Pain Management Therapeutics Market

Global Pain Management Therapeutics Market Size (2023 to 2028)

The pain management therapeutics market size was valued at USD 79.95 Billion in 2022 and is expected to reach USD 95.41 Billion by 2028. The market size is projected to grow at a CAGR of 3.60 % during the forecast period.

MARKET DRIVERS:

The world is experiencing a significant increase in incidences of chronic diseases such as cardiovascular pain, nerve damage, depression, epilepsy, bone or joint pain, etc. Mainly, the increase in the prevalence of arthritis boosts the growth of the pain management therapeutics market. For instance, about 44.0% (25.7 million) of the 58.5 million adults with doctor-diagnosed arthritis had limitations in their usual activities due to their arthritis. There is an increase in the growth of the market to treat these diseases, which cause severe to moderate pain. Hence, this can be considered the key driving factor. The increase in the geriatric population also helps drive the market. This is due to elderly people being more susceptible to these chronic diseases, difficulty and pain while walking, etc. To treat and relieve them from the pain, they seek pain management therapeutics, which help to boost the market.

Over the forecasting period, the market for pain management drugs is expected to expand as a result of an increase in product approvals and new product launches. For instance, Anglo-French Drugs & Industries Ltd. declared the arrival of AFD-NP, a brand-new medication for the management of mild to severe neuropathic pain, in 2023. Additionally, In June 2022, the FDA approved Alnylam Pharmaceuticals: Amvuttra [vutrisiran], which treats polyneuropathy. The increase in the development of health infrastructure and advancement in the industry helps to boost market growth.

The increase in awareness regarding the high availability of different medications for pain management. The increase in usage and adoption of pain management drugs boost the market growth. Many options are cost-effective and easy to administer, and high awareness about these medications helps to grow the market. The increase in healthcare expenditure, rise in awareness about chronic diseases, and increase in research and development activities positively affect the market. These are the factors that help to increase the growth of the pain management therapeutics market.

The increase in research and development in the pharmaceutical industry regarding opioids helps to boost the market in the forecasting period. Additionally, there is an increase in incidences of cancer patients. Cancer patients suffer from severe pain, and to get relief from the pain, they seek pain management. For instance, according to the World Health Organization, Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The increase in the use of VR in pain management is also anticipated to boost the market. For instance, a clinical trial is being conducted with HTC Corporation's HTC VIVE VR system to see how well it might reduce acute pain.

MARKET RESTRAINTS:

The strict rules and regulations by government authorities hinder market growth. Additionally, prescription drug abuse is increased, which decreases the market growth. For instance, according to the National Health Statistical Report, Prescription opioid use increased with age before declining among adults aged 65 and over, with the highest prevalence observed among adults aged 45–64 (25.9%). The lack of awareness among patients and healthcare professionals regarding pain management decreases market growth. Furthermore, the high cost associated with pain management to treat various diseases hinders market growth.

Impact of COVID-19 on the pain management therapeutics market:

The nervous system uses pain as a warning sign when something might not be right. An unpleasant sensation, such as a prick, tingle, sting, burn, or aching, is called pain. The level of pain can vary from acute to chronic. It could be continual or intermittent. There are times when pain is localized and affects one portion of the body. Or it could be more generalized, like the widespread body aches brought on by the flu. Multiple sclerosis, arthritis, and diabetic neuropathy can all lead to pain. Medications, physical treatments, psychological therapies, acupuncture, injections, exercise and others are all methods of pain management. A doctor might suggest a single strategy or a mix of many. Plans for managing pain assist those who have chronic (persistent) pain in feeling better and enhancing their quality of life.

Numerous healthcare facilities are greatly impacted by Covid-19. COVID-19 has had a significant impact on the pain management therapeutics market. The pandemic led to restrictions and lockdowns, resulting in delays or cancelation of elective or non-urgent treatments. Additionally, there were fewer outpatient visits to the hospitals. According to the Indian Journal of Anaesthesia 2020, the pandemic negatively affected pain clinics. The guidelines on anesthesia and intensive care practices by the Indian Society of Anaesthesiologists. The shutdown of pain services due to the lockdown and restrictions by governments has affected chronic pain management. This led to an additional impact on the patient's psychological health. Numerous challenges have emerged during COVID-19 for physicians in treating patients. These problems were in terms of both risk of harm from undertreatment and risks of harm from inappropriate treatment because the interaction between pain medication and the immune system must be considered. Treating patients with chronic pain was difficult as they were not able to visit the hospital because of the pandemic. This led to a negative impact on the market. But post-pandemic, due to no lockdown and restrictions, the market is expected to grow.

