The global Visceral Pain Market is expected to reach USD 14.22 billion by 2024, driven by the increasing geriatric population globally. Increasing prevalence of visceral pain and rising awareness regarding the same is projected to drive market growth over the forecast period.
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In 2016, North America held the majority of share in global visceral pain market owing to the increasing healthcare expenditure. Additionally, the high prevalence of Crohn’s and irritable bowel is expected to propel the growth of the market over the projected period.
Asia Pacific is expected to be the fastest growing region with the CAGR of 6.2%. The increase in the healthcare infrastructure and presence of a large pool of patients is projected to drive the demand for the visceral pain industry during the forecast period.
Analgesic segment dominated the market for the visceral pain with the market share of 60.4%. The major share of the analgesic segment is attributed to the increasing penetration of generic drug. Furthermore, rising healthcare expenditure and an increasing use of opioids for the chronic pain are the key factors attributing to its share.
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In 2016, Crohn’s disease was the largest indication segment for the visceral pain market contributing to 41.4% of the market share. Increasing occurrences of Crohn’s disease across the globe coupled with the growing drug therapies for the treatment of the disease are the key factors attributing to the major share. Furthermore, increasing awareness about Crohn’s disease is fueling the demand for treatment therapies.
Key market players include Pfizer, Johnson & Johnson, Abbvie, Takeda, Allergan, and AstraZeneca. These companies are focusing on R&D for visceral pain therapeutics. These companies are likely to cater their products to patients affected by visceral pain. The growth of the geriatric population is expected to help in augmenting the profits of these companies over the next few years.
Growing focus on research and development by pharmaceutical companies and government initiatives are expected to boost the visceral pain industry during the forecast period. The market is projected to witness significant gain during the forecast period owing to increasing collaboration within pharmaceutical companies. Also, factors such as increasing awareness among people regarding visceral pain are further anticipated to propel the market growth.
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