The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s pain management drugs market report forecasts the pain management drugs market size to grow to $92.15 Billion by 2027, with a CAGR (compound annual growth rate) of more than 4%.

Learn More On The Pain Management Drugs Market Report 2023 – https://www.thebusinessresearchcompany.com/report/pain-management-drugs-global-market-report

Pain Management Drugs Market Size Forecast
The global pain management drugs market is expected to grow from $72.60 billion in 2022 to $76.76 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global pain management drugs market size is expected to reach $92.15 billion in 2027 at a CAGR of 4.7%.

North America held the largest pain management drugs market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Pain Management Drugs Market Driver ­– Rise In The Geriatric Population
According to a research issued in October 2022 by the World Health Organisation (WHO), a Switzerland-based institution responsible for international public health, one in every six people in the world will be 60 or older by 2030. By 2050, the global population of people over the age of 60 will have doubled (to 2.1 billion). Furthermore, between 2020 and 2050, there will be 426 million more people aged 80 and up than there are today. As a result, the growing geriatric population is propelling the pain management medications market forward.

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Key Pain Management Drugs Market Trend – Technological Advancement
Major players in the pain management medications industry are focusing on the development of innovative technologies. For example, in November 2021, AppliedVR, Inc., a virtual reality therapeutics company based in the United States, launched EaseVRx, a prescription-only immersive virtual reality (VR) system that helps patients 18 years of age and older with chronic lower back pain reduce their pain through cognitive behavioural therapy and other behavioural techniques. EaseVRx is distinguished by its use of CBT and other behavioural treatment strategies to alleviate pain and pain interference. The EaseVRx therapy programme consists of 56 VR sessions ranging in length from 2 to 16 minutes and is intended to be used daily for eight weeks.

Pain Management Drugs Market Segment
1) By Drug Class: Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), Anesthetics, Anticonvulsants, Anti-migraine Agents, Antidepressants, Opioids, Nonnarcotic Analgesics
2) By Indication: Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Back Pain, Postoperative Pain, Migraine, Fibromyalgia, Muscle sprain/strain, Bone fracture, Other Indications
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

Pain Management Drugs Market Major Players and Strategies
Major players in the pain management drugs market are 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., and Bausch Health Companies Inc.

Acadia Pharmaceuticals Inc., a biotechnology company based in the United States, paid $52.5 million for CerSci Therapeutics in August 2020. This acquisition broadens Acadia’s clinical pipeline by including non-opioid pain medications that may be non-addictive and have fewer side effects than existing opioid treatments. CerSci Therapeutics is a clinical-stage biotechnology business established in the United States that has the global rights to a portfolio of new medicines for neurological diseases, including non-opioid therapeutics for acute and chronic pain.

The Pain Management Drugs Global Market Report 2023 covers regional data on pain management drugs market size, pain management drugs market trends and drivers, opportunities, strategies, and pain management drugs market competitor analysis. The countries covered in the pain management drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

A pain management medicine is a medication that alleviates pain. They induce analgesia by inhibiting neurotransmitter release from primary afferent terminals in the spinal cord and activating descending inhibitory controls in the midbrain, among other things.

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