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Global Pain Management Markets, 2019-2024 - The Current Market is Adopting More Non-Opioid Medications to Suppress the Addiction Toward Opioids
DUBLIN, April 24, 2019 /PRNewswire/ -- The "Pain Management Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The growth of the global pain management drugs and devices market is majorly due to the well-established business of painkiller medications as the first line of treatment. In recent years, the increasing reliance on their prolonged use and a greater understanding of their side-effects have led to the growing use of device-based pain management therapies. Presently, at the country level, economic factors play a significant role in the management of financial implications for hospitals. Postsurgical pain is one of the primary focuses of hospitals, where the cost of monitoring and the treatment of adverse effects creates the major demand for pain management drugs and devices.
The current market is gradually adopting more non-opioid medications to suppress the addiction toward opioids and certain well-established painkillers in the market. There are several non-opioid drugs with mechanisms of action that are currently in early and late-stage development. The federal authorities in multiple countries are shifting to alternative approaches, and thus, fast-tracking those drugs to market approval. The shift is expected to be gradual, and thus pain management has very attractive growth prospects between 2019 and 2024.
Scope of the Report
This report includes an in-depth study of the global pain management market (henceforth, referred to as the market studied'). Pain is defined as an unpleasant sensation in the body, owing to ongoing or impending tissue damage. Pain management is one of the most frequently dealt-with issues by clinicians for any disease. Pharmacological therapy is the first line of therapy, followed by treatment via devices in severe pain management cases.
Key Market Trends
Cancer Pain Segment is Expected to Exhibit the Fastest Growth Rate over the Forecast Period
Pain during cancer occurs the most when a tumor presses on to the bones, nerves, or organs. The pain may vary according to the affected location. Chemotherapy, radiotherapy, and surgery can also cause pain. Certain painful conditions are likely to occur more in patients with a suppressed immune system, which is often a result of these therapies.
Pain caused by cancer can be treated. About nine out of ten cancer patients suffering from pain find relief by using a combination of medications. Many medicines are used for pain management in cancer patients. Some drugs are general pain relievers, while other target specific types of pain may require a prescription. The increasing incidences of various forms of cancer are likely to directly lead to an increase in cancer pain cases, the treatment of which, both through drugs and devices, is expected to contribute to the market growth.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America holds the largest share in the global pain management market, with the United States being the largest contributor to its revenue. According to the data published by the Centers for Disease Control and Prevention (CDC), in 2016, approximately 20.4% of adults in the United States (which is about 50.0 million) were suffering from chronic pain and 8.0% of adults in the country (which is about 19.6 million) were suffering from high-impact chronic pain, with higher prevalence associated with advancing age. Overall, pain management in the United States is considered to be the most developed in the world, primarily due to the large presence of pain specialist physicians, increasing number of approvals from FDA, and the robust infrastructure for providing pain management services to patients.
The global pain management market is highly competitive and consists of several major players. The existing major players in the pain management market employ strong competitive strategies, leading to high rivalry among them. Some of the key players in the market are Abbott Laboratories, Astra Zeneca, Baxter International Inc., Becton Dickinson & Company, and Boston Scientific Company, among others. Product advancements and improvement in durable medical equipment by the major players are stiffening the competitive rivalry in the market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Long-term Pain Management from the Geriatric Population
4.2.2 High Proven Efficacy of Pain Management Devices for the Treatment of Chronic Pain
4.2.3 Rise in Acute and Chronic Pain as a Result of Chronic Health Conditions
4.2.4 Development of Novel Pain Management Devices
4.3 Market Restraints
4.3.1 Lack of Awareness about the Availability and Use of Pain Management Devices
4.3.2 Shortage of Pain Specialists and the Low Number of Pain Clinics in Several Countries
4.3.3 High Procedural and Purchase Cost of Pain Management Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Mode of Pain Management
188.8.131.52 Non-narcotic Analgesics
184.108.40.206.5 Other Non-narcotic Analgesics
220.127.116.11 Neurostimulation Devices
18.104.22.168.1 Transcutaneous Electrical Nerve Stimulation (TENS) Devices
22.214.171.124.2 Brain and Spinal Cord Stimulation (SCS) Devices
126.96.36.199 Analgesic Infusion Pumps
188.8.131.52.1 Intrathecal Infusion Pumps
184.108.40.206.2 External Infusion Pumps
5.2 By Application
5.2.1 Neuropathic Pain
5.2.2 Cancer Pain
5.2.3 Facial Pain and Migraine
5.2.4 Musculoskeletal Pain
5.2.5 Other Applications
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.3 Baxter International Inc.
6.1.4 Becton Dickinson & Company
6.1.5 Boston Scientific Corporation
6.1.6 Fresenius SE & Co. KGaA
6.1.7 GlaxoSmithKline PLC
6.1.8 Johnson & Johnson
6.1.9 Medtronic PLC
6.1.10 Novartis AG
6.1.12 Teva Pharmaceutical Industries Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/j81xtk
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