Global Pain Management Therapeutics Market Restrained by Expiry of Patents, Marketing Exclusivity
Pain management therapeutics are an important class of medicines dealing with reducing and eliminating pain. Pain can originate due to several types of disorders, though tissue damage is the proximal source of pain. The wide-ranging etiology of pain, which medicine treats as a symptom rather than a condition in itself, means that pain management therapeutics have to be similarly versatile, depending on the intensity and the cause of the pain. The debilitating effect of chronic or severe pain on a patient’s quality of life is the primary reason why pain management therapeutics have become so important in modern medicine.
Get Free Sample Research Report:
According to a new report released recently by Transparency Market Research, the global pain management therapeutics market was valued at US$40.9 bn in 2011. The market is expected to exhibit a -5.5% CAGR from 2012 to 2018, ending up at a valuation of close to US$29.5 bn.
Patent Expirations Restrict Global Pain Management Therapeutics Market
There has been a notable spike in the prevalence of conditions causing chronic pain in the last few decades. Modern phenomena such as the increasing pollution and the increasing adherence to a sedentary lifestyle have contributed to this to no small degree. This has been a major driver for the global pain management therapeutics market and will continue to be a major factor in the market’s growth trajectory in the coming years.
The expected expansion in the availability of healthcare services in emerging countries is also beneficial for the global pain management therapeutics market, as more individuals will be able to get diagnosed with and treated for chronic pain conditions.
However, the expiry of various major products in the global pain management therapeutics market, such as Lyrica (pregabalin) and Cymbalta (duloxetine) – developed by Pfizer and Eli Lilly, respectively – has hurt the prospects of the global market. The loss of marketing exclusivity of these products is likely to result in increased market prospects for generic drug manufacturers. The organized pain management therapeutics market can deal with this restraint by innovating new formulations for pain management, something the industry hasn’t achieved so far.
NSAIDs Largest Product Segment, North America Major Regional Market for Pain Management Therapeutics
By product type, the global pain management therapeutics market is segmented into opioids, non-steroidal anti-inflammatory agents (NSAIDs), antidepressants, anti-migraine agents, and anticonvulsants. NSAIDs accounted for the largest share in the global pain management therapeutics market in 2011 and are likely to remain one of the largest segments of the market in the coming years.
Regionally, North America accounted for more than half of the global pain management therapeutics market in 2011, with a valuation of US$21.7 bn. Even though the North America market will remain the largest regional pain management therapeutics market in the coming years, both its valuation and its share in the global market are likely to drop over the forecast period. The North America market for pain management therapeutics is expected to be valued at close to US$14.3 bn by 2018, less than 50% of the global market’s expected 2018 valuation.
Full Research Report on Global Pain Management Therapeutics Market: