As the world population finds itself on the brink of a chronic pain epidemic, the need to address chronic pain as a public health problem by public health practitioners and scholars is gaining strength. Analysts suggest that nearly 20% of the world’s population presently suffers from chronic pain. Factors such as rising prevalence of chronic diseases, increased number of surgeries, rising geriatric population, and changing lifestyles continue to add nearly 10% new patients to these numbers every passing year.
These factors have triggered the favorable expansion of the global pain management therapeutics market in the past few years and will continue to drive the market at a healthy pace in the next few years. Transparency Market Research suggests that the market will exhibit a 3.7% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$60.2 bn in 2015, is expected to rise to US$83.0 bn by 2024.
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Cancer Pain Medications Lead Market, but Demand for Back pain to See Most Promising Growth
The WHO states that the number of new cancer cases registered across the globe was nearly 14 mn. Also, over the next two decades, the number of new cancer cases is expected to rise by nearly 70% worldwide. The enormous rise in cancer cases in the past few years naturally makes the disease one of the chief drivers of the pain management therapeutics market and also the key stimulators for the market’s future growth prospects. Transparency Market Research analysts state that the cancer pain management segment accounted for a dominant share of over 28% in the global pain management therapeutics’ market’s overall revenues in 2015.
The segment held the largest share in the revenues of the pain management therapeutics across key regional markets, including North America, Europe, Asia Pacific, and the countries in the Rest of the World. Cancer pain management will continue to account for the largest share in the global pain therapeutics market over the period between 2016 and 2024. However, the segment of back pain management will generate the most promising growth opportunities for the market over the said period. Factors enabling the lucrative growth of the pain management therapeutics market in the back pain indication will be hectic lifestyles and rising geriatric population across the globe.
North America and Europe Emerges as Key Demand Drivers for Pain Management Therapeutics
From a geographical standpoint, the global pain management therapeutics market is dominated by North America and Europe (56% and 26%, respectively, of the global market). These two regional markets collectively accounted for a share of over 80%, with Asia Pacific, the third largest contributor, holding only about 13% of the global market in 2015.
Well-established healthcare infrastructures and high consumption of advanced pain management drugs are the chief factors enabling the excellent growth of the pain management therapeutics markets in these regions. The U.S. held about 96% share of the North America market, positioning the country at a highly commanding position in the global market.
Asia Pacific to Surge Ahead as Key Contributor to Market’s Growth
Over the forecast period, however, the market for pain management therapeutics is expected to witness emergence of the most promising growth opportunities in the Asia Pacific region. The market is expected to expand at the fastest CAGR of 4% over the period between 2016 and 2024. Strengthening economies and rising investments in the healthcare industry, especially in countries such as India and China, are expected to drive the Asia Pacific pain management therapeutics market. Launch and approval of new therapeutic drugs and rising affordability of the population, coupled with the rising awareness regarding the necessity of treating chronic pain will also drive growth of the market in Asia Pacific.
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