The increasing prevalence of various critical illnesses has resulted in a large section of the population dealing with chronic pain on a regular basis. This has created a considerable demand for pain management therapeutics in the past few decades. Simply put, pain management therapeutics are pain-relieving medications such as opioids, often used to treat fibromyalgia, neuropathic pain, chronic back pain, migraine, arthritic pain, and postoperative pain among others. The growing population of geriatric individuals has also contributed to the growing demand for pain management therapeutics. The cumulative force of these factors is expected to drive robust growth across the global pain management therapeutics market over the forecast period.
Widespread Availability and Application of Opioids to Sustain Market Expansion
Among all the pain management therapeutics, opioids have proven to be extremely effective in containing pain, particularly in cancer patients. Opioids contain natural and synthetic opiates, making them highly effective while dealing with a wide array of pains including acute pain, short-term pain, and post-surgical pain or trauma; they are viable to be used even as an anesthetic agent. Owing to its effectiveness against pain and widespread availability across the globe, opioids have emerged as one of the most prescribed and consumed drugs worldwide. In the near future, these factors are poised to create abundant economic opportunities for the manufacturing of opioids, significantly contributing to the expansion of the global pain management therapeutics market.
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Growing Geriatric Population, Rising Incidence of Cancer to Soar Demand
The steadily growing geriatric population is one of the major factors behind the consistent demand for pain management therapeutics globally. Furthermore, a sedentary lifestyle, continual exposure to harmful pollutants, ionizing radiation, ultraviolet rays, overt usage of fertilizers and pesticides in food, and certain hereditary factors have increased the prevalence of various types of cancers around the world. In this context, pain management therapeutics have been instrumental to treat such health conditions, which is set to translate into sustained high demand for pain management therapeutics in the coming years. The presence of such a diverse and growing patient pool is likely to create a favorable economic outlook in the pain management therapeutics market, propelling key industry players to pursue high-value partnerships.
North America Exerts Market Dominance Due to Higher Prevalence of Chronic Diseases
In North America, the growing incidence of chronic illnesses such as cancer and arthritis has dramatically surged the demand for pain management therapeutics. This factor is the foremost reason that has made North America the leading regional player in the global pain management therapeutics market. In the long term, the region is projected to maintain this market lead due to the presence of key market players in the USA and Canada, higher disposable incomes, advanced healthcare infrastructure, and progressive public healthcare policies.
Key Market Players
Some of the major players in the global pain management therapeutics market include Abbott Laboratories, Baxter International Inc., Eli Lilly & Company, AstraZeneca, Novartis AG, Boston Scientific Corporation, Becton Dickinson and Company, GlaxoSmithKline PLC, Endo Pharmaceuticals Inc., Mallinckrodt Pharmaceuticals Company, Merck & Co. Inc., and Teva Pharmaceuticals.
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The Pain Management Therapeutics Market 2021 research report gives emerging industry data, global segments and regional outlook.
This report covers up all details such as size, share, value, growth, restraints, and opportunities for the year 2020 to 2027.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the pain management therapeutics market include Abbott Laboratories, AstraZeneca, Depomed, Inc., Endo Pharmaceuticals, Inc., GlaxoSmithKline plc, Johnson & Johnson, Mallinckrodt Pharmaceuticals, Merck & Co., Inc., Novartis AG, Pfizer, Inc.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Pain Management Therapeutics Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/pain-management-therapeutics-market/download-sampleMarket DynamicsGrowing chronic or acute pains among the global population due to low lifestyles, underlying health conditions, or surgical procedures will be the leading trends propelling the market forward.
