The demand for pain management therapeutics continues to grow at a steady pace on the global front, given the prevalence of increasing incidences of chronic disorders. The global pain management therapeutics market is largely influenced by occurrence of common chronic conditions such as migraine, lower back pain and neck pain. Moreover, increasing incidences of cancer worldwide remain instrumental in driving the demand for pain management therapeutics, in turn aiding their market’s growth.
Rising number of cancer cases on the global front has prevailed as a significant distress topic, creating a sense of urgency for associated drugs and therapeutics among common population. According to the National Cancer Institute, in 2018, US witnessed 1,735,350 new cancer cases and a death toll of 609,640. WHO predicts that the number of cancer cases is bound to increase by around 75% till 2030, making it a major topic of concern for regulatory bodies. This has led to an increase in expenditure on cancer therapeutics worldwide. Annual expenditure on cancer therapeutics is likely to increase by USD 16 billion in the coming five years. Likewise, in Europe, cost of cancer therapy amounted to Euro 103 billion in 2018, accounting for 6.2% of the total expenditure on healthcare in the region. This factor is expected to increase the sales of different pain management therapeutics, especially for cancer pain, in turn pushing the growth of the pain management therapeutics market.
US to glue dominance in the coming years; Rising demand for pain management therapeutics in emerging economies to create an opportunistic scenario
Rising cases of cancer and other chronic diseases have influenced the adoption of novel therapeutics. Against this backdrop, pain management therapeutics are expected to witness modest growth rate in terms of demand among individuals in the coming years, says this research report. WHO predicts an increase in the number of patients suffering from chronic disorders, making it imperative for governments to establish favourable reforms to aid healthcare in their respective countries. According to WHO, over 50 million suffered from chronic pain in 2018 in US. European Pain Federation records that over 80million adults across European countries are victims to chronic disorders. This has created a sense of urgency for therapeutics, in turn influencing the demand for pain management therapeutics in these regions. Moreover, increasing expenditure on pain relief therapeutics in US and Europe play a vital role in increasing sales of pain management therapeutics, in turn boosting the valuation of the pain management therapeutics in North America and Europe. For instance, over USD 560-640 billion is spend annually in US alone on pain relief therapeutics whereas European annual expenditure is around 1.5% to 3 % of its GDP. According to the research report by Credible Markets, the pain management therapeutics market in US is expected to showcase dominance in the North America region followed by Europe.
Asia Pacific has always been a cornerstone for new businesses, given its business favourable nature, in terms of land, labor and cost and pain management therapeutics are no exception. Stakeholders in the pain management therapeutics market can focus on Asian countries owing to increasing mortality rates due to cancer, and prevalence of other chronic disorders. This aspect influenced the demand for pain management therapeutics in the region and is expected to maintain status quo in the coming years. With China and India as key revenue pockets, the pain management therapeutics market in Asia Pacific is projected to expand at a significant pace during the period of forecast, says the report.
Opioids Out of Favor; Interest in non-traditional treatments can impact the market’s growth
Sales of opioids in the recent past reflected a rise, accounting for a significant revenue share in the pain management therapeutics market. However, the current market scenario of opioids remains uncertain on the back of side effects associated with the consumption of opioids. Moreover, prescription drug abuse complements this uncertainty, hampering the overall revenue share of pain management therapeutics. For instance, according to NIDA (National Institute on Drug Abuse), over 2 million individuals suffer from substance abuse associated with prescribed opioid pain relievers in the US alone. In addition, side effects and addictive qualities such as dizziness, sedation and nausea have stigmatized the use of opioids. This factor is expected to limit the growth in demand and sales of opioids, in turn impacting the pain management therapeutics market valuation worldwide.
With the opioids crisis at hand, an emerging interest to seek non-traditional treatment for reducing chronic pain has been witnessed. LDN (Low Dose Naltrexone), a novel therapy has been developed that fulfils major 4Ls of patients, viz., low side effect, low risk, low cost and low dose. Low Dose Naltrexone, being a mu receptor, can be utilized for reducing chronic pains as it acts as immune/glial cell modulator decreasing the pain by reducing inflammation. This factor can have uncertain impact on the demand for pain management therapeutics.
Global Pain Management Therapeutics Maket Players are: Pfizer Inc., Depomed Inc., Endo International Plc, Purdue Pharma L.P., Mallinckrodt Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Novartis AG, AstraZeneca plc., Johnson & Johnson Services Inc., Merck & Co. Inc., Abbott Laboratories, GlaxoSmithKline Plc
Fragmented pain management therapeutics market witnessing product approvals from USFDA – NPD being the key strategy
The global market for pain management therapeutics remains highly fragmented with a presence of local as well as international players. Product innovation and new product launch are the key strategies deployed by key players involved in the development of pain management therapeutics. For instance, in March 2020, Eli Lilly & company and Pfizer Inc received approval from USFDA for Tanezumab 2.5 mg in the treatment for chronic pain caused by moderate osteoarthritis. Likewise, Novartis AG received approval from USFDA for Adakveo for pain treatment in pediatric patients and adults suffering from sickle cell disease. Overall, the global scenario of the pain management therapeutics market likely to remain optimistic and stakeholders can expect a stream of opportunities in the years to follow.
KEY QUESTIONS ANSWERED IN THE REPORT
· What is the market size and growth rate of the global and regional markets by various segments?
· What is the market size and growth rate of the market for selective countries?
· Which region or sub-segment is expected to drive the market during the forecast period?
· What factors are anticipated to impact demand and supply trends in the market during the forecast period?
· What factors are likely to drive market revenue growth during the forecast period?
· What are the key technology and other trends shaping the market?
· What are the key opportunities in the market?
· What are some of the strategies implemented by key companies operating in the market?
· What is the COVID-19 impact on the market?
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