Pain management drugs market analysis

1. Coherent market insightsMarket Research and Business Consulting Services PAIN MANAGEMENT DRUGS MARKET ANALYSIS • https://www.coherentmarketinsights.com/market-insight/pain-management-drugs-market-1697

2. Pain Management Drugs Market – Insights • Pain management medications are specific drug classes, which have pharmacological actions on pain receptors and work against the pain symptoms. These medications include opioids, non-steroidal anti-inflammatory drugs (NSAIDs), anticonvulsants, antidepressants, muscle relaxants, and others. These medications can be used for pain management of conditions, as indicated on label and some medications have off-label uses. For instance, anticonvulsants and antidepressants were originally used for the management of epilepsy and depression respectively. However, these medications have shown activity against pain indications and are prescribed for pain management as off-label indication.

3. Moreover, opioids are majorly prescribed for the management of acute as well as chronic pain. This has also resulted in self-medication by patients, resulting in misuse or overdose of opioid containing drug products. Moreover, majority of the drugs have lost patent protection over the years and generic versions of the same are widely available in the market. Commercially available pain management drugs include Fentanyl, Hydromorphone, Oxycodone, Aspirin, Diazepam, and others.

4. Lack of alternative treatment therapies are projected to drive growth of pain management drugs market over the forecast period • In 2015, Depomed, Inc. acquired the U.S. rights to NUCYNTA (tapentadol), NUCYNTA ER (tapentadol) extended release tablets, and NUCYNTA (tapentadol) oral solution from Janssen Pharmaceuticals, Inc. Tapentadol is available in tablet, solution, and extended release forms. Furthermore, the tablet and solution forms of NUCYNTA has three patents, out of which one expired in June 2017 and other two will expire in June 2025 and August 2029, respectively

5. Moreover, patent expiry of pain management drugs such as Oxycontin, Opana, Celebrex (2013 - 2014), and others are providing opportunity to market players for introducing new products in the pain management drugs market. Moreover, introduction of novel drug delivery systems such as prefilled syringes and injectable dosage are offered by manufacturers such as Pfizer, Inc., which is expected to boost the market growth over the forecast period. Manufacturers offer wide range of products, which include generic as well as branded products in capsules and tablet forms.

6. Also, some of the drugs are cost-effective alternative as compared to the pain therapies such as invasive approach and physiotherapy. These factors are further expected to boost the market growth over the forecast period. The global pain management drugs market was valued at US$ 63,212.3 Mn in 2017 and is expected to witness a robust CAGR of 3.9% over the forecast period (2018 – 2026).

7. Figure 1. Global Pain Management Drugs Market Value (US$ Mn), by Region, 2018 and 2026 High prevalence of chronic pain diseases is expected to foster the growth of pain management drugs market over the forecast period.

8. According to the American Academy of Pain Medicine, in 2011, around 1.8 billion people suffered from chronic pain. Moreover, the National Institutes of Health (NIH) estimates that one in 10 people in the U.S. suffer from chronic pain. According to a study published in the British Medical Journal in 2016, nearly one-third to half of the population in the U.K. suffers from chronic pain. Moreover, according to the NIH estimates published in 2015 by the American Pain Society, around 50 million people in the U.S. suffered from chronic pain. Moreover, rising prevalence of pain and increasing prevalence of diseases such as cancer and others are driving growth of the pain management drugs market

9. For instance, according to the National Cancer Institute, in 2018, around 1,735,350 new cases of cancer are expected to be diagnosed in the U.S. and 609,640 people are expected to die from the disease. • However, side effects associated with the pain management drugs and addiction issues with the opioid medications are expected to hinder growth of the pain management drugs market over the forecast period. Some 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., GlaxoSmithKline Plc, Johnson & Johnson, and F. Hoffmann La Roche Ltd

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