Global Pain Management Therapeutics Market

Pain Management Therapeutics Market Size, Share, Growth Analysis, By Drug class(Opioids, NSAIDs, anticonvulsants, anesthetics), By Indication(Arthritic pain, chronic back pain, cancer pain, neuropathic pain), By Distribution channel(Online pharmacy, hospital pharmacy, and retail pharmacy), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35F2004 | Region: Global | Published Date: February, 2024
Pages: 276 | Tables: 94 | Figures: 76

Pain Management Therapeutics Market Regional Insights

North America held the largest global pain management therapeutics market share in terms of revenue in 2021, followed by Europe and Asia Pacific, and is predicted to continue the lead during the forecast period. North American companies are heavily involved in research and development efforts for developing new pain management drugs, resulting in driving the global pain management therapeutics market.

Because of the large number of elderly people and better regulatory conditions. The increase in the number of drug abuse cases, coupled with the addictive nature of opioids, has resulted in a drop in opioid consumption for pain management in the region. Asia Pacific is expected to have the highest growth rate during the forecast period, owing to the region's relatively large population and increased healthcare expenditure.

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Pain Management Therapeutics Market size was valued at USD 75976 million in 2019 and is poised to grow from USD 78711.14 million in 2023 to USD 104451.39 million by 2031, growing at a CAGR of 3.6% in the forecast period (2024-2031).

Global pain management therapeutics market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Teva Pharmaceutical', 'AstraZeneca', 'Pfizer Inc.', 'Johnson & Johnson', 'Novartis AG', 'Abbott Laboratories', 'Eli Lilly and Company', 'GlaxoSmithKline plc', 'Merck & Co., Inc.', 'Endo Pharmaceuticals Inc.', 'Purdue Pharma L.P.', 'Bristol-Myers Squibb Company', 'Boehringer Ingelheim International GmbH', 'Sanofi S.A.', 'Mallinckrodt Pharmaceuticals', 'Mylan N.V.', 'AbbVie Inc.', 'Daiichi Sankyo Company, Limited', 'Mallinckrodt Pharmaceuticals', 'Zoetis Inc.'

The growing cases of various diseases, in addition to the associated pain and aches, are contributing to the expansion of the pain management therapeutics market. Pain can be caused by a variety of conditions, including ulcers, osteoarthritis, chronic arthritis, multiple sclerosis, cancer, and diabetic neuropathy. Pain management therapeutics are effective in treating everything from short-term acute pain to long-term chronic pain. Global market growth is being stimulated by growing preference for pain management.

The emphasis is increasingly shifting toward personalised drugs, biologics, and quick-acting lifestyle medicines, which account for more than 70% of all medications in development.

North America held the largest global pain management therapeutics market share in terms of revenue in 2021, followed by Europe and Asia Pacific, and is predicted to continue the lead during the forecast period. North American companies are heavily involved in research and development efforts for developing new pain management drugs, resulting in driving the global pain management therapeutics market.

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Global Pain Management Therapeutics Market

Report ID: SQMIG35F2004

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