The ease in accessibility of advanced treatments and progress in technology has raised the life expectancy rates across the world, which in turn, resulted in a surge in the geriatric population. As the geriatric population is highly prone to undergo pain for various reasons, the rise in their population becomes the crucial factor in contributing to the growth in the global pain management market. According to the statistics of the UN Population Division, the total population of people above the age of 60 years has raised from 12% in 1950 to 22% in 2011. Moreover, it is expected to reach 32% by 2050.
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The key companies analyzed in the report include Novartis AG, Abbott Laboratories, Eli Lilly & Company, Purdue Pharma L.P., Endo Health Solutions, Inc., F. Hoffmann La Roche Ltd., Pfizer, Inc., Johnson & Johnson, Merck & Co. Inc., and GlaxoSmithKline Plc.
Pain management drugs market contributed to $58.57 billion in 2016 and is expected to reach $77.13 billion by 2023, growing at a CAGR of 4% from 2017 to 2023. North America contributed the highest share in 2016, however, Asia-Pacific is estimated to grow at the highest rate during the forecast period.
Moreover, a surge in R&D investments and an increase in pharmaceutical outsourcing are projected to drive the market growth in developing countries in regions including Asia-Pacific and LAMEA. However, the presence of alternative therapies and the expiration of the patent of prescription drugs for treatment restrict the market growth.
The opioids segment contributed the highest growth rate in 2016, owing to the high efficiency of opioids that can reduce the pain occurring in chronic conditions. The anesthetics segment is expected to witness the highest growth rate by 2023.
Chronic back pain and postoperative pain contributed the largest share in 2016, owing to the rise in the number of surgeries across the globe and an increase in the prevalence of chronic diseases that cause pain. Furthermore, the cancer pain segment is estimated to register the highest growth rate during the forecast period, owing to the surge in the incidence of cancer worldwide.
North America is estimated to contribute the highest revenue during the forecast period. On the other hand, Asia-Pacific is expected to contribute the highest growth rate during the forecast period. This is attributed to a surge in government initiatives for improvement in the healthcare infrastructure along with a supportive regulatory framework.
Key Findings of the report:
- The cancer pain segment is expected to register the highest CAGR during the forecast period.
- The opioids segment contributed to the highest market share in terms of revenue and is projected to dominate during the analysis period.
- North America held nearly half of the market share and is expected to maintain its dominance.
- China is estimated to register a CAGR of 6% during the forecast period.
- Postoperative pain contributed the largest share in the indication segment in 2016.
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