New York, NY, Sept. 21, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Pain Management Therapeutics Market by Drug Class (Anesthetics, NSAIDS, Anticonvulsants, Antidepressants, Anti-migraine agents, Non-narcotic Analgesics, and Opioids (Tramadol, Oxycodone, Hydrocodone, and Others)); by Indication (Neuropathic Pain, Arthritic Pain, Cancer Pain, Post-operative Pain, Chronic Back Pain, Fibromyalgia, and Migraine), and by Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, and Online Pharmacy): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global pain management therapeutics market was valued at approximately USD 61,000 million in 2017 and is expected to generate revenue of around USD 79,500 million by end of 2024, growing at a CAGR of around 4% between 2018 and 2024.

The number of patients suffering from chronic pain is on a constant rise globally. According to the U.S. Institute of Medicine, in 2011, approximately 100 million adults suffered from common chronic conditions such as low back pain followed by a migraine and neck pain. The increased patient base, in turn, affects the worker productivity, increases the nation’s healthcare costs and negatively impacts the patient’s emotionally and financially. The U.S. alone spends around USD 560 billion to USD 635 billion annually on healthcare due to pain disorders. European expenditure accounts for 1.5% to 3% of GDP annually. This incremental cost is inclusive of medical costs of pain care, economic costs, and lost productivity. According to a survey, conducted in Europe, one in five Europeans suffers from chronic pain. This hampers the quality of life and overall well-being of the sufferers. 

Browse through 72 Tables & 29 Figures spread over 130 Pages and in-depth TOC on “Global Pain Management Therapeutics Market Size 2017: Industry Share, Segments, Trends, Analysis and Forecast to 2024”.

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The increasing incidence rates of cancer worldwide further contribute largely to the rise in demand for pain management therapeutics. This includes pain occurring from cancer therapy as well as from incursion of cancer cells on to bones and other healthy body parts. WHO projections suggest that the global cancer prevalence will increase by almost 75% from 2008 to 2030. Thus, increasing incidence of chronic pain conditions will continue to encourage the use of pain management drugs, thereby driving the market growth.

The global pain management therapeutics market is segmented by drug class, indication, distribution channel, and geography. Based on drug class, the pain management therapeutics market is segmented into anesthetics, NSAIDs, anticonvulsants, antidepressants, anti-migraine agents, non-narcotic analgesics, and opioids. The opioids segment is further segmented as tramadol, oxycodone, hydrocodone, and others. The NSAIDs and opioids segment accounted for the largest share in the global pain management therapeutics market in 2017. The easy availability of NSAIDs on over the counter such as ibuprofen, aspirin, and diclofenac is the key factor contributing towards the high share of NSAIDs in the global pain management therapeutics market. The opioids are expected to register a significant growth rate in the global pain management therapeutics market in the coming years. The non-narcotic analgesics segment is expected to register a high CAGR in the global market in the near future. 

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By indications, the market for pain management therapeutics market is categorized into chronic back pain, neuropathic pain, arthritic pain, fibromyalgia, cancer pain, migraine, and post-operative pain. The cancer pain management segment accounted for the largest share in the global pain management therapeutics market and is expected to grow at a higher pace during the forecast period. The rising prevalence of cancer and growing awareness about cancer pain therapeutics are the key factors contributing towards the growth of segment in the coming years. 

Based on the distribution channel, the global pain management therapeutics market is segmented into hospitals pharmacy, retail pharmacy, and online pharmacy. The online pharmacy is estimated to grow at a high CAGR in the global pain management therapeutics market in the near future. The increasing trend of online purchasing and growing digitalization are significantly contributing towards the growth of online pharmacies over the forecast period. 

