Generic Drugs Continue Exhibiting Strong Growth in Pain Management Therapeutics Market as against Branded Alternatives

The number of individuals suffering from varying degrees of pain is constantly rising and research analysts claim that almost 20.0% of the global population is living with chronic pain. Today, several therapeutics are available to treat pain, be it drugs, physiotherapies, yoga, and others. The market for pain management therapeutics has been gaining traction across the globe as changing lifestyles, expanding geriatric population, and rising number of surgeries result in greater incidence of chronic pain. 

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Q. What are some of the recent developments in the U.S. benefiting the pain management therapeutics market?

A. Taking into consideration that North America is the leading regional market for pain management therapeutics, the U.S. plays a pivotal role in its growth. One of the main factors aiding the expansion of the U.S. pain management therapeutics market is the strong support of the government and the many steps taken by the FDA toward the development of new and more effective pain management solutions.

In mid-May 2017, the U.S. Food and Drug Administration proposed to educate healthcare providers regarding alternate methods of treating pain, such as yoga, acupuncture, and chiropractic care. With the aim of discouraging patients from consuming prescription opioids, the FDA believes that if healthcare providers gain knowledge about the wide range of therapies available to tackle pain, the crisis of prescription drug abuse. This could give the pain management therapeutics market in the U.S. a significant boost. 

In another move, the U.S. Department of Defense announced in May 2017 its plan to invest US$6 mn in various mHealth projects to boost pain management in the country. This particular move by the U.S. Military aims to help veterans choose pain relief therapies instead of opioids. The four-year project is the most recent in a string of digital therapeutic programs by the U.S. Government as a rising number of patients and healthcare professions lean toward mHealth apps and wearable devices to treat pain.

Q. What does the vendor landscape look like, in terms of branded and generic drug manufacturers?

A. On the whole, the global pain management therapeutics market is dominated by generic drug makers, with small and medium-scale companies looking to gain a larger share in the market by the end of the forecast period. This is likely to render the global market immensely saturated. Nevertheless, the branded drugs segment of the market also enjoys a stronghold over the pain management therapeutics market, owing to the presence of industry giants such as Pfizer Inc., Johnson & Johnson, Merck & Co., Endo Health Solutions, and Purdue Pharma LP. 

However, the generic drugs segment will continue to put pressure on the branded drugs segment, as more and more emerging vendors make their presence felt. Another factor that is likely to present opportunities to smaller makers of generic pain management drugs is the fact that many blockbuster drugs are facing patent expiries and the once high-earning medicines will face stiff competition from cheaper generic versions. 

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