Pain Drugs Market Outlook Highlights Key Opportunities by 2030 – Bolivar Commercial
The global pain medication market was valued at US $ 35.2 billion in 2017 and is expected to reach US $ 52.6 billion by 2026, at a CAGR of 5.15% over a period of forecast.
Pain management is the medical field used to treat all types of pain containing musculoskeletal, spinal and neuropathic disorders. It is used to improve the quality of life of people with pain.
The growth of the geriatric population is the major factor driving the growth of the global pain management market as the elderly are more likely to suffer from joint pain as well as chronic conditions such as heart disease, stroke. brain, diabetes and cancer.
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Increasing vigilance regarding side effects of pain relievers and increasing occurrence & prevalence of chronic diseases is also driving the market growth. The availability of alternative therapies and the increase in drug abuse is hampering the growth of the pain medication market.
Prescription drugs dominate the market because drugs are only available with a valid prescription from a doctor. Prescription drugs have to go through many phases of clinical trials, be approved by the Food and Drug Administration (FDA), and observed for safety & side effects even after the drug is released to the market. Over-the-counter medications are available without consulting a prescriber or pharmacist, although the patient should be aware that these medications always carry a risk. Over-the-counter drugs are monitored by the Food and Drug Administration, but it’s not as strict as the process that prescription drugs have to go through.
Migraine is very common and it is a type of headache related disorder with sensitivity to smells, light or acoustics. Migraines can be treated abortively and preventively. Abortion medications work quickly and are especially helpful for people who have nausea & vomiting from their migraine. Abortion medication can be taken by self-injection, by mouth and by skin patch.
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Fibromyalgia is a common type of chronic pain where the patient suffers from musculoskeletal pain as well as problems with memory, fatigue, sleep, and mood.
Asia-Pacific is estimated to be the fastest growing region for the pain medication market due to the presence of more patients and growing healthcare spending in this region. Japan is the biggest contributor and China & India is the fastest growing country to Asia-Pacific region in global pain medicine markets.
The major players in the global pain medication market are Pfizer, Inc., Purdue Pharma LP, Eli Lilly And Company, GlaxoSmithKline, and Johnson & Johnson.
The report covers a comprehensive study of the major market drivers, restraints, opportunities, challenges, PESTEL, carriers, SWOT and technology forecast in the market.
Scope of the Global Pain Management Drugs Market:
Global Pain Management Drugs Market, By Category:
Over-the-counter (OTC) drugs
Global Pain Drugs Market, By Therapeutic Indications:
Rheumatoid arthritis pain
Global Pain Management Drugs Market, By Brand:
Global Pain Drugs Market, By Region:
Middle East & Africa
Key player operating in the global pain management drugs market:
Purdue Pharma LP
Eli Lilly and company
Johnson & johnson
Bristol Myers Squibb
Valeant Pharmaceuticals International Inc.
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