The global pain management therapeutics market is extremely
fragmented with both large and small players in high numbers. The
degree of competition is high, but is not expected to deter new
players from entering into the market on account of the high growth
potential of the global pain management therapeutics market, states
Transparency Market Research (TMR) in its new report based on this
market. The report further states that regional players are
intensifying the competition level by manufacturing a large volume of
pain management drugs and at cheaper costs as compared to
well-established and well-known manufacturers. Nevertheless, the
well-established players are expected to hold their leading positions
on account of the brand value they have achieved over years of hard
work and efforts.
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Names of prominent players within the market include: Mallinckrodt
plc, Abbott Laboratories, Endo Health Solutions, AstraZeneca plc, Eli
Lilly & Company, GlaxoSmithKline plc, Johnson & Johnson,
Novartis AG, Merck & Co. Inc., Purdue Pharma LP, Pfizer Inc., and
Teva Pharmaceuticals.
According to Transparency Market Research, the global opportunity
within the pain management therapeutics market will be cross US488,
253.4 mn by the end of 2025. On the basis of disease indication, it
is predicted that the cancer pain management segment will lead
throughout the forecast period. On the basis of type of therapeutics,
the market for opioids and NSAIDS will flourish. Geographically,
North America, followed by Europe is leading in the market for pain
management therapeutics.
Growing Number of People Suffering from Chronic Pain Favouring
Growth of Market
As per the lead author of this report, “The market for pain
management therapeutics is anticipated to grow, fuelled majorly by
factors such as growing geriatric population, changing lifestyles,
rising number of surgeries, and an alarming rise in the incidences of
chronic diseases.” The statistics from the National Health
Interview Survey has stated that around 20% of the total world’s
population had been suffering from chronic pain, as surveyed in
2016.
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Entering
Developing Nations and Catering to Unmet Medical Needs of Population
Base to Bode Well for Market Players
The launching of newer drugs and reformulation of those which are
existing are ensuring that the global pain management therapeutics
market continues to advance. The improvement in the healthcare
infrastructure in developing nations as well as the rising
penetration of major players within the pain management therapeutics
market in the developing nations have considerably helped the market
to flourish overall. Reaching out to the developing nations and
tapping on the unmet medical needs of the patient population is
proving to be one of the most profitable decisions working well for
both manufacturers as well as patient pool.
Slow Penetration
of Newly Launched Pain Management Drugs to Reach Market Posing a
Challenge for Market Players
The role of extensive research and development carried out by leading
manufacturers of drugs, backed by advancements in technology and
biotechnology and pharmaceutical sectors is also key for the growth
of the global pain management therapeutics market. On the other hand,
stringent regulations opposing the use of opioids in certain
countries as well as the extensive time taken by newly launched pain
management drugs to fully penetrate into the market are anticipated
to pose as challenges and restrict the growth of the market.
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