REPORT COVERAGE:

This research report on the pain management therapeutics market has been segmented and sub-segmented based on the pain type, drug type, indication, and region.

Pain Management Therapeutics Market - By Pain Type:

• Chronic Pain
• Acute Pain

Among these, the acute pain segment dominates the market. The acute pain segment is anticipated to show its dominance over the forecasting period. This is due to the enforcement of new rules and guidelines by international healthcare organizations for the efficient management of acute pain. For instance, the American Academy for Family Physicians and the American College of Physicians revised the guidelines for pain management in 2020. In addition, the chronic pain segment is also expected to show a significant CAGR growth rate in the market. This is due to an increase in the collaboration of different key players in the market.

Pain Management Therapeutics Market - By Drug Type:

• NSAIDS
• Anesthetics
• Anticonvulsant
• Anti-migraine drugs
• Antidepressant drugs
• Opioids
• Non-narcotics and analgesics

Among these, the Opioids segment dominates the market. The opioids segment is expected to dominate the market over the forecasting period. This is due to an increase in the usage of opioids to treat moderate to severe pain. Additionally, the high efficacy of opioids to treat pain drives segmental growth. The anesthetic segment is expected to grow fastest over the forecasting period. This is due to an increase in incidences of cancer patients. Hence to treat cancer patients with severe pain, they are given anesthetics.

Pain Management Therapeutics Market - By Indication:

• Arthritic pain
• Neuropathic pain
• Cancer pain
• Chronic pain
• Post-operative pain
• Migraine
• Fibromyalgia
• Bone fracture
• Muscle sprain/strain
• Acute appendicitis
• Other indications

Among these, the Neuropathic segment dominates the market. The neuropathic segment is anticipated to dominate the market. This is due to an increase in the patient pool for neuropathic pain, hence increasing the demand for pain management. This boosts segmental growth. Cancer pain and chronic pain are anticipated to grow at the fastest rate over the forecasting period. This is due to an increase in incidences of chronic diseases like cancer, cardiovascular diseases, arthritis, etc.

Pain Management Therapeutics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Regionally, North America dominates the Pain Management Therapeutics Market. The North American region is anticipated to dominate the pain management therapeutics market over the forecasting period. This is due to an increase in the prevalence of chronic diseases such as cancer, cardiovascular diseases, etc. The increase in incidences of angina pectoris which is a disease associated with chronic pain in the chest because of cardiovascular disorder. Hence, chest pain management is used to treat the pain. For instance, according to the National Library of Medicine, in the United States, Angina pectoris affects almost 10 million people. Additionally, the increase in the prevalence of Arthritis also helps to boost regional market growth. For instance, according to the Centers for Disease Control and Prevention, from 2016 to 2018, about 1 in 4 US adults (23.7%), about 58.5 million people had doctor-diagnosed arthritis. The increase in the geriatric patient population who are suffering from arthritis boosts the market growth. According to the Centers for Disease Control and Prevention, among adults aged 65 years or older in the United States, half (50.4%) reported doctor-diagnosed arthritis.

The European Pain management therapeutics market holds the second position in the market. The European region is driven by the increase in the elderly population and growth in the diabetic population suffering from pain. Additionally, technological advancement in the healthcare sector and high disposable income help in regional growth. The increase in incidences of patients suffering from chronic diseases, which cause moderate to severe pain, leads to driving market growth.

The Asia Pacific region is anticipated to grow at the fastest rate in the pain management therapeutics market. This is due to the large patient pool suffering from moderate to severe pain. This pain is caused by chronic diseases such as cancer, cardiovascular diseases, etc. For instance, according to the National Library of Medicine, Osteoarthritis is the second most common rheumatologic problem, and it is the most frequent joint disease, with a prevalence of 22% to 39% in India. With the high cases of road accidents and the increase in the geriatric population, the market is expected to grow over the forecasting period.

KEY MARKET PLAYERS:

Some market players in the pain management therapeutics market are Abbott Laboratories, Boston Scientific Corporation, Johnson and Johnson, Baxter International Inc., Becton, Dickinson and Company, Teva Pharmaceuticals, Pfizer, GlaxoSmithKline, Merck, AstraZeneca and Depomed.

RECENT MARKET HAPPENINGS:

• In Oct 2022, Parker Laboratories launched two powerfully effective topical pain management creams, Helix Tri-Active and Helix with CBD, which offer new options for patients battling chronic pain.
• In Sept 2022, Compass Group Announces the Launch of an Interventional Pain Management Platform with Anchor Investment in Leading Memphis Practice.