Albany, NY -- (SBWire) -- 04/02/2018 --The global market for pain management therapeutics exhibits a highly fragmented vendor landscape with the presence of a large number of small and large players, notes a recent market study by Transparency Market Research (TMR). Despite a high degree of competition, the market is witnessing a continual entry of new companies owing to the high growth prospects. This will further intensify competition in the market as regional players are producing a large volume of drugs at lower prices than what is offered by prominent manufacturers. However, established players will be able to maintain their positions on account of brand recognition that these players have earned.
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New product launch and technological innovations are the focus of established players, which will help them consolidate their positions. For instance, in November 2016, Depomed launched CAMBIA - a diclofenac potassium for oral solution used to treat acute migraine.
Some of the prominent names in the market are Abbott Laboratories, AstraZeneca plc, Mallinckrodt plc, Endo Health Solutions, Eli Lilly & Company, Johnson & Johnson, GlaxoSmithKline plc, Novartis AG, Merck & Co. Inc., Pfizer Inc., Purdue Pharma LP, and Teva Pharmaceuticals.
As per the TMR report, the global market for pain management therapeutics is projected to expand at a CAGR of 4.0% from US$62,246.8 mn in 2016 to reach US488, 253.4 mn by the end of 2025.
In terms of type of therapeutics, opioids and NSAIDS are the leading segments that account for key shares in the pain management therapeutics market. By disease indication, cancer pain management segment is likely to hold the leading share in terms of value over the forecast period. On the basis of geography, North America led the global market for pain management therapeutics in 2016, closely followed by Europe.
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The global market for pain management therapeutics is likely to grow at a steady pace over the forecast period from 2017 to 2025. Majorly fuelling the market's growth are growing geriatric population globally, rising number of surgeries, changing lifestyles, and high prevalence of chronic disorders. As per statistics of the National Health Interview Survey, almost 20% of the world's population was reported to be suffering from chronic pain in 2016. In addition, factors such as launch of new drugs and reformulation of available drugs are propelling the market's growth.
Apart from this, some other factors responsible for the growth of pain management therapeutics market are improvement of healthcare infrastructure, increasing economic stability, and increasing penetration of key market players in developing countries to tap opportunities in these regions.
Further, massive research and development activities for drug discovery, rising demand for highly efficient drug molecule, and technological advancements in the pharmaceutical and biotechnology industry are some of the key factors acting in favor of the growth of pain management therapeutics market. This, along with growing patient pool, rising incidence of chronic diseases, and favorable government regulations are stoking growth of this market.
However, on the downside, stringent regulations regarding the usage of opioids in some countries and low penetration of newly launched pain management drugs are key restraints to the market's growth.
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Pain Management Therapeutics Market Will Become Worth US$ 88,253.4 Million by the End of 2025