Pain Management Drugs Market To Reach New Heights, Valued At $109.6 Billion By 2033

Pain Management Drugs market 2033

Pain management drugs market size was valued at $72.6 billion in 2023, and is projected to reach $109.6 billion by 2033, growing at a CAGR of 4.2%

WILMINGTON, DELAWARE, UNITED STATES, August 26, 2024 /EINPresswire / -- "Pain Management Drugs Market by Drug Class, (NSAIDS, Anesthetics, Anticonvulsant, Anti-Migraine Drugs, Antidepressant Drugs, Opioids, Non-Narcotics, and Analgesics), Indication (Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Pain, Post-Operative Pain, Migraine, Fibromyalgia, Bone Fracture, Muscle Sprain/Strain, Acute Appendicitis, and Other Indications), Pain Type (Chronic and Acute) : Global Opportunity Analysis and Industry Forecast, 2024–2033." According to the report, the global Pain Management Drugs Market size was estimated at $72.6 billion in 2023, and is anticipated to hit $109.6 billion by 2033, registering a CAGR of 3.8% from 2024 to 2033.

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Drivers, restraints, and opportunities-

Increase in prevalence of chronic diseases, favorable regulatory scenario, and surge in the number of geriatric population drive the growth of the global pain management drugs market. On the other hand, availability of alternative therapies, drug exploitation, and patent expiration of prescribed drugs impede the growth to some extent. However, advancements in drug development and untapped markets in developing economies are expected to create lucrative opportunities for the market players in the industry.

The opioids segment to dominate by 2033-

Based on drug class, the opioids segment accounted for more than one-fourth of the global pain management drugs market share in 2023 and is expected to rule the roost by the end of 2033. High popularity of these drugs worldwide fuels the segment growth. The anti-migraine agents segment, on the other hand, would register the fastest CAGR of 4.2% throughout the forecast period.

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The neuropathic pain segment to maintain the dominant share-

Based on indication, the neuropathic pain segment contributed to nearly one-fifth of the global pain management drugs market revenue in 2023 and is anticipated to lead the trail by 2033. As per statistics by the International Association for the Study of Pain, almost 35% of the 33 million people with HIV globally suffer from neuropathic pain, thereby driving the segment growth. Presence of large patient population is the major factor that increases the demand for drugs for neuropathic pain. The cancer pain segment would manifest the fastest CAGR of 4.2% from 2023 to 2033.

The chronic pain garnered the major share in 2023-

Based on pain type, the chronic pain segment held the highest share in 2023, generating 92% of the global pain management drugs market. The same segment would also register the fastest CAGR of 4.2% till 2033, owing to high popularity of these pain management drugs worldwide.

North America to rule the roost-

Based on geography, North America held the major market share in 2023, generating nearly half of the global pain management drugs market, owing to large number of aging population and favorable regulatory conditions. Asia-Pacific, on the other hand, would portray the fastest CAGR of 4.2% till 2033. This is attributed to presence of larger patient pool and increase in healthcare expenditure in the region.

Key Findings Of The Study

▪️ By drug type, the opioids segment occupied 26.5 % share of the pain management drug market in 2019.
▪️ By indication, the postoperative pain segment is anticipated to grow with the highest CAGR throughout the forecast period.
▪️ By pain type, the chronic pain segment accounted for the largest share
▪️ By region, North America is anticipated to experience growth at 3.6% during the forecast period.

Key Sources Referred

▪️ National Center for Biotechnology and Information (NCBI)
▪️ Centers for Medicare & Medicaid Services (CMS)
▪️ National Health Service (NHS)
▪️ Australian Government Department of Health and Aged Care
▪️ Government of Canada's Health and Wellness
▪️ Ministry of Health and Family Welfare (MoHFW)
▪️ National Health Mission (NHM)
▪️ Ayushman Bharat - Health and Wellness Centers (AB-HWCs)
▪️ Centers for Disease Control and Prevention (CDC)
▪️ Food and Drug Administration (FDA)
▪️ National Institutes of Health (NIH)
▪️ World Health Organization (WHO)

David Correa
Allied Market Research
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