Pain Management Therapeutics Market Size to Reach US$ 101.27 BN by 2029

Precedence Research predicts, the pain management therapeutics market size is estimated to reach US$ 101.27 billion by 2029 and growing at a CAGR of 4.3% from 2022 to 2030.

The growing prevalence of various diseases and the associated pain and aches are the major reasons behind the growth of the pain management therapeutics market. Various disorders such as ulcers, osteoarthritis, chronic arthritis, multiple sclerosis, cancer, and diabetic neuropathy may cause pain. The pain management therapeutics are effective in the treatment of the short term acute pain to long term chronic pain. The surging demand for the pain management is driving the market growth across the globe.

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Moreover, the rapidly growing geriatric population is further expected to fuel the demand for the pain management therapeutics. The ageing bones, injuries, damaged nerves, and joint conditions are the major factors that augments the market growth. According to the World Health Organization, the global geriatric population is projected to reach around 2 billion by 2050. The easy availability of various pain killers across the retail pharmacies and the online pharmacies plays a major role in the market growth. The increased penetration of the retail pharmacies across the globe has fostered the market growth in the past years.

Report Highlights:

• Based on the drug class, the NSAIDS segment dominated the market by generating the largest revenue share in 2020. This growth is attributed to the availability of NSAIDS as over-the-counter drugs and its availability at low cost. The ease of use and instant relief from pain are the prominent features that has fostered the growth of the NSAIDS segment in the global pain management therapeutics market.

• Based on the indication, the cancer pain is estimated to be the fastest-growing segment during the forecast period. This is attributed to the surging prevalence of different types of cancer like breast cancer, colorectal cancer, lung cancer, and prostate cancer among the global population. According to the International Agency for Research on Cancer, around 19.3 million new cases of cancer and approximately 10 million cancer deaths were recorded in 2020. It is estimated that the cancer cases will witness a rise of 47% by the year 2040. Therefore the surging cases of cancer across the globe will drive the growth of this segment.

• Depending on the distribution channel, the online pharmacy is expected to be the most opportunistic segment during the forecast period. The rising adoption of smartphones, enhanced access to internet, growing penetration of online pharmacies, and the rising investments in the latest technologies like 5G are expected to spur the growth of the segment. Furthermore, the easy payment options, convenience of buying, quicker home delivery, and huge discounts offered by the online pharmacies will foster the growth of the online pharmacies segment.

• North America was the dominant market in 2020. The increased burden of various chronic diseases, increased consumer awareness regarding the availability of pain management therapeutics, increased presence of old age population, and increased healthcare expenditure are the most prominent factors that has boosted the growth of the market in this region. It is estimated that around 60% of the US population is suffering from at least one chronic disease. Furthermore, the geriatric population in US is projected to reach 95 million by 2050. Therefore, these factors will sustain the dominance of North America in the global pain management therapeutics market.

• Asia Pacific is expected to be the fastest-growing market. The presence of huge population which is ageing rapidly, higher cases of road accidents and trauma, growing prevalence of various chronic diseases, and rising healthcare expenditure are several major factors behind the burgeoning growth of the pain management therapeutics market in the region.

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Future of Pain Management Therapeutics Market

The ongoing investments in the new product launches and the active participation of the government authorities like FDA and EMA in the approvals of the new drugs is estimated to present a lucrative growth opportunity to the market players in the forthcoming future.

COVID-19 Impact Analysis

• The COVID-19 pandemic has adversely impacted the pain clinics across the globe, as per the Indian Journal of Anaesthesia. The increased focus on the COVID-19 cases has attracted the investments on the research and study of the virus.
• The non-urgent nature of the chronic pain had a negative impact on the psychology of the patients and most of the patients suffering from short term acute pain remain untreated.

Key Developments in the Marketplace:

• In July 2021, Venus Remedies Limited introduced a separate consumer healthcare division to provide products related to pain management.
• In November 2019, Q Biomed Inc. acquired FDA approval to manufacture Strontium-89 Chloride USP that helps in the treatment of skeletal metastases caused due to cancer.

Major Market Segments Covered:

By Drug Class

• NSAIDs
• Opioids
• Anesthetics
• Antidepressants
• Anticonvulsants
• Others

By Indication

• Arthritic Pain
• Neuropathic Pain
• Chronic Back Pain
• Post-Operative Pain
• Cancer Pain
• Others

By Distribution Channel

• Online Pharmacy
• Retail Pharmacy
• Hospital Pharmacy

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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