Categories: Market Research

Pain Management Drugs Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Pain Management Drugs by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Pain Management Drugs, The pain management drugs market size has grown strongly in recent years. It will grow from $76.76 billion in 2023 to $81.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rising chronic pain cases, rise in cancer cases, increased surgical procedures, improved pain assessment, government initiatives..

The pain management drugs market size is expected to see strong growth in the next few years. It will grow to $100.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to non-opioid alternatives, targeted therapies, precision medicine approaches, psychological interventions, focus on minimizing side effects.. Major trends in the forecast period include value-based care models, expanded access programs, combination therapies, innovative formulations, biosimilar pain drugs..

An increasing rate of surgeries is expected to propel the growth of the pain management drugs market going forward. A surgical procedure refers to a medical intervention that involves the cutting or penetration of the body’s tissues to treat diseases, conditions, or injuries, or to alter bodily functions or improve appearance. Pain management drugs play a crucial role in surgeries by helping to control and alleviate post-operative pain, which can significantly improve patient comfort and recovery. For instance, according to the Aesthetic Society, in 2021, surgical procedures experienced a significant increase of 54% compared to 2020, while non-surgical procedures saw a rise of 44%. Therefore, an increasing rate of surgeries is driving the pain management drugs market.

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The pain management drugs market covered in this report is segmented –

1) By Drug Class: Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), Anesthetics, Anticonvulsants, Anti-migraine Agents, Antidepressants, Opioids, Nonnarcotic Analgesics

2) By Indication: Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Back Pain, Postoperative Pain, Migraine, Fibromyalgia, Muscle sprain/strain, Bone fracture, Other Indications

3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

Technological advancement is the key trend gaining popularity in the pain management drugs market. Major companies operating in the pain management drugs market are focusing on developing new technologies. For instance, in November 2021, AppliedVR, Inc., a US-based company that offers virtual reality therapeutics, launched EaseVRx, a prescription-only immersive virtual reality (VR) system that helps patients with chronic lower back pain, who are 18 years of age and older, reduce their pain by utilizing cognitive behavioural therapy and other behavioural techniques. The unique feature of EaseVRx is its use of CBT and other behavioural treatment techniques to reduce pain and pain interference. The EaseVRx treatment program consists of 56 VR sessions that range in length from 2 to 16 minutes and are designed to be used daily for eight weeks of treatment. A skills-based treatment program is used in the device’s VR software, which applies well-established behavioural therapy principles to alleviate the physiological symptoms of pain.

The pain management drugs market report table of contents includes: