Pain Management Drugs Market on Track to Hit $91.65 Billion by 2027, CAGR of 3.8%

Growth of the global pain management market is majorly driven by surge in prevalence of chronic diseases.

WILMINGTON, DELAWARE, UNITED STATES, July 15, 2024 /EINPresswire.com/ -- According to the report, the global Pain Management Drugs Market size was estimated at $71.43 billion in 2019, and is anticipated to hit $91.64 billion by 2027, registering a CAGR of 3.8% from 2020 to 2027.

The primary driver of the worldwide market for pain management medications is the aging population, since they are more likely to have chronic illnesses such joint pain. Additionally, the market is growing because to the rise in the incidence of chronic illnesses such osteoarthritis, diabetes neuropathy, and cancer.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭:
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Furthermore, it is anticipated that the market for painkillers would develop due to an increase in surgical operations and healthcare spending. However, the market's expansion is constrained by drug exploitation, the patent expiration of prescription medications, and the availability of alternatives like painkillers.

𝐏𝐚𝐢𝐧 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐃𝐫𝐮𝐠𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧 𝐒𝐡𝐨𝐫𝐭:

CAGR: 3.8%
Current Market Size: $71.43 Billion
Fastest Growing Region: APAC
Largest Market: North America
Projection Time: 2020-2027
Base Year: 2020

𝐓𝐡𝐞 𝐨𝐩𝐢𝐨𝐢𝐝𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐛𝐲 𝟐𝟎𝟐𝟕-

Based on drug class, the opioids segment accounted for more than one-fourth of the global pain management drugs market share in 2019 and is expected to rule the roost by the end of 2027. High popularity of these drugs worldwide fuels the segment growth. The anti-migraine agents segment, on the other hand, would register the fastest CAGR of 4.7% throughout the forecast period.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐬𝐜𝐞𝐧𝐚𝐫𝐢𝐨:

◽ During the initial phase of the lockdown, a number of clinics providing pain treatment services were closed to the public due to safety restrictions enforced by international governments.

◽ In order to minimize the chance of the virus spreading, the majority of chronic pain clinics were classified as non-urgent, and elective interventional operations were limited.

◽ Under such circumstances, the market for painkillers naturally surged, and telemedicine emerged as a viable means of providing patients with chronic pain with essential medical services.

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𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬, 𝐜𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐝𝐫𝐢𝐯𝐞𝐫𝐬

◽ Growing rates of chronic illness, a more accommodating regulatory environment, and an increase in the elderly population are the main factors propelling the worldwide market for painkillers.

◽ However, the expansion is somewhat hampered by the availability of substitute medications, drug exploitation, and the expiration of prescription drug patents.

◽ However, it is anticipated that the market participants in the sector would find attractive prospects due to advances in medication development and unexplored markets in emerging nations.

𝐑𝐞𝐯𝐢𝐞𝐰 𝐨𝐟 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬

Based on indications, the neuropathic pain category had the lion's share of market share in 2019 and is anticipated to increase at a notable rate over the course of the projected year. Furthermore, a growing patient population is the primary driver of the segment's increased need for pharmaceuticals. Due to the rise in the number of operations performed worldwide and the frequency of chronic illnesses that cause back pain, the segments for cancer pain and chronic back pain are predicted to expand at the fastest rates over the course of the projection period.

According to the kind of pain, the chronic pain category grew at the fastest rate in 2019 and is predicted to increase at a compound annual growth rate (CAGR) of 3.9% throughout the projection period.

𝐊𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲-

▪️ Eli Lilly & Company
▪️ Johnson & Johnson
▪️ Novartis AG
▪️ Endo Health Solutions, Inc.
▪️ Purdue Pharma L.P., Inc.
▪️ Mylan NV.
▪️ Merck & Co. Inc.
▪️ Pfizer
▪️ Abbott Laboratories
▪️ GlaxoSmithKline Plc.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

Topical Pain Relief Market - Global Opportunity Analysis and Industry Forecast, 2020–2027

𝐀𝐛𝐨𝐮𝐭 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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