PAIN MANAGEMENT THERAPEUTICS MARKET ANALYSIS

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).

Recent Developments:

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

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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.

Market Trends

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

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Key Takeaways of the Graph:

• Among pain type, the acute held dominant position in the market and accounted for 54.5% share in the global pain management therapeutics market in 2020. The segment is expected to reach US$ 52,887.86 million in 2028.
• The enforcement of new guidelines by international healthcare organization for efficient management of acute pain can be attributed to the segment growth. For instance, in November 2020, the American Academy of Family Physicians (AAFP) and the American College of Physicians (ACP) revised the guidelines for management of acute pain of non–low back, and other musculoskeletal injuries in adults in the outpatient setting. The guidelines covered several recommendations such as use of topical nonsteroidal anti-inflammatory drugs (NSAIDs) as first-line therapy and conditional use of opioids.
• Among pain type, the chronic is expected to grow with the fastest CAGR of 3.9% over the forecast period.
• The expansion of product portfolio through business development strategies such as acquisition, agreements and collaboration is expected to drive the growth of chronic segment through the forecast period. For instance, in January 2021, Eli Lilly and Company announced acquisition agreement with Asahi Kasei Pharma Corporation for AK1780. AK1780 is an orally bioavailable P2X7 receptor antagonist which has completed phase 1 and is used for treating patients with chronic pain conditions.

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.