Pain Management Therapeutics market is growing significantly due to prevalence of cancer, rise in the number of surgeries, and increasing investment in development of new pain management drugs. The prevalence of chronic pain and high-impact chronic pain is increasing significantly around the world. According to Center for Disease Control and Prevention, in 2016, approximately 20% of the U.S. adult population was suffering from chronic pain and around 8% of the U.S. adult population was suffering from high-impact chronic pain. The prevalence of cancer has significantly fueled the demand for pain management therapeutics and is expected to witness significant growth in coming years. The treatment of cancer is highly painful and requires pain management therapeutics throughout the treatment cycle. Additionally, increasing incidences of arthritis, chronic back pain, fibromyalgia, neuropathic pain, and migraine is collectively driving the demand for pain management therapeutics. The global pain management therapeutics market is expected to grow significantly during the forecast period.
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North America contributed the largest share to the global pain management therapeutics market in 2019 and is anticipated to be a dominating geography during the forecast period owing to increasing number of cancer patients, and development of improved pain management therapeutic drugs to cater the rising demand. The United States is contributed a major share to the global market owing to product innovation fueled by limited volume delivery of opioids. Asia Pacific is expected to contribute a prominent share to the global market and is anticipated to be the fastest growing geography during the forecast period owing to expanding geriatric population, prevalence of cancer, and increasing number of surgical procedures across the region.
For instance, GlaxoSmithKline plc reported revenues of USD 41,974.1 million in 2019 and the product segment analysis of the company indicates that Pharmaceuticals business segment of the company dominated revenue in 2019 with North America being the largest revenue contributing geography under the Pharmaceutical business segment.
The global pain management therapeutics market is segmented based on type, applications, and geography. Based on type, the global pain management therapeutics market is segmented into anticonvulsants, antidepressants, anesthetics, non-steroidal anti-inflammatory drugs (NSAIDS), opioids, antimigraine agents, and other. The opioids are sub-segmented into oxycodones, hydrocodones, oxymorphone, morphine, and others. Based on applications, the global pain management therapeutics market is segmented into fibromyalgia, arthritic pain, chronic back pain, migraine, postoperative pain, cancer pain, and others. Based on geography, the global pain management therapeutics market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of a company focusing on pain management therapeutics. Further, market share of prominent companies in the global pain management therapeutics market would also be estimated. For instance, GlaxoSmithKline plc operates through three business segments namely Pharmaceuticals, Vaccines, and Consumer Health. The pain management therapeutics are delivered under Pharmaceuticals business segment of the company with revenue contribution of US$ 21,860.0 million in 2019.
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The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the pain management therapeutics companies. The global pain management therapeutics market study would take into consideration the participants engaged throughout the ecosystem of the market, along with their contribution. Product portfolio would focus on all the products under the pain management therapeutics business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global pain management therapeutics market.