Pain Relief Medication Market held a value of USD 1,62,175.20 Million in 2030, at a CAGR of 7.22% during the assessment period of 2020 to 2030. Pain is a disturbing sensation that is formed due to tissue damage or disease. Additionally, different types of disorders can cause discomforts like stomach ulcers, sclerosis, osteoarthritis, chronic arthritis, diabetic neuropathy, and cancer. The intensity of pain varies from acute pain for the short term and chronic pain for the long term. Acute pain doesn’t last long; it can be for months, weeks, or days. Whereas chronic pain is caused by joint conditions, aged bone, injury, it nerves damage.
Varieties of drugs are used to manage the pain that is resulted from inflammation due to tissue damage, nerve damage, or pathogens. Most of the drugs act by bonding the protein targets on cells and impacting the biochemical process of the body. Pain medications are very helpful for people suffering from major or minor pain. The availability of these drugs is easy with prescription. The regulatory agencies examine the active ingredients of the drugs and then pass it for usages. The majority of pain medicine is pass to the customers of the use, and the dosage is printed on the package. The increasing population in different regions and is a key factor in the pain relief medication market growth. Pain is a major problem, and the injury is happening due to various modes such as accidents, sports injury, spinal dislocation, and so on.
Aged people are more prone to suffer from pain and other chronic conditions. The prevalence of diseases like cancer, diabetic neuropathy, osteoarthritis, and other chronic diseases is also propelling the pain relief medication market size. With the Advancement of medical science, and technology there is a rise in procedures and healthcare expenditure, and it is expected to fuel the pain relief medication market in the coming years. The market will see huge growth in the future owing to the high usage of pain relief medication.
Coronavirus outbreak was started in Wuhan city, and now it has spread worldwide. Covid-19 is now a major concern for the government across the world. Every nation is fighting with the coronavirus with everything they have got. The covid-19 has influenced the relief medication market. The usage of pain relief drugs has decreased as all the focus on the coronavirus. The pain services and clinics are no longer open for public services due to the safety measures imposed by the governments. The imposition of lockdown and social distancing guidelines has also influenced the pain relief medication market trends. To minimize the risk of the spread, the non-urgent facilities are limited or stopped. But the of the pain relief medication market growth is excepted to rise to own to the need for pain relief drugs for the patients suffering from chronic pain after recovering from covid-19. The pain relief medication market analysis report shows the key players had a huge role in keeping the demand high.
One of the key drivers behind the growth of pain relief medication market trends is the rising geriatric population across the globe. According to data in 2018, the population of people aged 60 years was more than 991 million. This population is a major factor behind the growth of the market. This population will reach 1.8 billion by 2024. The rate of chronic pain is higher in older people, and it is peopling the market. According to the pain relief medication market outlook, this driver will boost the market in the forecast period as well. Furthermore, the rising number of hospitalization cases and increased the production of pain relief medication, and the companies are investing heavily in the research and development activities to develop pain killers that are more effective, safer, and cost-effective. Other drivers of the market are the increasing expenditure in the healthcare sector, increasing consumer awareness, and government support for improving healthcare services. The rising need for pain relief drugs for chronic pain is also is a major driver. According to the world health organizations (WHO), 300 000 new cases of cancer are diagnosed each year among young children.
The research on the development of different pain relief drugs is increasing every day. The researchers are trying to come up with better pain relief solutions that have no side effects with high effectiveness. Also, the life-threatening disease like cancer is increasing; as a result, pain relief drugs are highly used in the treatment process. The approval of these drugs is faster, and the process is not long enough. As a result, the supply is increasing. These factors are highly contributing to the pain relief medication market and generating opportunities. Key players are also trying their best to bring better opportunities to the market by investing a huge amount of money.
The pain relief drugs are very effective in treating the problems related to pain; however, they show certain side effects. Some of the pain relief drugs can cause big problems in the long run. Regular use of these drugs can create harmful problems. That is why it is recommended to consult a doctor first. The side effects can be a major restraint for the pain relief medication market. Also, the drugs come with an expiry date, and after a certain period of time, they are of no use. This is also a bigger problem for the market as the buyer are not buying in bulk amount.
The availability of substitutes for pain relief drugs is a major challenge for the pain relief medication market. The majority of people using the alternatives due to the side-effects of pain killers, and it is a concern for the market. However, the key players and the drivers are playing a major role in keeping the demand high.
In comparison to the previous years, the pain relief medication market has generated a higher market size. The pain relief medication market value was $55,275 million in 2018, but it is expected to reach $91,639 million by 2027. It shows the increasing demand of the market with the increasing need for pain relief drugs for various reasons.
By class, the pain relief medication market is segmented into:
By indication, the pain relief medication market is segmented into Cancer pain, neuropathic pain, musculoskeletal pain, inflammatory conditions, and others. Cancer pain is expected to be the largest segment due to the increasing number of cancer patients.
By distribution channel, the pain relief medication market is divided into:
By region, the pain relief medication market is divided into America, Europe, Asia Pacific, Middle East & Africa.
America holds the highest pain relief medication market share due to the presence of big research centers and companies. In this region, 20%-24% of patients suffer from diabetic neuropathy, so this region has a huge demand for pain relief drugs. The market in the European region is growing due to the rising number of chronic diseases. In this region, Euro 12.3 billion is spent on back pain treatment annually. Asia Pacific is the fastest-growing region with registering the highest CAGR due to the increasing number of cancer patients in this region. China has 4,285,003 new cancer patient cases annually. The market will grow more in the forecast period due to the rapid growth of the population in this region. The Middle East and Africa are holding very low pain relief medication market share due to limited healthcare facilities and less exposure to innovative products.
The major players in the pain relief medication market are:
The pain relief medication market report is based on quantitative and qualitative analysis. This report highlights the market overview, market segments, Market Dynamics, and pain relief medication market analysis. Additionally, it includes regional analysis, competitive landscape, and recent developments.
By Drug Class
By Distribution Channel
|Market Size||1,62,175.20 Million USD 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Drug Class, Indication, And Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AbbVie Inc. (US), Allergan plc (Ireland), Astellas Pharma Inc. (Japan), Bayer (Germany), Biogen Idec (US), Boehringer Ingelheim International GmbH (Germany), Bristol-Myers Squibb (US), Eli Lilly and Company (US), GlaxoSmithKline (UK), Mallinckrodt Pharmaceuticals (UK), Pfizer, Inc. (US), Purdue Pharma (US), Sanofi (France), and Teva Pharmaceutical Industries Ltd (Israel).|
|Key Market Opportunities||The key players are involved in product launches and strategic collaborations|
|Key Market Drivers||
The global pain relief medication market had reached a valuation of USD 1,62,175.20 MN in 2030
The global pain relief medication market is projected to grow at approximately 7.22% CAGR during the forecast period (2020-2030).
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.