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By geography, North America accounted for the highest share in the global pain management therapeutics market in 2017. The favorable healthcare reforms and regulatory scenario in the U.S. is the key factor contributing towards the highest share of North America in the global market. According to the estimation of National Health Interview Survey (NHIS), about 25.3 million adults, i.e., 11.2% adults suffered from pain every day and about 40 million adults, i.e., 17.6% adults experienced chronic pain in the year 2012. The U.S. alone spends around USD 560 billion to USD 635 billion annually on healthcare due to the pain disorders. Healthcare reform legislation of the U.S. passed in March 2010 promised high attention and more allotment of funds to address the critical issues of pain management. It provides the provision for the development of effective pain therapies and ensures proper channeling of the funds along with effective training for pain management professionals. Patient Protection and Affordable Care Act included several provisions for pain management that were earlier mentioned in the legislation named ‘National Pain Care Policy Act of 2009’. These regulatory healthcare reforms address pain management issues more seriously, which in turn will help the development of efficient pain management therapeutics in the near future.

Europe holds the second largest position in the global pain management therapeutics market. The high spending on healthcare and availability of better healthcare infrastructure are the foremost factors contributing towards the huge share of Europe region in the market. European expenditure accounts for 1.5%-3% of GDP annually. This incremental cost is inclusive of medical costs for pain care, economic costs, and lost productivity. According to a survey, conducted in Europe, one in five Europeans suffers from chronic pain. This hampers the quality of life and overall well being of the sufferers, which will ultimately boost the pain management therapeutics market in the region.

Browse the full "Pain Management Therapeutics Market by Drug Class (Anesthetics, NSAIDS, Anticonvulsants, Antidepressants, Anti-migraine agents, Non-narcotic Analgesics, and Opioids (Tramadol, Oxycodone, Hydrocodone, and Others)); by Indication (Neuropathic Pain, Arthritic Pain, Cancer Pain, Post-operative Pain, Chronic Back Pain, Fibromyalgia, and Migraine), and by Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, and Online Pharmacy): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/pain-management-therapeutics-market

Asia Pacific is expected to record the highest CAGR in the global pain management therapeutics market over the forecast period. The adoption of advanced therapeutics and a large patient pool of chronic pain is anticipated to propel the growth of pain management therapeutics market in the Asia Pacific over the forecast period. The growing number of untreated chronic diseases and growing government support to the available diagnosis and treatment facilities will encourage the use of pain management drugs, thereby driving the market growth in the Asia Pacific in the forecast period.

The Latin America and the Middle East and Africa hold the least growth in the global pain management therapeutics market but it is expected to register a significant growth rate in the near future. Various companies operating in pain management therapeutics are expanding their footprints in the emerging economies such as Brazil, Mexico, South Africa, and other GCC countries. The preference of the healthcare professionals towards enhanced health care facilities and better drug treatment is expected to generate growth prospects in Latin America and the Middle East & Africa over the forecast period.

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Some of the key players covered in the pain management therapeutics market are Pfizer Inc., Endo International Plc., Depomed, Inc., Purdue Pharma L.P., Teva Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, AstraZeneca Plc., Novartis AG, Merck & Co., Inc., Johnson & Johnson Services, Inc., GlaxoSmithKline Plc., and Abbott Laboratories. 

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This report segments the global pain management therapeutics market as follows:

Global Pain Management Therapeutics Market: Drug Class Segment Analysis

  • Anesthetics
  • NSAIDS
  • Anticonvulsants
  • Antidepressants
  • Anti-migraine agents
  • Non-narcotic analgesics
  • Opioids
    • Tramadol
    • Oxycodone
    • Hydrocodone
    • Others

Global Pain Management Therapeutics Market: Indication Segment Analysis

  • Neuropathic Pain
  • Arthritic Pain
  • Cancer pain
  • Post-operative Pain
  • Chronic Back Pain
  • Fibromyalgia
  • A migraine    

Global Pain Management Therapeutics Market: Distribution Channel Segment Analysis

  • Hospitals Pharmacy 
  • Retail Pharmacy
  • Online Pharmacy 

Global Pain Management Therapeutics Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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