Increased prevalence of chronic diseases and the introduction of non-opioid drugs are expected to boost the pain management drugs market

 

Pain management, pain therapy, and pain suppression or manage pain, is a broad branch of medical science which makes use of an interdisciplinary approach in order to ease the physical suffering and enhancing the quality of life of the individuals living with debilitating chronic pain. The pain management includes evaluating, diagnosing, treating, and preventing painful disorders and conditions by providing comprehensive pain management services. The main types of medications used for pain management are analgesics, antidepressants, narcotics, and sedatives.

Market Dynamics

Increasing prevalence of chronic diseases is expected to propel growth of the pain management drugs market. For instance, according to the Centers for Disease Control and Prevention (CDC)’s May 2019 report, an estimated 54.4 million US adults have diagnosed arthritis, which accounted for around 1 in 4 people in the U.S.

Launch of non-opioid drugs is expected to offer lucrative growth opportunities for players in the pain management drugs market. For instance, in November 2019, Q Biomed Inc. announced the U.S. FDA approval of its contract manufacturer IsoTherapeutics Group LLC (ITG) to manufacture the company's Strontium-89 Chloride USP, a non-opioid radiopharmaceutical indicated for the treatment of painful skeletal metastases caused by cancer.

Prescription drug abuse is expected to hinder growth of the pain management drugs market. For instance, according to the study, ‘ The Future of Fentanyl and Other Synthetic Opioids,’ published by RAND Corporation in 2019, the number of deaths involving synthetic opioids increased from 3,000 in 2013 to more than 30,000 in 2018, in the U.S.

Among regions, North America is expected to witness significant growth in the pain management drugs market, owing to increasing prevalence of cancer in the region. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Competitive Analysis

Major players operating in the pain management drugs market include, Pfizer, Inc., Sanofi S.A., Mylan N.V., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Abbott Laboratories, Purdue Pharma L.P., Q Biomed Inc., Lupin Ltd., Bicon Ltd., GlaxoSmithKline Plc, Johnson & Johnson, and F. Hoffmann La Roche Ltd.

Major players operating in the pain management drugs market are focused on launching new products to expand their product portfolio. For instance, in December 2020, Bicon Ltd. launched Tacrolimus, an immunosuppressant used in organ transplant patients to reduce the body’s ability to reject a transplanted organ. Similarly, Lupin Ltd. launched Meloxicam capsules in 5 mg and 10 mg dosages, used for management of osteoarthritis pain, in the U.S.