Generic Drugs Offering Safer Pain Relief to be at Fore of Global Pain Management Therapeutics Market
As the world grapples with the rising incidence of chronic pain, the demand for advanced therapeutics to curb the health problem is more than ever. According to analysts nearly 20% of the global population suffers from chronic pain. In addition, the prevalence of chronic ailments, the increasing number of surgeries conducted worldwide, changing lifestyle, and the rising geriatric population are continuing to add roughly 10% new patients to the number every year.
These factors have been giving significant impetus to the global pain management therapeutics market and is expected to drive the market at a robust pace in the forthcoming years. According to Transparency Market Research (TMR), the global pain management therapeutics market is likely to exhibit a CAGR of 3.7% between 2016 and 2024. At this pace, the market which was valued at US$60.2 bn in 2015, is projected to reach US$83.0 bn by the end of 2024.
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Q: What competitive trends are influencing the market’s trajectory?
A: Generic medicines currently account for nearly two-thirds of the global pain management therapeutics market. Furthermore, the increased entry of small and medium-scale generic drug manufacturers is expected in the near future, which could render the market’s vendor landscape highly saturated. Some of the prominent players currently leading the branded pain management therapeutics segment are Endo Health Solutions, Pfizer, Inc., Merck & Co, Inc., Purdue Pharma LP., and Johnson & Johnson. Of these, the top two companies held the dominant 50% of the brand pain management drugs segment in 2015.
Over the course of the next few years, the overall market share held by the branded pain management therapeutics segment will decline further. Major manufacturers are likely to lose their market share to emerging vendors such as AstraZeneca plc, and Depomed, Inc. Also the competition in the generic drugs segment will intensify as players seek novel strategies for the gaining stronghold.
Q: Which segments will exhibit lucrative growth opportunities in forthcoming years?
A: As per the World Health Organization (WHO), over 14 million new cases of cancer are registered worldwide. Over the next two decades, the rate at which cancer cases are increasing will spike by 70%. This exponential rise in cancer cases naturally makes the chronic ailment one of the key factors driving the global pain management therapeutics market. According to TMR, the can pain management therapeutics segment held the dominant revenue share of 28% in the global market in 2015.
Furthermore, the segment also accounted for the largest revenue share in key regional markets such as North America, Asia Pacific, Europe, and Rest of the World. It is also expected to continue holding its dominance in the market between 2016 and 2024. However, in the next few years, the back pain management segment will rake high revenues, promising increased growth opportunities to the market. The chief factors enabling growth in the segment are hectic lifestyle and rising geriatric population.
Besides this, strategies adopted by players to capitalize on unmet medical demands of emerging economies will also create lucrative prospects. For instance, OxyContin boom in China has proven highly lucrative for drug makers. The brand behind the pain management medication is offering sale to boost its outreach. This would help the pain management therapeutics market gain pace even in countries such as China, which follows stringent regulations to curb harmful drug addiction.