ID: MRFR/HC/6959-HCR | February 2021 | Region: Global | 111 pages
Pain Relief Medication Market held a value of USD 55,275 Million in 2018, at a CAGR of 4.73% during the assessment period of 2019 to 2025.
There has been a high level of product approvals by prominent players in the market. There has been an increasing prevalence of chronic and life-threatening diseases, which increases the pool of patients suffering from pain.
The increasing initiatives by public and private companies boost market growth. The rising number of product launches by major players in the market are likely to act as a substantial contributing factor for the increase in the near future.
Increasing product approvals. In November 2018, Pfizer Inc. was granted pediatric exclusivity for its product Lyrica (pregabalin), which has been approved in the US for diabetic nerve pain, fibromyalgia, spinal cord injury nerve pain, and pain after shingles in adults.
Increasing research initiatives
Rising need for treatment of chronic pain. An approximate of 20% to 24% of patients suffering from diabetic neuropathy go through pain in the US, leading to the growth of this market in the region.
High prevalence of life-threatening diseases
Growing awareness regarding the treatment of chronic diseases
Fast-track approval of drugs
Increase in the use of combination therapy for the management of pain
By Drug Class
By Distribution Channel
Americas: Americas is estimated to be the largest regional market. Countries such as the US and Canada have well-established research centers and headquarter most of the key companies. This contributes to the growth of the pain relief medication market in this region. An approximate of 20% to 24% of patients suffering from diabetic neuropathy go through pain in the US.
Europe: The increasing research for novel treatments and the rise in incidence rates of chronic diseases is expected to drive the growth of the pain relief medication market in the European region. An aggregate of Euro 12.3 billion (USD 13.50 billion) is spent annually in the UK for back pain treatment.
Asia-Pacific: Asia-Pacific is anticipated to be the fastest-growing region in the global pain relief medication market. This region is seeing a surge in the number of people afflicted with pain and the increase in the number of cancer patients. The number of new cancer cases on an annual basis account for almost 4,285,033 in China.
Middle East & Africa: The smallest market due to limited healthcare infrastructure and limited exposure to innovative products.
Frequently Asked Questions (FAQ) :
The global pain relief medication market had reached a valuation of USD 55,275 MN in 2018.
The global pain relief medication market is projected to grow at approximately 4.73% CAGR during the forecast period (2019-2025).
Increasing product approvals.
North America holds the largest share in the global pain relief medication market, followed by Europe and the Asia Pacific, respectively.
Astellas Pharma Inc. (Japan), AbbVie Inc. (US), Allergan PLC (Ireland), Purdue Pharma (US), Bayer (Germany), Boehringer Ingelheim International GmbH (Germany), Eli Lilly and Company (US), Bristol-Myers Squibb (US), Mallinckrodt Pharmaceuticals (UK), GlaxoSmithKline (UK), Biogen Idec (US), Pfizer, Inc. (US), Teva Pharmaceutical Industries Ltd (Israel), and Sanofi (France), are some of the major players operating in the pain relief medication market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.