The rising incidence of serious illnesses has made chronic pain a major problem. Long-lasting and severe pain is a common symptom of chronic illnesses, which has boosted demand for therapies that may effectively manage pain. In recent years, there has been a considerable increase in the number of people suffering from chronic pain, which has prompted healthcare organizations to create novel and effective treatment approaches. About one in ten Americans, according to the National Institutes of Health (NIH), experience chronic pain from one or more conditions.
Moreover, the rising incidence of cancer cases worldwide has further fueled the demand for pain management therapeutics. Pain related to cancer requires specialized medications such as opioids, NSAIDs (Non-Steroidal Anti-Inflammatory Drugs), anesthetics, and anticonvulsants. In 2018, the National Institute of Cancer reported approximately 1,735,350 registered cancer cases in the United States alone. The World Health Organization (WHO) projects a 75% increase in cancer cases globally by 2030. This surge in cancer cases is expected to drive the demand for pain management therapeutics in the coming years as alleviating pain is a crucial aspect of patient care.
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Market Overview and Growth Potential
The global pain management therapeutics market was valued at around US$ 65 billion in 2018 and is projected to grow at a rate of over 4% in the next six years, reaching a market value of over US$ 85 billion. This growth is indicative of the increasing need for effective pain management solutions to address the rising prevalence of chronic disorders.
Opioids Dominating the Market
Among various therapeutics, opioids are anticipated to witness significant traction as the most commonly prescribed medication for pain management. Opioids, which contain synthetic and natural opiates, have proven to be highly efficient in treating cancer-related pain. They are effective in managing acute pain, short-term pain, and pain associated with surgical procedures. As a result, opioids account for a significant share of the revenue in the pain management therapeutics market.
North America Leading the Market
North America is expected to hold a major share in the pain management therapeutics market, primarily due to its well-established healthcare systems. The prevalence of chronic illnesses in the United States has been a cause for concern, with chronic pain affecting individuals across all age groups. The Centers for Disease Control and Prevention (CDC) reports that chronic pain increases with age and substantially impacts individuals aged 65 and above. The occurrence of chronic pain and associated illnesses has been on the rise since 2019 and is expected to continue increasing in the coming years. Additionally, the Population Bulletin projects that the number of individuals aged 65 years and above will nearly double to approximately 95 million by 2060, up from 52 million in 2018. This demographic shift will further drive the need for pain management therapeutics in North America.
The presence of specialized physicians practicing pain management, along with companies providing pain management therapeutics and solutions, contributes to the growth of the market in the region. Furthermore, the robust healthcare infrastructure and increasing FDA approvals for pain management solutions are favorable factors. For instance, in 2020, the FDA approved Baudax Bio's "Anjesco," a meloxicam injection used to treat severe and moderate pain situations.
Growing Market Potential in Asia Pacific
Emerging economies in Asia Pacific are also expected to exhibit a higher inclination towards the adoption of pain management therapeutics. The region faces increasing mortality rates due to chronic diseases like cancer and a rising prevalence of chronic disorders. Moreover, Asia Pacific offers significant business potential due to its cost-effective labor and ample land resources. With India and China serving as major revenue pockets in the region, companies can focus on tapping into the pain management therapeutics market and expect numerous growth opportunities in the future.
Conclusion
The increasing prevalence of chronic disorders, particularly with cancer and aging populations, has led to a surge in demand for pain management therapeutics. The market is witnessing steady growth, with opioids playing a prominent role in pain relief. North America holds a major share in the market due to its established healthcare systems and the rising incidence of chronic pain. With its growing economies and high mortality rates associated with chronic diseases, Asia Pacific presents a significant market potential. The pain management therapeutics market is poised for expansion as healthcare organizations strive to develop innovative and effective solutions to alleviate chronic pain.
FAQs
- What are pain management therapeutics? Pain management therapeutics refers to medications and treatments used to alleviate and manage pain associated with chronic disorders and critical illnesses.
- Why is the demand for pain management therapeutics increasing? The demand is increasing due to the growing prevalence of chronic disorders, particularly cancer, and the need to address the associated pain effectively.
- Which region dominates the pain management therapeutics market? North America holds a significant share in the market, primarily due to well-established healthcare systems and the rising occurrence of chronic pain.
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