Pain Management Drugs Market Size, Share, Growth, Demand, Forecast...

Pain Management Drugs Market Size, Share, Growth, Demand, Forecast By 2032

Posted 2024-02-12 02:40:48

According to a new report published by K D Market Insights, titled, “Pain Management Drugs Market Insights, Trends, Opportunity & Forecast, 2023–2032,” the global pain management drugs market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. The rising occurrence of pain conditions, growing focus on opioid options for managing pain, innovative methods of drug delivery and the increasing adoption of telemedicine and home care services which are the major factors augmenting the growth of the global pain management drugs market. The global pain management drugs market is anticipated to grow at a steady CAGR of 4.1% from 2023 to 2032. The market's revenue surged to $76.4 billion in 2022, and it is expected to further accelerate, reaching a notable $114.1 billion by 2032.

There is a growing focus on opioid options for managing pain, which presents significant opportunities for expansion. Non opioid medications such as NSAIDs and anticonvulsants offer pain relief while carrying a risk of addiction and abuse compared to opioids, are further expected to create ample growth opportunities for the global pain management drugs market during the forecast period i.e., 2023-2032. Moreover, the rising occurrence of pain conditions, like arthritis and cancer, has propelled market expansion. the growing population of adults and an increase in procedures, is expected to contribute towards the market growth during the period.

The North America region accounted for the largest share in the global pain management drugs market in 2022. The region is further projected to continue dominating in the market during the forecast period. This can be attributed to the high prevalence of chronic pain conditions and the increasing geriatric population.

According to drug class, the opioids segment accounted for the largest market share in the pain management drugs market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.

The global pain management drugs market is segmented into drug class, indication, pain type and region. Based on drug class, the market is bifurcated into NSAIDs, anesthetics, anticonvulsant, anti-migraine drugs, antidepressant drugs, opioids, non-narcotics, and analgesics. Based on indication, it is classified into arthritic pain, neuropathic pain, cancer pain, chronic pain, post-operative pain, migraine, fibromyalgia, bone fracture, muscle sprain/strain, acute appendicitis, and other indications. Based on pain type, it is classified into chronic and acute.

The global pain management drugs market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

Key Insights of Pain Management Drugs Market

On the basis of drug class, the opioids segment accounted for the largest market share in the pain management drugs market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
On the basis of region, North America accounted for the largest share in the global pain management drugs market in 2022. The region is further projected to continue dominating in the market during the forecast period.
On the basis of region, Europe is estimated to account for the second largest share in the market during the forecast period.

Some of the major pain management drugs companies profiled in the report include Endo Health Solutions, Inc. (Endo International Plc.), Pfizer Inc., Abbott Laboratories, Purdue Pharma L.P., Glaxosmithkline Plc (Gsk), Eli Lily and Company, Novartis International Ag, Mylan N.V., Merck & Co., Inc., Johnson & Johnson.