Global Pain Management Therapeutics Market: Emerging Trends, Business Growth Opportunities, Major Driving Factors
TMR’s report on the global pain management therapeutics market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global pain management therapeutics market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global pain management therapeutics market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global pain management therapeutics market.
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Global Pain Management Therapeutics Market Witness Most Promising Rise in Demand:
According to Transparency Market Research’s latest report on the global pain management therapeutics market for the historical period 2017–2018 and forecast period 2019–2027, high incidence of chronic pain disorders, easy and effective medications, and higher demand of pain management products are projected to drive the global pain management therapeutics market during the forecast period
According to the report, the global pain management therapeutics market was valued at US$ 66.6 Bn in 2018 and is anticipated to expand at a CAGR of 3.7% from 2019 to 2027
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Key players in the global pain management therapeutics market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global pain management therapeutics market. A few expansion strategies adopted by players operating in the global pain management therapeutics market are:
In March 2020, Pfizer Inc. and Eli Lilly and Company received USFDA approval for Tanezumab 2.5 mg administered subcutaneously (SC) in the treatment of chronic pain due to moderate-to-severe osteoarthritis (OA).
In November 2019, Novartis AG received USFDA approval Adakveo for pain management in adult and pediatric patients aged 16 years and older with sickle cell disease.
Global Pain Management Therapeutics Market: Notable Developments
According to National Prescription Audit (May 2019), pain treatment was the fourth largest therapy in the U.S., with about 447 million prescriptions after lipid regulators.
However, prescription volume for pain therapy decreased by 4.5% in 2018 as compared to 2017, due to continued implementation of control on volume of dispensing prescriptions for narcotic or opioid pain medicines, thereby reducing the misuse of drugs for non-medical use
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