New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pain Management Drugs Global Market Report 2023" - https://www.reportlinker.com/p06464236/?utm_source=GNW
, GlaxoSmithKline plc, AbbVie Inc., Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd., AstraZeneca plc, Mylan N.V., and Bausch Health Companies Inc.
The global pain management drugs market is expected to grow from $72.60 billion in 2022 to $76.76 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pain management drugs market is expected to reach $92.15 billion in 2027 at a CAGR of 4.7%.
The pain management drug market consists of sales of acetaminophen, anti-seizure medications, steroids, muscle relaxers, and other related drugs.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A pain management drug refers to medication that reduces pain. They produce analgesia by actions at several levels of the nervous system such as, inhibition of neurotransmitter release from the primary afferent terminals in the spinal cord and activation of descending inhibitory controls in the midbrain.
North America was the largest region in the pain management drugs market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in pain management drug report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main class of pain management drugs are non-steroidal anti-inflammatory drugs (NSAIDs), anaesthetics, anticonvulsants, anti-migraine agents, antidepressants, opioids, and nonnarcotic analgesics.NSAID refers to a nonsteroidal anti-inflammatory drug.
It is used to lower a high fever, lessen inflammation, and ease discomfort. These are used for various indications such as arthritic pain, neuropathic pain, cancer pain, chronic back pain, postoperative pain, migraine, fibromyalgia, muscle sprain/strain, bone fracture, and others, which are distributed by different channels including hospital pharmacies, retail pharmacies, and online pharmacies.
The rise in the geriatric population is expected to boost the growth of the pain management drugs market going forward.The geriatric population refers to people 65 years and older.
Pain management drugs are often given to elderly patients to relieve the pain of arthritis, cancer, neurological disorders, and other conditions that are more common in later life; hence, the rise in the geriatric population is expected to boost the pain management drugs market.For instance, in October 2022, according to a report published by World Health Organization (WHO), a Switzerland -based agency responsible for international public health, one in six persons in the whole world will be 60 years of age or older by the year 2030.
The number of individuals over 60 in the world will double (2.1 billion) by 2050. Additionally, between 2020 and 2050, there will be 426 million more people who are 80 years of age or older than there are today. Therefore, the rise in the geriatric population is driving the growth of the pain management drugs market.
Technological advancement is the key trend gaining popularity in the pain management drugs market.Major companies operating in the pain management drugs market are focusing on developing new technologies.
For instance, in November 2021, AppliedVR, Inc., a US-based company that offers virtual reality therapeutics, launched EaseVRx, a prescription-only immersive virtual reality (VR) system that helps patients with chronic lower back pain, who are 18 years of age and older, reduce their pain by utilizing cognitive behavioural therapy and other behavioural techniques. The unique feature of EaseVRx is its use of CBT and other behavioural treatment techniques to reduce pain and pain interference. The EaseVRx treatment program consists of 56 VR sessions that range in length from 2 to 16 minutes and are designed to be used daily for eight weeks of treatment. A skills-based treatment program is used in the device’s VR software, which applies well-established behavioural therapy principles to alleviate the physiological symptoms of pain.
In August 2020, Acadia Pharmaceuticals Inc., a US-based biotechnology company, acquired CerSci Therapeutics for $52.5 million. This acquisition expands Acadia’s clinical pipeline by adding non-opioid pain medicines with possible non-addictive qualities and decreased adverse effects commonly associated with current opioid treatments. CerSci Therapeutics is a US-based clinical-stage biotechnology company with worldwide rights to a portfolio of novel compounds for neurological conditions, including non-opioid therapies for acute and chronic pain.
The countries covered in the pain management drug market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pain management drugs market research report is one of a series of new reports that provides pain management drugs market statistics, including pain management drugs industry global market size, regional shares, competitors with a pain management drugs market share, detailed pain management drugs market segments, market trends, and opportunities, and any further data you may need to thrive in the pain management drugs industry. This pain management drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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