Portland, OR -- (SBWire) -- 07/19/2017 --Pain management, also termed as algiatry, is a branch of medicine that utilizes an interdisciplinary approach to ease and improve the quality of life of those suffering with pain. Pain is an ultimate result of trauma or tissue damage and the intensity of pain varies from person to person. Pain can be classified based on its occurrence and duration along with the affected body part. First line of treatment for pain management is pharmaceutical therapeutics or pain killer drugs, most of which are well known brands. The other pain management methods include physiotherapy, pain managing devices and chiropractor therapy. Deep-dive analysis of global pain management therapeutics market focuses on major market dynamics such as drivers, restrains and opportunities. Competitive landscape section profiles the key players on the basis of business performance, strategic moves and SWOT analysis. Profound analysis of segments would be helpful to understand the product distribution trends in each segment within global pain management therapeutics market.

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High prevalence of chronic pain disorders, favorable regulatory framework and effective treatment options are the important drivers inflecting the growth of the market. Despite of these conditions, the pain management therapeutics market is anticipated to witness a decline, globally during the forecast period owing to patent expiration of the major best-seller drugs such as pregabalin and duloxetine by Pfizer and Eli Lilly & Co., respectively. The off patenting of these major brands will encourage generic manufacturers to launch their own versions of these brands. Additionally, lack of novel therapeutics for pain management would be the contributing factor to the falling market. Novel drug delivery systems and generic medicines would be the factors that could boost the growth of this market.

Global Pain Management Therapeutics Market by Drug Class

The global pain management therapeutics market is segmented into different categories, namely NSAIDs, Anesthetics, Anticonvulsants, Anti-Migraine Agents, Antidepressants, Opioids and Non-Narcotic Analgesics. Non-steroidal anti-inflammatory drugs are the largest selling in the drug class due to shifting from prescription to over the counter (OTC) drugs such as, aspirin, diclofenac and ibuprofen, which are popular among the masses. Opioids are the second largest market in this segment due to its high efficacy to relieve pain in major chronic conditions where NSAIDs fails to show desired therapeutic response.

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Global Pain Management Therapeutics Market by Indication

The global pain management therapeutics market is segmented based on its indication into different categories such as Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Back Pain, Post-operative Pain, Migraine and Fibromyalgia. Neuropathic pain and cancer pain dominates the indication segment due to increasing incidences of diabetes and cancer around the globe.

Global Pain Management Therapeutics Market by Geography

Geographically, global pain management therapeutics market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America dominates the global pain management therapeutics market and it is expected to witness a declining trend during the forecast period due to patent expiration of major brands. Despite of this fact, North American market is expected to be the largest revenue generating market during forecast period. Asia-Pacific and LAMEA are the fastest growing markets for global pain management therapeutics due to the growing government initiatives and improved regulatory framework.

Competitive Landscape

The key players within global pain management therapeutics market include Pfizer, Inc., Endo Health Solutions, Johnson & Johnson, Eli Lilly & Co., Purdue Pharma L.P., and AstraZeneca PLC. Big leaders such as Pfizer and Eli Lilly & Co. would witness a decline in revenue streams during the forecast period due to patent expiration of its major brands. Global pain management therapeutics market would witness a soaring competition in upcoming years due to entry of large number of generic manufacturers.

High Level Analysis

The comprehensive analysis of global pain management therapeutics market provides the overview of the market and its key concerns. Market segmentation is concentric towards product distribution trends of each segment that would be helpful to strategist in deciding on the market segments. Market dynamics covers market drivers, restraints and opportunities, which would help to understand the market behavior. Porter's five forces analysis would be helpful in determining the market profitability. Buyers' bargaining power is high for pain management market due to availability of numerous OTC medicines in the marketplace. Patent expiration of major brands in the near future would open avenues for generic manufacturers to enter the market, which would increase the threat of new entrants. Alternative options are available to drug therapy, which could be the second line of treatment such as physiotherapy and pain managing devices. However, low cost of OTC products and its popularity dominates the market for therapy drugs. Hence, threat of substitute products is moderate; however, it could increase in near future due to patent expiration of major brands and fresh entry of generics in the market. Industrial rivalry is intense due to numerous competitors present in the market manipulating prices of OTC products according to changing market trends to retain market dominance.

KEY BENEFITS

This report offers the following benefits in particular:

- Complete analysis of drivers, restraints and opportunities within global pain management therapeutics market would assist professionals in understanding the market behavior
- Detailed analysis of geographic regions focuses on niche market areas and opportunities therein
- Porter's Five Forces Framework would assist strategists in decision making by analyzing the market profitability within global pain management therapeutics market
- Comprehensive analysis of key leaders, and their market strategies for global pain management therapeutics market would be informative for professionals in the corporate sector