Rising Demand for Pain Management Therapeutics: Market Opportunities in 2029
Chronic pain instances have increased in recent years as a result of chronic diseases becoming more common. There is an increasing need for effective pain management treatments due to the increased concern over pain brought on by chronic illnesses. According to the National Institutes of Health (NIH), 1 in 10 people in the United States alone experience chronic diseases and the resulting pain. Additionally, the rise in cancer cases around the world has increased the demand for painkillers. The need for opioids, NSAIDs (Non-Steroidal Anti-Inflammatory Drugs), anaesthetics, and anticonvulsants has increased as a result of cancer-related pain. The World Health Organisation (WHO) predicts a 75% increase in cancer cases globally by 2050, according to the National Institute of Cancer, which recorded roughly 1,735,350 registered cancer cases in the United States in 2018.
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The Growing Pain Management Therapeutics Market
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. Among the various therapeutics available, opioids are anticipated to witness high traction as the leading medication for pain management. Opioids have proven to be highly efficient in treating cancerrelated pain. These medications, containing synthetic and natural opiates, offer effective solutions for acute pain, short-term pain, and pain associated with surgeries or trauma. Consequently, opioids are the most prescribed medications in pain management, contributing to a significant revenue share in the market.
North America's Dominance in the Pain Management Therapeutics Market
North America is expected to account for a major share of the pain management therapeutics market due to its well-established healthcare systems. The prevalence of chronic illnesses and the associated need for therapeutics have been a topic of concern in the region. According to the Centres for Disease Control and Prevention (CDC), chronic pain has been widespread in the United States, with a higher incidence among individuals aged 65 and above. The occurrence of chronic pain and associated illnesses has been on the rise since 2019 and is projected to continue increasing in the coming years. Additionally, the population of individuals aged 65 years and above is expected to nearly double from 52 million in 2018 to approximately 95 million by 2060, according to Population Bulletin. This demographic trend is likely to drive the demand for pain management therapeutics in North America.
The region also benefits from a significant presence of specialist physicians specializing in pain management and companies offering pain management solutions. Furthermore, the robust healthcare infrastructure and growing number of FDA approvals for pain management solutions contribute to a favorable market environment. For instance, in 2020, the FDA approved Baudax Bio's "Anjesco," a meloxicam injection used to treat severe and moderate pain.
Growth Opportunities in the Asia Pacific Region
Emerging economies in the Asia Pacific region are also expected to witness increased adoption of pain management therapeutics. The region experiences higher mortality rates due to chronic diseases like cancer, coupled with a rising prevalence of chronic disorders. Moreover, Asia Pacific offers significant business potential with its large population and cost advantages in terms of labor and land. Major revenue pockets in the region include India and China, which present attractive opportunities for companies targeting the pain management therapeutics market.
In conclusion, the increasing prevalence of chronic disorders and the associated pain has led to a surge in demand for pain management therapeutics worldwide. The market is expected to witness substantial growth, with opioids playing a significant role in addressing pain, particularly in cancer cases. North America, with its well-established healthcare systems and aging population, is anticipated to dominate the market. Meanwhile, the Asia Pacific region offers promising growth prospects, driven by increasing mortality rates and the rising prevalence of chronic disorders. As healthcare continues to advance, the development of more effective and targeted pain management therapeutics remains crucial to alleviate suffering and improve patients' quality of life.
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