The competitive landscape of the global pain management therapeutics market is fragmented with presence of several players. These players are focusing towards both organic and inorganic growth strategies to stay competitive in the pain management therapeutics market, says Transparency Market Research.
Some of the prominent players in the global pain management drugs market include Novartis AG, Abbott Laboratories, Endo Health Solutions, Inc., Pfizer, Inc., F. Hoffmann La Roche Ltd., Merck & Co. Inc., Purdue Pharma L.P., Johnson & Johnson, and GlaxoSmithKline Plc.
As per a report by TMR, the global pain management therapeutics market is likely to rise at steady CAGR of 4.0% during the forecast period, that is from 2017 to 2025. Rising at this CAGR, the market is projected to touch a valuation of US$88,253.4 mn by the end of 2025. The pain management therapeutics market was noted a valuation of US$62,246.8 mn in 2016.
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On the basis of region, North America is projected to dominate the global pain management therapeutics market during the forecast period in terms of revenue share. This is mainly due to the presence of well-developed healthcare infrastructure, high disposable income and extensive consumption of high-end pain management drugs by the general population in the region. Based on distribution type, the online pharmacy segment is estimated to grow at a prominent pace in the near future. Factors like increasing trend of online purchasing, rising smart phone penetration, and growing digitalization are significantly contributing towards the growth of online pharmacies over the forecast period.
Increasing Incidence of Chronic Diseases to Bolster Market’s Growth
The pain management therapeutics market is projected to rise at impressive pace in the coming few years. This is mainly due to the changing lifestyles, increase number of surgeries, rising prevalence of chronic diseases and rising geriatric population across the globe. All these factors are deterring the health condition and thus causes body pain.
Pain management therapeutics refers to a number of drugs, procedures and equipment used to lower down pain sensation in human body. Additionally, the pain management is also known by the name algiatry, it is a branch of medicinal studies that are based on interdisciplinary approach. It intends to improve the overall quality of life and reduce tissue damage and intensity of pain.
Further, increasing healthcare spending and favourable insurance coverage for pain management are some of the prominent factors projected to offer several lucrative opportunities for the growth of the global pain management therapeutics market.
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Side-effects Caused by Certain Pain Management Therapeutics to Hamper Industry Prospects
Despite several drivers, growth in the pain management therapeutics market is likely to suffer due to the side-effects caused by certain pain management therapeutics. Additionally, inadequate awareness, weaker healthcare infrastructure and some of the factors expected to hamper the growth of the global pain management therapeutics market.
Nevertheless, easy availability and increasing preference for general population adopting pain management therapeutics are two major factor expected to drive the growth of the global pain management therapeutics market over the forecast period.
In addition to this, growing prevalence of nerve damage, depression, epilepsy, bone or joint pain, and injuries are some other factors projected to bolster growth of global pain management therapeutics market. These diseases are often produce pain sensation in the body and therefore they demand effective pain management therapeutics for the treatment. Further, proven results of these therapeutics to decrease pain is another factor likely to bolster growth in the pain management therapeutics.
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