Global Pain Management Drugs Market to Surpass US$ 85.5 Billion by 2026

According to Coherent Market Insights, the global pain management drugs market was valued at US$ 63.2 Billion in 2017, and is projected to exhibit a CAGR of 3.4% during the forecast period (2018 – 2026).

Key Trends and Analysis of the Pain Management Drugs Market:

Growing number of pain management drug approval by regulatory authorities and lack of alternative treatment therapies in pain management are projected to drive growth of pain management drugs market over the forecast period. In 2015, Depomed, Inc. acquired the U.S. rights to NUCYNTA (tapentadol), NUCYNTA ER (tapentadol) extended release tablets, and NUCYNTA (tapentadol) oral solution from Janssen Pharmaceuticals, Inc. Tapentadol is available in tablet, solution, and extended release forms. Furthermore, the tablet and solution forms of NUCYNTA has three patents, out of which one expired in June 2017, and other two will expire in June 2025, and August 2029, respectively. Moreover, patent expiry of pain management drugs such as Oxycontin, Opana, Celebrex, and others are providing opportunity to market players for introducing new products in the pain management drugs market.

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Furthermore, high prevalence of chronic pain diseases worldwide is expected to boost the pain management drugs market growth. According to the Institute of Medicine of The National Academies, in 2011, around 100 million Americans suffered from chronic pain. Moreover, the National Institutes of Health (NIH) estimates that one in 10 people in the U.S. suffered from chronic pain in 2012. According to a study published in the British Medical Journal in 2016, nearly one-third to half of the population in the U.K. suffers from chronic pain. Moreover, according to the NIH estimates published in 2015, by the American Pain Society, around 50 million people in the U.S. suffered from chronic pain. Moreover, rising prevalence of pain and increasing prevalence of diseases such as cancer and others are driving growth of the pain management drugs market. For instance, according to the National Cancer Institute (NCI), in 2018, around 1,735,350 new cases of cancer were expected to be diagnosed in the U.S. and 609,640 people were expected to die from the disease.

Introduction of novel drug delivery systems such as prefilled syringes and injectable dosage are offered by manufacturers such as Pfizer, Inc., offers lucrative growth opportunities in near future to meet the demand for treatment for chronic diseases. Manufacturers offer wide range of products, which include generic as well as branded products in capsules and tablet forms. Furthermore, some of the drugs are cost-effective alternative as compared to the pain therapies such as invasive approach and physiotherapy. These factors are further expected to boost the market growth over the forecast period.

Key players in pain management drugs manufacturing market are focused on gaining drug approvals to sustain their foothold in the market and enhance market share. For instance, in February 2018, the U.S. Food and Drug Administration (FDA) approved KemPharm’s Apadaz (benzhydrocodone and acetaminophen) for the short term management of acute pain. Furthermore, in November 2018, AcelRx Pharmaceuticals, Inc. received the U.S. FDA approval of DSUVIA for the management of acute pain in adults that is severe enough to require an opioid analgesic.

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Key Market Takeaways:

-The global pain management drugs market is projected to witness CAGR of 3.40% during the forecast period (2018 – 2026), owing to high prevalence of chronic pain diseases, worldwide and lack of alternative treatment therapies in the pain management drugs market.

-A new drug development is focusing on alternative options beyond opioids, which can provide pain relief without the highly addictive qualities as of many opioids. As prescribing opioids for chronic pain epidemic has led to national crisis in various countries leading to opioid misuse, overdose, and death. Moreover, key players are engaged in developing pain management drugs that cannot cause addiction, abuse & overdose, and could save lives of patients. For instance, Nektar Therapeutics developed NKTR-181: the first long-acting, selective full mu-opioid receptor agonist, which is shown to have lower human abuse potential than oxycodone and acts on the brain more slowly than other opioids leading less likely to experience the side effects that can lead them to abuse opioids. In July 2018, Nektar Therapeutics’ New Drug Application (NDA) for NKTR-181 accepted by U.S. Food and Drug Administration (FDA) for the treatment of chronic low back pain in adult patients new to opioid therapy.

-Major players operating in the global pain management drugs market include, Pfizer, Inc., Sanofi S.A., Mylan N.V., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Abbott Laboratories, Nektar Therapeutics, Purdue Pharma L.P., KemPharm, Inc., GlaxoSmithKline Plc, Johnson & Johnson, F. Hoffmann La Roche Ltd., and AcelRx Pharmaceuticals, Inc.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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