain, trauma, injury and surgery pain relief.
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Global Pain Management Drugs Market Trends:
The market is majorly driven by the rising prevalence of chronic ailments, such as osteoarthritis, diabetes, cancer and migraine, across the globe. This can be attributed to a considerable rise in the geriatric population that is susceptible of developing these conditions. In line with this, the escalating demand for non-invasive and minimally invasive surgical procedures are also providing an impetus to the market growth.
Additionally, continual technological developments in the manufacturing of new pharmaceuticals, along with the introduction of new pipeline drugs are impacting the market positively. Besides this, the growing number of clinical trials and extensive research and development (R&D) activities conducted by the key players are creating lucrative growth opportunities in the market.
The market is further propelled by a considerable rise in healthcare expenditure on the global level. Continual product innovations, such as the advent of novel therapies and medicines for neuropathic pain management, are also creating a positive outlook for the market. Apart from this, numerous strategies adopted by the market players, such as mergers and acquisitions (M&As) and partnerships and collaborations to enhance their geographical presence are propelling the market.
Furthermore, the easy availability of numerous OTC and prescription drugs in organized retail channels, along with telemedicine and online consultation services, is providing a boost to the market. Some of the other factors contributing to the market include rapid urbanization, inflating disposable income levels, and favorable government initiatives.
Top Companies Pain Management Drugs Industry:
- Abbott Laboratories, Inc
- Pfizer, Inc.
- Eli Lilly & Company
- Endo International plc
- F. Hoffmann-La Roche AG
- Bausch Health Companies, Inc.
- Merck & Co. Inc.
- Allergen Inc.
- Novartis International AG
- Johnson & Johnson Private Limited
- GlaxoSmithKline Plc
- Purdue Pharma L.P.
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Key Market Segmentation:
Market Breakup by Drug Class:
- NSAIDs
- Anesthetics
- Anticonvulsants
- Antimigraine Agents
- Antidepressants
- Opioids
- Others
Market Breakup by Indication:
- Musculoskeletal Pain
- Surgical and Trauma Pain
- Cancer Pain
- Neuropathic Pain
- Migraine Pain
- Obstetrical Pain
- Fibromyalgia Pain
- Burn Pain
- Dental/Facial Pain
- Pediatric Pain
- Others
Market Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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