Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- The pain management therapeutics market is likely to witness a decline worldwide in the next five years, as reported in Transparency Market Research's recent publication, "Pain Management Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018".
According to the report, the global pain management therapeutics market stood at US$40.93 billion in 2011. Declining at a -5.5% CAGR between 2012 and 2018, the market is expected to reach US$29.47 billion in 2018. The report analyzes the global market for pain management therapeutics based on three perspectives vis-à-vis geographic analysis, therapeutic classes of drugs, and pain management indications.
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Chronic pain is one of the most common health concerns registered around the world. Due to the debilitating effect of chronic pain, the demand for pain management therapeutics has always remained significantly high. Several methods of pain management such as physiotherapy, chiropractor therapy, and minimally invasive procedures of pain management are easily available to patents.
Pharmaceuticals such as painkillers and analgesics, constitute the initial treatment prescribed by physicians. This encompasses drugs belonging to a combination of therapeutic classes such as anti-migraine agents, non-steroidal anti-inflammatory drugs (NSAIDs), opioids, antidepressants, anticonvulsants, and others. The report indicates that while demand for pain management is growing, the impending patent expiry of blockbuster drugs will adversely impact the development of the pain management therapeutics market.
Patent expiration of blockbuster drugs such as Lyrica of Pfizer, Inc. and Cymbalta of Eli Lilly & Co. was a major setback for the market. The loss of market exclusivity of blockbuster drugs has drastically reduced the revenue generated in the pain management therapeutics market, thereby creating an opportunity for generic drug manufacturers to rise to the market's forefront. While consumers would hope that leading manufacturers would invest in the production of novel drugs, insufficiency in novel drug discovery will further weaken the growth prospects of the pain management therapeutics market.
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The report has identified NSAIDs segment as the largest contributor to the revenue generated by the market in 2011. The key drivers propelling the NSAIDs segment are elaborated in the report. On the basis of indication, neuropathic pain and cancer pain dominated the pain management therapeutics market in 2011. The increasing incidence of cancer and diabetes has been cited in the report as the major reason behind the augmenting demand for pain management.
To measure the market's performance in the global scenario, the report has segmented the global pain management therapeutics market into Asia Pacific, Europe, North America, and Rest of the World. The pain management therapeutics market in North America was valued at US$21,733.3 million in 2011 and is expected to decline to US$14,264.3 million by 2018. In terms of growth and market attractiveness, the report has identified Asia Pacific and the Rest of the World as the most lucrative markets for pain management therapeutics.
Key Segments of the Pain Management Therapeutics Market
Pain Management Therapeutics Market, by Therapeutic Class
- Other Non-Narcotic Analgesics (Acetaminophen)
- Anti-Migraine Agents
Pain Management Therapeutics Market, by Indication
- Neuropathic Pain
- Arthritic Pain, by Type
- Rheumatoid Arthritis
- Chronic Back Pain
- Post-operative Pain
- Cancer Pain
Pain Management Therapeutics Market, by Geography
- North America
- Rest of the World (RoW)
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Source:Transparency Market Research