Rise in the Incidence and Occurrence of Chronic Diseases Impels the Global Pain Management Drugs Market to Propagate at 3.88% of CAGR by 2027
“According to the new market research report published by Inkwood Research, the Global pain management drugs market is propelling at a CAGR of 3.88% during the forecasting years.”
“Browse 46 market Data Tables and 36 Figures spread over 161 Pages, along with an in-depth TOC on global pain management drugs market forecast 2019-2027.”
Pain is a distressing sensory and an expressive response that can transpire upon tissue damage or sickness and can disturb an individual’s physical and mental well-being. Also, there are various diseases such as chronic arthritis, cancer, osteoarthritis, multiple sclerosis, diabetic neuropathy, etc. that cause unendurable pains and require medication. Acute and chronic pains can be relieved with treatment through certain drugs that function via a variety of physiological mechanism like targeting the nociceptors (sends “possible threat” signals to the neural system upon receiving potential damaging stimuli).
Rise in the incidence and prevalence of chronic diseases: key market driver
Heart disease, stroke, type II diabetes, chronic arthritis and cancer are nowadays occurring very commonly with persistent pain for a longer period. These conditions are termed as chronic diseases and have been accounted to occur in more than 10 million individuals in a developing country. According to the National Cancer Institute, nearly 20-50% of cancer diagnosed patients suffer from excruciating pain. And almost 80% of the patients with advanced stage cancer undergo from moderate to severe pain. The increased number of such patients will intensify the demand for medication to relieve the associated chronic pains. So, the increasing cases of other chronic diseases can raise the demand for pain medication globally, thereby driving the market growth.
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NSAIDs: The key area of development reaping maximum revenue in the pain management drugs market
Nonsteroidal anti-inflammatory drugs (NSAIDs) target and block those set of enzymes that further promote inflammation and fever in the human body. NSAIDs are prescribed for soothing chronic as well as acute diseases like headaches, sprains, arthritis symptoms and other daily discomforts. So, with rising cases of acute and chronic diseases, the demand for these drugs are also growing in the market. Henceforth, the steadily rising demand for these drugs will also enhance their numbers of increasing FDA approvals.
North America is contributing significantly to the global pain management drugs market
The North American pain management drugs market is anticipated to grasp the largest market share by the end of 2027. The producers in the region are prioritizing to yield more derivatives of opioid drugs due to the high consumption of pain medication by a large patient population. Rising frequency of drug abuse cases is also expected to promote the uptake of pain medications in the region. However, the addictive nature of opioids has decreased its use as a prescription drug in the region. A few favorable healthcare reforms like the U.S. Patient Protection and Affordable Care Act that was established in 2010 in the US, that benefits by helping to improvize the affordability of the pain medication drugs so as to higher their use for the treatment of many painful conditions among the consumers.
Notable players in the global pain management drugs market
Novartis, Merck & Co., Inc., Daiichi Sankyo, Inc., Insys Therapeutics, Inc., Abbott Laboratories, GlaxoSmithKline, Egalet Corp., Eli Lilly and Company, Lupin Ltd., Johnson & Johnson, Cipher Pharmaceuticals Inc., Acura Pharmaceuticals, Inc., Hikma Pharmaceuticals PLC, Purdue Pharma L.P., Pfizer, Inc.
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