According to the latest market report published by Acute Market Reports “Pain Therapeutics Market - Growth, Future Prospects and Competitive Analysis, 2021 - 2029” the global pain therapeutics market was valued at US$ 53.2 Bn in 2020, and is expected to reach US$ 85.4 Bn by 2029, expanding at a CAGR of 5.3% from 2021 to 2029.
Browse the full report Pain Therapeutics Market - Growth, Future Prospects and Competitive Analysis, 2021 – 2029 at https://www.acutemarketreports.com/report/pain-therapeutics-market
Market Insights
Global pain therapeutics market is segmented on the basis of major drug class types such as acetaminophen and nonsteroidal anti-inflammatory drugs (NSAIDs), opioids, anesthetics, anticonvulsants, corticosteroids, antidepressants and others. Due to their proven effectiveness, the demand for acetaminophen and nonsteroidal anti-inflammatory drugs (NSAIDs) is highest in market. However, stringent regulatory guidelines for the use of opioid drugs is negatively impacting the growth of opioids market.
For this study, pain therapeutics market is categorized on the basis of major pain type such as nociceptive pain (somatic pain, visceral pain and cutaneous pain), neuropathic pain and psychogenic pain. At present, the demand for nociceptive pain therapeutics is the highest in market, due to its widespread incidence. Pain therapeutics for neuropathic pain is anticipated to show the fastest market growth over the forecast period due to higher number of unmet needs, increasing number of disease such as diabetes, neuralgia, cancer etc. Furthermore, presence of ideal pipeline drugs such as TV-45070, PF-04383119, AGN-203818, GRO-12, REGN-475, KRN-5500, xpf-002 etc. would assist the growth of neuropathic pain therapeutics market over the forecast period.
At present, North America is the largest regional market for pain therapeutics with the United States accounting for the highest market share due to higher cost of therapeutics, massive R&D activities for drug discovery, higher number of target population, high healthcare awareness and increase in number of pain management centers. However, Asia Pacific is anticipated to grow significantly over the forecast period due to large pool of target population, developing economic condition and growing healthcare expenditure.
Market Competition Assessment:
Pain therapeutics market is highly competitive and involves large number of manufacturers. However, market is dominated by few players such as Abbott Laboratories, AstraZeneca Plc., Biogen Idec Inc., Bristol-Myers Squibb and Company, Depomed Inc., Eli Lily and Company, GlaxoSmithKline PLC., Johnson & Johnson Services Inc., Mallinckrodt Plc., Merck & Co. Inc., Novartis AG, Pfizer Inc., Purdue Pharma L.P., Sanofi S.A. and others.
Key Market Movements:
