Market Share Analysis for Pain Management Therapeutics by Therapeutics in 2024

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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Rising Geriatric Population will be a Pivotal Trend for Growth of Pain Management Therapeutics Market

The Rising incidence of chronic diseases can be attributed to aging population, increased population undergoing surgeries, changing lifestyles, and gradually changing environmental conditions. Researchers report that presently about 20% of the world’s population suffers from chronic pain. This accelerates the need for addressing chronic pain with a sophisticated and effective solution. As a result, the growth of the global pain management therapeutics market in the past few years has triggered and is poised to drive the market at an effective CAGR in the coming years.

High Prevalence of Chronic Diseases to Intensify the Growth of Pain Management Therapeutics Market

The number of patients suffering from chronic pain is increasing at an alarming rate. This has escalated the demand for pain management therapeutics. The mounting cases of cancer and diabetes further contributed to the expansion of global pain management therapeutics market. According to a report by World Health Organization (WHO), the number of new cancer cases is anticipated to grow by almost 70% across the globe. A surge in the number of cases of chronic back pain owing to rising geriatric population and hectic lifestyles will also enable lucrative growth of the global pain management therapeutics market.

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Pain Management Industry to Benefit from Old Demographics

The rising prevalence of diseases such as arthritis, depression, diabetic neuropathy, epilepsy, joint or bone pain, and nerve damage can be attributed to the increasing geriatric population. Various studies suggest that by 2050, the age of nearly 22% of the projected global population will be more than 65. This demographic trend towards the older generation will lead to a notable rise in the demand for numerous pain management therapeutics, thereby boosting the growth of global pain management therapeutics market.

Favorable Regulatory Measures to Propel the Consumption of Pain Management Therapeutics

Regulatory framework plays a crucial role in the successful development, approval, and commercialization of numerous drugs in the pain management therapeutics sector. The intervention of regulatory firms that favor the deployment of instruments for the improved diagnosis and treatment of chronic pain and employment of methods for improvement of efficiency, will help global pain management therapeutics market in maintaining a substantial growth rate.

Addiction Risk of Opioid Pain Management Therapeutics a Major Roadblock for Global Market

In the 2012-2018 period, the global pain management therapeutics market will be on a decline, says a market study carried out Transparency Market Research. The patent expiration of some of the blockbuster drugs such as Lyrica of Pfizer Inc. and Cymbalta of Eli Lilly & Co. is the reason for this. This, however, has been beneficial for manufacturers of generic drugs, as they have got the opportunity to launch their own formulations. 

Nevertheless, due to the extreme reduction in the revenue contribution of blockbuster drugs and loss of marketing exclusivity of these drugs, the overall market for pain management therapeutics has been adversely affected. Currently, the pain management therapeutics market is devoid of novel formulations, which has been a significant reason for the stagnation of this market.

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What is Pain and what are its Health Implications?

Pain management involves alleviating pain with the aim to improve the quality of life of individuals suffering from severe or chronic pain conditions. Pain has a debilitating effect on individuals and results in loss of productivity, which in turn elevates the healthcare expenditure apportioned for pain management in a nation.  

Pain usually occurs due to tissue damage or damage to other body components, the severity of the same differing according to the condition’s severity. Usually observed in a pattern, pain is classified as per the affected body part and its duration at every cycle. Presently, the methods available for pain management are physiotherapy, chiropractor therapy, and other minimally invasive procedures; however, it is pharmaceuticals such as analgesics and painkillers that are the first line of treatment that physicians adhere to.

Drugs that are used for pain management fall in one of these therapeutic drug classes: anticonvulsants, opioids, anti-migraine agents, antidepressants, non-steroidal anti-inflammatory drugs (NSAIDS), and others. In 2011, the NSAIDS therapeutic class contributed the highest revenue to the global pain management therapeutic market, as this segment comprises some of the most commonly used over-the-counter (OTC) analgesics such as ibuprofen, aspirin, and diclofenac. 

Opioid Analgesics Reported for Addiction Issues among Americans

In the latest health tracking poll conducted by the Kaiser Family Foundation, 56% Americans reported to have a personal connection with prescription opioid analgesic abuse because someone known to them took opioid analgesic without prescription, they themselves or someone they knew was addicted to these drugs, or because someone known to them had died due an overdose.    

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Currently, the U.S. is in the midst of a drug overdose epidemic, a factor that has caused death rates to increase five-fold since 1980, so much so that by 2009, the number of deaths due to drug overdose outnumbered the ones due to motor vehicle crashes. Prescription drugs such as opioid analgesics have been responsible for a significant part of these mishaps. To curb the misuse of pain management therapeutics, the consensus largely is to have a number of strategies in place that would be effective cumulatively for – providing treatment for individuals that are addicted, monitor doctors’ prescribing habits, initiating education and public awareness programs, training doctors about the appropriate use of painkillers, and encouraging people to dispose of any extra medication once their medical need was over.

Pain Management Therapeutics Market is Expected to Decline to USD 29.47 Billion Globally by 2018: Transparency Market Research

According to a new market report published by Transparency Market Research “Pain Management Therapeutics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018,”in 2011, the global pain management therapeutics market was valued at USD 40.93 billion and is expected to decline at a CAGR of (5.5%) from 2012 to 2018, to reach an estimated value of USD 29.47 billion in 2018.

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The global pain management therapeutics market is expected to experience a decline in revenues at a CAGR of (5.5%) during the forecast period, mainly due to patent expirations of the leading branded drugs. Although the global incidence rates of cancer, diabetes and other debilitating diseases that cause various chronic pain conditions is on a rise, the decline in market revenue is inevitable due to generic incursion for the top pain management drugs. Moreover, lack of a strong pipeline of novel or combination drugs that could help restore the positive growth of the overall market is also expected to contribute to the overall decline in the global pain management therapeutics market.

Administration of analgesics is the first line of treatment for the management of acute as well as chronic pain conditions. Some of the factors driving the growth of this market include the favorable regulatory and healthcare reforms such as the U.S. Patient Protection and Affordable Care Act of 2010. Also, the economic and effective nature of treatment with therapeutics compared to other modes, such as neurostimulation devices and acupuncture, will continue to fuel the uptake of drugs in pain management.

The market for non-steroidal anti-inflammatory drugs (NSAIDs) accounted for the largest share by revenue in 2011, of the total pain management therapeutics market by therapeutic class. This class comprises of some of the oldest known painkillers such as diclofenac, ibuprofen and Aspirin (acetylsalicylic acid) which are now commonly available as over-the-counter (OTC) medications, globally. However, the patent expiry of Celebrex (celecoxib) in 2013 is expected to negatively impact the market with a decline in revenues post patent expiry. The class of other non-narcotic analgesics consists of acetaminophen, sold as OTC drugs in the names of Tylenol, Panadol and Excedrin, and is expected to record the highest CAGR of 3.1% during the forecast period. Increase in the uptake of OTC drugs across the globe to overcome common pain conditions such as headache and body ache, will be responsible for this growth. The loss of patent exclusivity of other key brands such as Cymbalta (duloxetine), OxyContin (oxycodone) and Lidoderm (lidocaine) scheduled in the year 2013 will have a profound impact on the growth of the overall market.

North America was the largest regional market by revenue in 2011, due to the presence of one or more branded drugs belonging to each therapeutic class. However, the region is expected to record the lowest CAGR due to the looming patent expiries of these brands.

The market for generic formulations accounted for a larger share of the overall pain management therapeutics market in 2011, as against branded formulations. The market for branded pharmaceuticals was highly fragmented in 2011, with Pfizer, Inc., Purdue Pharma LP and Eli Lilly & Co. contributing to over 80% of the total market revenue. Other important players in this market include Endo Health Solutions, AstraZeneca PLC, Johnson & Johnson, and Merck & Co., Inc.

The pain management therapeutics market is segmented as follows:

Pain Management Therapeutics Market, by Therapeutic Class

·        Anticonvulsants

·        Antidepressants

·        Anesthetics

·        NSAIDs

·        Opioids

·        Other Non-Narcotic Analgesics (Acetaminophen)

·        Anti-Migraine Agents

Pain Management Therapeutics Market, by Indication

·        Neuropathic Pain

·        Fibromyalgia

·        Arthritic Pain, by Type

o   Osteoarthritis

o   Rheumatoid Arthritis

·        Chronic Back Pain

·        Migraine

·        Post-operative Pain

·        Cancer Pain

Pain Management Therapeutics Market, by Geography

·        North America

·        Europe

·        Asia-Pacific

·        Rest of the World (RoW)

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