Portland, OR, May 13, 2019 (GLOBE NEWSWIRE) -- The cancer pain segment is projected to manifest the fastest CAGR of 5.1% through 2023. Moreover, opioids dominated the market in terms of revenue in 2017. On the other hand, the global pain management drugs market in the Asia-Pacific region is projected to portray the fastest CAGR by 2023.
According to the report,
Favorable regulatory scenario, rise in global geriatric population, and surge in prevalence of chronic diseases have boosted the growth of the global pain management drugs market. However, availability of alternative therapies, drug exploitation, and patent expiration of prescription drugs hamper the market growth. On the contrary, advancements in drug development and untapped markets in developing economies are expected to create lucrative opportunities in the near future.
Global pain management drugs market is divided on the basis of drug class, indication, and region. Based on drug class, the market is segmented into NSAIDs, anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and nonnarcotic analgesics. The opioids segment held the largest share, contributing more than one-fifth of the market in 2017 and is projected to continue its dominance throughout the forecast period. Moreover, the segment is further divided into Tramadol, Hydrocodone, Oxycodone, and others.
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Based on indication, the market is divided into arthritic pain, neuropathic pain, cancer pain, chronic back pain, postoperative pain, migraine, and fibromyalgia. The cancer pain segment is expected to manifest the highest CAGR during the study period, owing to increase in prevalence of cancer across the world. The postoperative pain and chronic back pain together held the largest share in 2017, owing to rise in number of surgeries globally and rise in prevalence of chronic diseases leading to back pain.
On the basis of region, the market is analyzed in various regions such as North America, Asia-Pacific, Europe, and LAMEA. The market in North America held the highest share during the forecast period. However, the market in Asia-Pacific is expected to grow at the highest CAGR of 4.7% during 2017–2023, owing to rise in government initiatives to enhance the healthcare infrastructure.
Global pain management drugs market report included an in-depth analysis of the major market players such as Eli Lilly & Company, Novartis AG, Endo Health Solutions, Inc., Abbott Laboratories, Pfizer, Inc., Purdue Pharma L.P., Merck & Co. Inc., F. Hoffmann La Roche Ltd., GlaxoSmithKline Plc., and Johnson & Johnson.
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