Pain is the result of potential tissue damage which leads to an unbearable sensory and emotional experience. The first line of treatment in pain management usually involves the use of pharmaceuticals from various therapeutic classes such as antidepressants, opioids, NSAIDs, anticonvulsants, anesthetics and other non-narcotic analgesics.
The global pain management therapeutics market is estimated to be valued at US$ 75,976.0 million in 2021 and is expected to exhibit a CAGR of 3.6% over the forecast period (2021-2028).
Companies are publishing studies on alternative pain management therapeutics for replacing the use of opioids which can be attributed to drive the market growth. For instance, in July 2021, Heron Therapeutics, Inc., a commercial-stage biotechnology company published new analysis evaluating the efficacy and safety of ZYNRELEF. It is an extended-release solution of bupivacaine and meloxicam for producing postsurgical analgesia for up to 72 hours after bunionectomy.
In addition, companies are developing new candidates for pain management which is further boosting the market growth. For instance, in July 2021, Sorrento Therapeutics announced U.S. FDA approval for Phase 2 testing of its pain management candidate resiniferatoxin (RTX) which is used for treating moderate-to-severe osteoarthritis.
Moreover, the increasing number of patients requiring surgeries such as orthopedic, trauma and general surgeries is growing which is aid in boosting the market growth through the forecast period. For instance, according to the Australian Institute of Health and Welfare, compared to 2014–15 the admissions from public hospital elective surgery waiting lists increased, by an average of 2.1% per year in 2018–19.
North America held dominant position in the global pain management therapeutics market in 2020, accounting for 32.40% share in terms of volume, followed by Europe and Asia Pacific, respectively. Companies operating in North America are extensively engaged in R&D activities for developing new pain management drugs which can be attributed to the dominant position of the region in the market. For instance, January 2021, Concentric Analgesics, Inc., a clinical-stage biopharmaceutical company recently completed Phase 2 clinical trial of vocacapsaicin (CA-008), a first-in-class, non-opioid therapeutic with FDA Breakthrough Therapy Designation.
Figure 1. Global Pain Management Therapeutics Market Value (US$ Mn), by Region, 2020
Global Pain Management Therapeutics Market: Drivers
Approval and launch of new therapeutics is expected to propel growth of the global pain management therapeutics market over the forecast period. For instance, in November 2018, AcelRx Pharmaceuticals, Inc. received approval for DSUVIA for use in adults in certified medically supervised healthcare settings for the management of acute pain severe enough to require an opioid analgesic, from the U.S. FDA.
Moreover, increasing prevalence of arthritis is also expected to aid in growth of the market. For instance, according to the Centers for Disease Control and Prevention (CDC)’s May 2019 report, an estimated 54.4 million US adults have diagnosed arthritis, which accounted for around 1 in 4 people in the U.S.
Global Pain Management Therapeutics Market: Opportunities
R&D in alternatives for opioids is expected to offer lucrative growth opportunities for players in the global pain management therapeutics market. For instance, in June 2020, researchers at The University of Texas at Tyler, U.S., reported assessing the antinociceptive effects of 3-(2-chlorophenyl)-5-(5-methyl-1-(piperidin-4-yl)-1H-pyrazol-4-yl)isoxazole, a novel positive allosteric modulator, with preferential selectivity to the low agonist sensitivity (α4)3(β2)2 Neuronal nicotinic acetylcholine receptor and desformylflustrabromine, a positive allosteric modulator for α4-containing neuronal nicotinic acetylcholine receptor.
