Pain Relief Medication Market Overview
Market Research Future (MRFR) anticipates that the pain relief medication market 2020 could grow at a rate of 4.73% over the assessment period (2019 to 2025). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Pain Relief Medication Market Top Boosters and Barriers
The novel coronavirus, since its inception, has escalated into a full-blow worldwide pandemic. The COVID-19 outbreak has impacted the pain relief medication market, since a number of clinics and pain facilities had to be closed down due to the lockdown. Most of the chronic pain facilities have been deemed non-essential, as a measure to curb the spread of SARS-CoV-2. With that said, the pain relief medication market seems to be recovering as a result of the emerging trend of telemedicine that is being used to offer essential medical services to those affected with chronic pain.
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In general, the pain relief medication industry has observed accelerated growth in recent years, owing to the expanding geriatric populace since aged individuals are susceptible to joint pain and various chronic disorders. Also, the rising penetration of chronic diseases, like diabetic neuropathy, osteoarthritis and cancer along with the escalation of surgical procedures also favor the global market. The market also stands to profit from increased cases of arthritis and the expanding patient pool being subjected to prolonged treatment for various types of cancer. The increased interest in sports and the rising injuries emerging from this can be favorable for the global industry.
The rise in product approvals is prompting players to conduct more extensive clinical trials and develop potential pain relievers. Other than this, companies are also adopting strategies such as agreements, partnerships, acquisitions, new product development and collaborations to gain a better market position. To cite an instance, in October 2020, Hyland launched a new series of pain relievers that target everyday pains related to headache, migraine, fever reducer and backache. These pain relief medications are made of organic active ingredients, are non-drowsy and are gentle on the liver, kidneys and stomach.
Pain Relief Medication Market Segmental Insight
Pain relief medication industry has been categorized with regard to drug class, indication, and distribution channel.
With respect to drug class, the market has been considered for COX-2 inhibitors, opioids, nonsteroidal anti-inflammatory drugs, and more. The nonsteroidal anti-inflammatory drug segment can most likely secure the top position in the years ahead, given their high efficacy rate. The opioids category could most possibly advance at the fastest rate, on account of rising awareness about the benefits of these drugs among patients.
The pain relief medication market, indication-wise, caters to neuropathic pain, cancer pain, inflammatory conditions, musculoskeletal pain, and others. The highest gainer in the market can be the cancer pain segment, as cancer cases have been escalating at an alarming pace across countries. On the other hand, the neuropathic pain segment is projected to surge at the fastest speed because of the expanding target patient populace, light of the rising prevalence of diabetes, metabolic issues and more.
The key distribution channels discussed in the report are online pharmacies and hospital and retail pharmacies. Hospitals and retail pharmacies can emerge as the biggest segment in the market owing to the rapid surge in hospital in-visits. However, the online pharmacies segment can climb at a faster pace due to the growing knowhow about online features and options.
Pain Relief Medication Market Regional Outlook
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Given the rising prevalence of chronic disorders and the subsequent need for pain relief medications, the American market is touted to emerge extremely lucrative in the coming years. The Brazilian market seems to be performing significantly as chronic pain is quite widespread and as a result, a large portion of the population is growing dependent on pain relievers. The escalating elderly population and the favorable regulatory scenario in the region also induce market growth. America is known for its considerable drug abuse cases along with the mounting number of individuals becoming addicted to opioids, which has bolstered the demand for pain relief medications.
APAC is slated to be a fast expanding market in the near future, thanks to the mounting efforts by public as well as private organizations and the expanding patient pool. The surge in healthcare expenditure, rising number of patients affected by schizophrenia and migraine along with growth in the awareness level about various topical pain relief medication can also benefit the APAC market.
Pain Relief Medication Market Reputed Companies
Some of the few reputed companies active in the pain relief medication industry are Mallinckrodt Pharmaceuticals (UK), Teva Pharmaceutical Industries Ltd (Israel), GlaxoSmithKline (UK), Eli Lilly and Company (US), Boehringer Ingelheim International GmbH (Germany), Biogen Idec (US), Astellas Pharma Inc. (Japan), AbbVie Inc. (US), Pfizer, Inc. (US), Sanofi (France), Bristol-Myers Squibb (US), Bayer (Germany), Purdue Pharma (US), Allergan plc (Ireland), and more.
Table Of Contents
1. EXECUTIVE SUMMARY
1.1. Market Attractiveness Analysis
1.1.1. Global Pain Relief Medication Market, By Drug Class
1.1.2. Global Pain Relief Medication Market, By Indication
1.1.3. Global Pain Relief Medication Market, By Distribution Channel
2. MARKET INTRODUCTION
2.2. Scope Of The Study
2.2.1. Research Objective
3. RESEARCH METHODOLOGY
3.2. Data Mining
3.3. Secondary Research
3.4. Primary Research
3.5. Breakdown Of Primary Respondents
3.6. Forecasting Techniques
3.7. Research Methodology For Market Size Estimation
3.7.1. Bottom-Up Approach
3.7.2. Top-Down Approach
3.8. Data Triangulation
4. MARKET DYNAMICS
5. MARKET FACTOR ANALYSIS
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