Albany, NY -- (SBWIRE) -- 09/16/2016 -- According to TMR, the global pain management therapeutics market is expected to expand at a 3.7% CAGR over the period between 2016 and 2024. At this pace, the market is expected to rise from a valuation of US$60.2 bn in 2015 to US$83.0 bn by 2024.

Impending patent expiries of several blockbuster pain management drugs in the global market is one of the key high-impact challenges for the global pain management therapeutics market presently. Cheaper generic versions of once high-earning drugs will deal a huge blow to the overall revenues of several established vendors in the global pain management therapeutics market in the next few years.

The factor will also cause a substantial decline in the overall revenues of the global market. Moreover, the rapid influx of several new vendors with generic versions of once groundbreaking medications will lead to intense competition in the market for generic drugs for pain management therapeutics.

In terms of product types, the global pain management therapeutics market is presently dominated by opioids and Non-steroidal Anti-inflammatory Drugs (NSAIDS), which collectively accounted for over 52% of the market's overall revenues in 2015. North America dominated the market, accounting for over 56% of the overall market in the same year.

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With generic medicines accounting for a more than two-thirds of the global pain management therapeutics market, several small- and medium-scale generic drug manufacturers will venture in the market and make it highly saturated in the near future, states TMR in a recent report. The segment of branded pain management therapeutics features the presence of some of the leading international pharmaceutical giants, including Merck & Co, Inc. Pfizer,Inc., Endo Health Solutions, Johnson & Johnson, and Purdue Pharma LP.

In the branded drugs segment, the top two companies, Pfizer,Inc. and Purdue Pharma LP, accounted for over 50% share in 2015. Over the forecast period, the overall share of the branded drugs manufacturers in the global pain management therapeutics market will further decline. "Major vendors will lose market share to emerging vendors such as Depomed, Inc. and AstraZeneca plc. and the competition in the generic drugs segment will further intensify," quotes a TMR analyst.

Alarming Rise in Prevalence of Chronic Diseases Emerges as High-impact Driver

The number of patients suffering from chronic pain is rising at a substantial pace globally. According to the WHO, nearly 116 mn people were suffering from chronic pain in 2011 in the U.S. alone. According to another survey, one in five people in Europe suffer from chronic pain every year.

The rising prevalence of chronic diseases such as a variety of cancers and diabetes further contribute to the further contributes to the number of people suffering from chronic pain, encouraging the use of pain management drugs. Medications for alleviating the pain occurring from cancer therapy and from the intrusion of cancer cells in bones and other body parts, for instance, accounted for over 28% share of the overall pain management therapeutics market's overall valuation in 2015.

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Rising Geriatric Population and Favorable Regulatory Scenario to Boost Consumption of Pain Management Drugs

The vast rise in the world's geriatric population is also expected to emerge as a key growth driver for the global pain management therapeutics market from 2106 to 2024. Aged people are more prone to diseases such as arthritis, joint or bone pain, epilepsy, depression, nerve damage, diabetic neuropathy, and a variety of injuries owing to low immunity levels or gene alteration. The global population of geriatrics (people aged more than 65 years) is expected to rise to 2 bn by 2050, accounting for nearly 22% of the projected global population by then. This demographic will lead to a substantial rise in the overall global demand for numerous pain management drugs, thereby driving the global pain management therapeutics market.

Additionally, favorable regulations are playing a key role in the increased rate of development, approval, and commercialization of novel molecule combinations and drug delivery techniques in the pain management therapeutics sector. The instigation of a large number of regulatory healthcare reforms, favoring development of methods for the improved diagnosis and treatment of chronic pain, will help the pain management therapeutics tread along a promising growth path in the next few years.