The global pain management drugs market reached US$ 74 Billion in 2020. Pain is a distressing feeling which can be caused due to various health issues such as osteoarthritis, chronic arthritis, diabetic neuropathy, multiple sclerosis and cancer. Pain mechanism is an intricate process, and there are several pain management drugs that provide relief by acting through various physiological functions. These medications are specific drugs that perform pharmacological actions on pain receptors and work against the discomfort-causing symptoms.
Market Breakup by Drug Class:
- Antimigraine Agents
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High prevalence of chronic pain diseases and increasing geriatric population are among the key factors driving the global pain management drugs market. In 2018, around 991 Million people across the globe were more than 60 years old. By 2024, we expect these figures to reach 1.18 Billion. With the prevalence of chronic pain being significantly higher in older adults, this represents a key factor driving the demand of pain management drugs. Additionally, the increasing number of hospitalization cases, a huge demand-supply gap for effective neuropathic pain management drugs, and application of innovative and advance therapies, are also catalyzing the growth of the market.
Top Companies in Pain Management Drugs Industry:
- Abbott Laboratories
- Eli Lilly & Company
- Endo International plc
- Hoffmann-La Roche AG
- Bausch Health Companies
- Novartis International AG
- Johnson & Johnson
- GlaxoSmithKline Plc
- Purdue Pharma L.P.
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