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Report Code: LS10567
Category : Pharmaceuticals
The growing geriatric population and increasing demand of innovative and advanced pain relaxing medications around the world are the predominant growth drivers for the global pain management drugs market. Additionally, the increasing number of hospitalization cases; unmet requirements for neuropathic pain management drugs; innovative and advanced applications of pain management therapies; increasing prevalence of various chronic diseases, such as cancer, and neurological problems; and increasing healthcare expenditure are also driving the growth of the global market. The growing numbers of mergers and acquisitions is a key trend observed in the market. Among the various therapeutic indications, the post-operative pain relief segment accounted for the largest share, and the low-back pain segment accounted for the second largest share in the global market.
Pain management drugs are mainly used to relieve discomfort associated with injury and surgeries. Moreover, pain management medications are used in the management of pain associated with neurological problems, migraine, cancer, orthopedic problems, low- back pain, rheumatoid arthritis, and fibromyalgia.
The stringent regulation for the approval of pain management drugs is restraining the growth of global market. High expenditure requirement in the manufacturing of pain management drugs and risks of side-effects associated with pain-killers are also hindering the growth of global market.
North America and Europe are the major markets, due to increasing prevalence of chronic diseases, and growing awareness about various types of chronic pain conditions in these regions. The U.S. followed by Canada, is the largest market for pain management drugs in North America. Whereas, the U.K., Germany and France are some of the major countries holding significant share in the European pain management drugs market.
The Asian market is growing with a significant rate, owing to huge pool of patients, and increasing healthcare spending in the region. In addition, the initiatives taken by various government associations to develop chronic pain rehabilitation centers, and increasing prevalence of various chronic diseases are also supporting the growth of the Asian pain management drugs market. The countries such as India, Japan and China, are the major markets in the region.
Apart from these regions, Latin America is another important market. This is due to increasing investments by drug manufacturing companies and growing demand of pain management medications in the region. Brazil holds the largest share in the Latin American pain management drugs market, due to the increasing support from government organizations for the development of chronic pain rehabilitation center in the country.
Some of the major players operating in the global pain management drugs market include Purdue Pharma L.P., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Forest Laboratories Inc., Endo International PLC, Johnson & Johnson, Pfizer Inc., Valeant Pharmaceuticals International Inc., GlaxoSmithKline PLC, F. Hoffmann-La Roche Ltd., and Baxter International Inc.
Pain Management Drugs Market Segmentation
By Therapeutic Indications