Pain management is used to treat all types of pain that include neuropathic, musculoskeletal, and spinal pain disorder with early intervention and an accurate diagnosis. Pain management helps thousands of people each year effectively in an area of neurologists, orthopaedists, primary care by physicians and other healthcare pain management therapies. The pain management therapeutics is growing because of various factors that include growing geriatric population, increasing number of surgeries, changing lifestyle and the rising incidences of chronic disorders. As per National Health Interview Survey statistics surveyed in 2016, around 20% of world’s population had been suffering from chronic pain disorder. Migraine accounts for 30% of global burden disease that produces half of the world’s neurological disease related to disability.
Google tech giant has entered pain management market that has developed smart contact lenses so as to monitor glucose level in patients suffering from diabetics; however, this will save patients from the pain of pricking fingers for blood glucose test. Various devices block pain mechanism by blocking passage of the pain signals to reach the brain. Such as, neuro-stimulator device that uses mild frequencies of the current to block passage of pain signals.
The global pain management market is growing because of large patient population base, high efficacy proven by pain management devices, long-term pain management that is growing among the geriatric population, reimbursement scenario that has been established for spinal cord stimulation (SCS) in developed countries and development of pain management device. As per the statistics provided by the UN Population Division, the total proportion of people above 60 years has increased from 12% in 1950 to 22% in 2011 and is projected to reach 32% by 2050. On the other hand, factors restricting the growth of the pain management market globally are high purchase and procedural cost, less awareness of the availability of pain management device. Also less number of pain specialists, the gap existing between prevalence and chronic pain treatment and less number of pain management clinics in several developing countries restrain the growth of the market.
However, side effects such as skin hypersensitivity, redness and hyper-pigmentation, and availability of substitutes such as pain relief medications are some of the major factors restraining the growth of global pain management devices market.
Eli Lilly and Company acquired CoLucid Pharmaceuticals, Inc. in 2017 for $46.50 per share that is approximately $960 million. This will enhance Eli Lilly’s existing portfolio in the pain management for migraine disorder. Moreover, the rise in outsourcing of the pharmaceuticals is expected to fuel pain management market growth.
The company will pursue FDA approval by 2018 that could be a substitute for opioids for cancer pain, chronic back pain and osteoarthritis (OA) for a new type of pain management drug. Eli Lilly and Pfizer announced that tanezumab used for the treatment of chronic low back pain (CLBP) and chronic pain for a patient with osteoarthritis (OA) has granted the fast track designation by U.S. Food and Drug Administration (FDA). If approved tanezumab drug would be the first new class of the non-opioid chronic pain management.
This report provides analysis of the pain management market that contains current industry trends, market size, market growth and demands, major players with their key strategies. It covers growth opportunities and market canvas in the coming years. The report has been made with an in-depth analysis along with inputs from the various industry experts. The research has been carried out with primary and secondary data sources and either supporting bottom-up or top-down approach.
Based on region, the global pain management market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The pain management market is growing due to increasing investment in research and development in various nations. Also, the growth of the market is mainly because of availability of the over-the-counter drugs in U.S and Canada of pain management treatment.
Teva Pharmaceuticals Industries Ltd., GlaxoSmithKline plc, Merck & Co. Inc., Johnson & Johnson, Mallinckrodt, Novartis AG, Purdue Pharma LP, Abbott, Pfizer Inc., AstraZeneca plc, Endo Health Solutions, Eli Lilly & Company
Global Composite Testing Market Segmentation:
- Cancer Pain
- Neuropathic Pain
- Chronic Back Pain Fibromyalgia
- Fibromyalgia Post-Operative Pain
- Arthritic Pain
Others (Codeine, Fentanyl ,Morphine, Meperidine, Methadone)
o Anti-inflammatory Drugs (NSAIDS)
o Other Non-narcotic Analgesic
o Antimigraine Agents
• North America (U.S and Canada and rest of North America)
• Europe (Germany, France, Italy and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
• LAMEA (Brazil, Turkey, Saudi Arabia, South Africa and Rest of LAMEA)