Pain management drugs are defined as specific drug classes that have pharmacological actions on pain receptors & work against the pain symptoms. These drugs can be used for pain management of conditions, as indicated on label & some drugs have off-label uses. For example, antidepressants & anticonvulsants were originally used for the management of depression & epilepsy respectively. However, these drugs have shown activity against pain indications & are prescribed for pain management as off-label indication.
Growing geriatric population is the main factor which drives global pain management drugs market growth, as geriatric people are more to suffer from joint as well as other chronic conditions. Also, the increase in prevalence of chronic diseases like diabetes, cancer, and osteoarthritis will positively influence the market growth. In addition, the increase in number of surgical procedures and growing healthcare expenditure are expected to propel the global pain management drugs market growth.
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Life threatening side effects associated with pain management medications & addiction issues with opioid drugs are expected to hamper the global pain management drugs market growth over the forecast period. Also, lack of research and development activities by major players are anticipated to hinder global pain management market growth
Impact of COVID-19
The COVID-19 crisis is expected to impact the pain management drugs market in the initial phase of over the forecast period. The pandemic has stressed healthcare systems across the globe, so many clinics & pain services are no longer open for public services, due to safety measures imposed by governments. Also, during the latter half of the forecast period, demand for pain management drugs is expected to increase, owing to numerous factors including telemedicine, which is an appropriate & effective way to provide necessary medical services to patients with chronic pain.
The North America region accounted for majority of pain management drug market share in the year 2019, and it is anticipated to remain dominant over the forecast period. Due to the increase in geriatric population and favorable regulatory conditions. The increase in number of drug abuse cases & additive nature of opioid has reduced use of prescriptions for opioid in the region. Moreover, the APAC region is expected to experience highest growth rate throughout the forecast period, due to presence of larger patient pool and the rise in healthcare experience in the region.
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Market Key Players
Various key operating players are listed in this report such as Novartis AG, Abbott Laboratories, Eli Lilly & Company, Endo Health Solutions, Inc., Pfizer, Inc., Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline Plc., Purdue Pharma L.P., Mylan NV., etc.
By Pain Type
By Drug Class
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