The prevalence of chronic diseases is rising, which is contributing to an increase in cases of chronic pain. The creation of efficient therapies has been spurred by the growing worry about the pain that is connected with chronic illnesses. The number of people with chronic pain has significantly increased over the past few years, prompting healthcare organizations to concentrate on developing novel and effective pain management treatments. One in ten Americans suffers from a chronic disease and the accompanying pain, according to the National Institutes of Health (NIH).
Additionally, the demand for pain management therapies has increased as cancer cases around the world have increased. Greater demand for drugs like opioids, NSAIDs (Non-Steroidal Anti-Inflammatory Drugs), anesthetics, and anticonvulsants have been caused by the pain that cancer patients endure. According to the National Institute of Cancer, 1,735,350 new cases of cancer were diagnosed in the United States in 2018 alone. By 2030, the World Health Organization (WHO) forecasts a 75% rise in cancer cases worldwide. Since treating the condition is a crucial component of patient care, this number alone emphasizes the need for pain management medicines in the future years.
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Market Overview and Growth Projection
The global pain management therapeutics market was valued at around US$ 65 billion in 2018 and is projected to grow at a rate of more than 4% over the next six years, reaching a market value of over US$ 85 billion.
Opioids Dominating the Market
Among various therapeutic options, opioids are expected to witness high demand as the most commonly prescribed medication for pain management. Opioids have shown remarkable efficacy in alleviating cancer pain. Comprising both synthetic and natural opiates, opioids provide effective relief for acute pain, short-term pain, and pain and trauma resulting from surgeries. Consequently, opioids account for a significant revenue share in the pain management therapeutics market.
North America: A Major Market Player
Due to the prevalence of chronic illnesses and the associated need for therapeutics among the general population, the demand for pain management therapeutics in developed economies of North America is expected to witness significant growth in the coming years. According to the Centers for Disease Control and Prevention (CDC), chronic pain has been a prevailing issue in the United States. Furthermore, CDC reports that chronic pain increases with age, significantly impacting individuals aged 65 and above. The incidence of chronic pain and associated illnesses has been on the rise since 2019 and is expected to continue increasing in the future. Additionally, the Population Bulletin projects that the number of individuals aged 65 years and above will almost double by 2060, reaching approximately 95 million, compared to 52 million in 2018. Consequently, the demand for pain management therapeutics is expected to surge in North America.
The presence of specialist physicians specializing in pain management, as well as companies providing pain management therapeutics and solutions, is also contributing to market growth in the region. Furthermore, the robust healthcare infrastructure and increasing FDA approvals for pain management solutions are expected to support market expansion. For example, in 2020, the FDA approved Baudax Bio’s “Anjesco,” a meloxicam injection used for the treatment of severe and moderate pain situations.
Asia Pacific: A Growing Market
Emerging economies in the Asia Pacific region are also showing a strong inclination toward adopting pain management therapeutics. The increasing mortality rates due to chronic diseases like cancer and the rising prevalence of chronic disorders have fueled the demand for pain management solutions in the region. Additionally, Asia Pacific offers significant business potential, supported by its abundant cheap labor and land resources. With India and China serving as major revenue pockets in the region, companies can focus on tapping into the pain management therapeutics market and expect a stream of growth opportunities in the future.
In conclusion, the increasing prevalence of chronic disorders and associated pain has created a demand for effective pain management therapeutics. The market is expected to witness significant growth in the coming years, driven by factors such as the rising incidence of chronic diseases, the dominance of opioids as pain management medication, and the presence of well-established healthcare systems in North America. Additionally, emerging economies in the Asia Pacific region present promising opportunities for market expansion. As the need for pain management continues to grow, pharmaceutical companies and healthcare organizations must focus on developing innovative solutions to alleviate chronic pain and enhance the quality of life for patients.