Moreover, use of VR in pain management is also expected to aid in growth of the market. For instance, HTC Corporation’s HTC VIVE, a VR system is under clinical trial for assessing the effect of virtual reality technology on decreasing the acute pain of scar treatment with fractional laser under local anesthesia. The study is expected to be completed in December 2020.
|Base Year:||2020||Market Size in 2021:||US$ 75,976.0 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||3.6%||2028 Value Projection:||US$ 97,041.9 Mn|
AcelRx Pharmaceuticals, Inc. Averitas Pharma, Inc., AmerisourceBergen, Cardinal Health, McKesson Corporation, Johnson & Johnson, Teva Pharmaceuticals, Abbott Laboratories, Allergan, Inc., Covidien plc, Durect Corporation, Eli Lilly and Company, Endo Health Solutions, Inc., Forest Laboratories, Inc., GlaxoSmithKline plc, Hospira, Inc., Merck & Co., Inc., Mundipharma International Ltd., and Novartis International AG
|Restraints & Challenges:||
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in December 2019, Averitas Pharma, Inc., a subsidiary of GRT US Holding, Inc., announced that the U.S. Food and Drug Administration (FDA) set a goal date under the Prescription Drug User Fee Act (PDUFA) of July 19, 2020 for QUTENZA for the treatment of neuropathic pain associated with diabetic peripheral neuropathy.
Several market players have faced lawsuits regarding opioid crisis. For instance, in March 2019, Purdue Pharma reached a US$ 270 million settlement in a lawsuit, which claimed its opioids contributed to the deaths of thousands of people.
Figure 2. Global Pain Management Therapeutics Market Share, By Pain Type, 2020
Key Takeaways of the Graph:
Global Pain Management Therapeutics Market: Restraints
Prescription drug abuse is expected to hinder growth of the market. For instance, according to the study, ‘ The Future of Fentanyl and Other Synthetic Opioids,’ published by RAND Corporation in 2019, the number of deaths involving synthetic opioids increased from 3,000 in 2013 to more than 30,000 in 2018, in the U.S.
Moreover, pain advocacy groups losing power, influence, and funding is also expected to limit the market growth. Advocacy groups for pain management are losing power and influence that they had initially, due to loss in funding from government as well as sponsors, which included pharmaceutical organizations.
Global Pain Management Therapeutics Market: Competitive Landscape
Major players operating in the global pain management therapeutics market include, AcelRx Pharmaceuticals, Inc. Averitas Pharma, Inc., AmerisourceBergen, Cardinal Health, McKesson Corporation, Johnson & Johnson, Teva Pharmaceuticals, Abbott Laboratories, Allergan, Inc., Covidien plc, Durect Corporation, Eli Lilly and Company, Endo Health Solutions, Inc., Forest Laboratories, Inc., GlaxoSmithKline plc, Hospira, Inc., Merck & Co., Inc., Mundipharma International Ltd., and Novartis International AG.
Global Pain Management Therapeutics Market: Key Developments
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in November 2019, Q Biomed Inc. announced the U.S. FDA approval of its contract manufacturer IsoTherapeutics Group LLC (ITG) to manufacture the company's Strontium-89 Chloride USP, a non-opioid radiopharmaceutical indicated for the treatment of painful skeletal metastases caused by cancer.
Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in July 2019, Harvest One Cannabis Inc. acquired Delivra Corp., a specialty biotechnology company that manufactures and sells transdermal delivery system platform for nerve pain, varicose veins, and other conditions.
Pain management is a broad branch of medical science that utilizes an interdisciplinary approach to easing the patient's suffering and enhancing the quality of life of patients with chronic pain. A common aim of pain management is reducing the use of narcotics or pain killers, relaxing the patients' lifestyle and providing education on stress and pain management. The use of pain management treatments in combination with a holistic approach to disease prevention and therapy is now recognized as an effective treatment approach for moderate to severe pain. Chronic pain can result from injury, disease or injury, or be the result of a disease such as cancer or Parkinson's disease.
R&D of new therapeutics is expected to propel growth of the global pain management therapeutics market over the forecast period. For instance, in August 2021, Flexion Therapeutics, Inc. expanded the placebo-controlled trial of FX301, a novel formulation of a locally administered NaV1.7 inhibitor (funapide) which aims to provide at least three to five days of post-operative pain relief while preserving motor function, in patients undergoing bunionectomy.
Moreover, increasing number of pain management clinics is also expected to aid in growth of the market. For instance, in August 2021, QC Kinetix, a regenerative medicine company that offers a non-surgical alternative to pain relief, started a new location Birmingham.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.