Top 5 Insights From The Pain Management Drugs Market Report 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
According to The Business Research Company’s Pain Management Drugs Global Market Report 2024, the pain management drugs market is expected to show promising growth in the forecast period.
The pain management drugs market has witnessed substantial growth in recent years, driven by various factors and trends.
- Market size increased from $76.76 billion in 2023 to $81.08 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 5.6%.
- Historic growth attributed to rising chronic pain cases, increased cancer incidences, higher surgical procedures, improved pain assessment techniques, and governmental initiatives.
Anticipated Growth Trajectory
Expectations for the pain management drugs market suggest continued expansion in the forthcoming years.
- Foreseen growth to $100.94 billion in 2028, with a CAGR of 5.6%.
- Forecasted drivers include non-opioid alternatives, targeted therapies, precision medicine, psychological interventions, and efforts to minimize side effects.
Surge In Surgeries Driving Market Growth
The escalating rate of surgical procedures serves as a significant catalyst for the growth of the pain management drugs market.
- Surgical interventions involve tissue penetration or alteration to treat diseases, injuries, or enhance bodily functions.
- Pain management drugs play a pivotal role in post-operative pain control, enhancing patient comfort and recovery.
- Surgeons and patients increasingly rely on pain management drugs for optimal surgical outcomes, as evidenced by a notable increase in surgical procedures.
Key Players Shaping the Market
A multitude of companies contribute to the dynamic landscape of the pain management drugs market.
- Novartis AG
- Eli Lilly And Company
- Abbott Laboratories
- Endo International PLC
- Purdue Pharma L.P.
- Pfizer Inc.
- Merck & Co. Inc.
- Johnson & Johnson Services Inc.
- GlaxoSmithKline PLC
- AbbVie Inc.
- Bristol-Myers Squibb Company
- Teva Pharmaceutical Industries Ltd.
- AstraZeneca PLC
- Mylan N.V.
- Bausch Health Companies Inc.
- Becton Dickinson and Company
- Boston Scientific Corporation
- Baxter International Inc.
- Medtronic PLC
- Hoffmann-La Roche Ltd.
- Torrent Pharmaceuticals Ltd.
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Technological Advancement Reshaping Treatment
Technological innovation stands as a prominent trend reshaping the pain management drugs market.
- Companies focus on pioneering new technologies to enhance treatment efficacy.
- AppliedVR, Inc.’s EaseVRx, a prescription-only immersive virtual reality system, offers innovative pain management for chronic lower back pain through cognitive behavioral therapy.
- Technological advancements like VR therapy redefine pain management paradigms, providing patients with novel alternatives for pain relief.
Strategic Acquisitions Strengthen Market Position
Strategic acquisitions play a vital role in fortifying companies’ positions in the pain management drugs market.
- Pacira BioSciences’ acquisition of Flexion Therapeutics enriches its non-opioid pain management portfolio.
- The acquisition expands Pacira’s product offerings, incorporating Flexion’s ZILRETTA for osteoarthritis knee pain treatment.
- Pacira solidifies its commitment to non-opioid solutions, underscoring the growing importance of alternative pain management approaches.
Market Segmentation Insights
Understanding the nuanced segments of the pain management drugs market is essential for comprehensive market analysis.
- By Drug Class: NSAIDs, Anesthetics, Anticonvulsants, Anti-migraine Agents, Antidepressants, Opioids, Nonnarcotic Analgesics
- By Indication: Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Back Pain, Postoperative Pain, Migraine, Fibromyalgia, Muscle sprain/strain, Bone fracture, Other Indications
- By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
North America leads the pain management drugs market in 2023, while Asia-Pacific is projected as the fastest-growing region during the forecast period.
In conclusion, the pain management drugs market continues to evolve, driven by technological advancements, strategic acquisitions, and shifting treatment paradigms. As stakeholders embrace innovation and explore alternative therapies, the market is poised for sustained growth and transformation in the years ahead.
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