Albany, New York (PRWEB) September 30, 2014
The market of pain management therapeutics aims at producing drugs to alleviate acute as well as chronic pain conditions, thus improving the quality of life of patients. Body pain affects a major portion of the global population, wherein it prevails for varying lengths of time and occurs in a variety of levels. Body pain is a major concern across the globe due its deliberating effects on work productivity.
Pain management therapeutics presently encompasses a variety of pain management therapeutics methods, such as physiotherapy, chiropractor therapy, and the use of minimally invasive pain management devices. However, analgesics or painkillers are commonly prescribed by physicians as the first line of treatment for managing body pain. Drugs from a variety of therapeutic classes, such as antidepressants, opioids, anticonvulsants, anti-migraine agents, non-steroidal anti-inflammatory drugs (NSAIDs), and others are included in the market.
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The global demand for such drugs is very high; in the year 2011, the global pain management therapeutics market had a net worth of US$ 40.93 billion. However, patent expiries of bestselling drugs such as Pfizer, Inc.’s Lyrica (pregabalin) and Eli Lilly & Co.’s Cymbalta (duloxetine) in the near future could lead to a drastic downward trend to the global pain therapeutics market. Declining at a year-on-year rate of 5.5% in the next few years, this market could reach a net worth of US$ 29.47 billion by 2018.
Other than significant reduction in revenues, the loss of market exclusivity of these major revenue-grossing drugs will allow generic drug companies to launch their own versions of these drugs. The global pain management therapeutics market is also affected by the lack of novel drug formulations, which would further account for the declining position of this market.
Other key brands such as Lidoderm (lidocaine), OxyContin (oxycodone), and Cymbalta (duloxetine) are scheduled to lose patent exclusivity in 2013, adding to the negative impact on the growth of the global pain management therapeutics market. However, the market will continue to cater to a large portion of its end users through the segment of OTC drugs, triggered at common body pain conditions.
Amongst the various drug segments covered by the pain management therapeutics market, the segment of NSAIDs is the major revenue generator of the market. Owing to the presence of most popular over the counter painkillers such as ibuprofen, aspirin and diclofenac in this class of drugs, NSAIDs grossed the maximum industry shares of the global pain management therapeutics market in 2011.
By indication, the segments of neuropathic pain and cancer pain earned the leading positions in the global pain management therapeutics market. The major reason behind this is the rising prevalence of conditions such as diabetes and cancer across the globe. As compared to branded formulations, the demand for generic drugs was high in the overall pain management therapeutics market in 2011.
North America stood as the largest regional market of the global pain management therapeutics market due to the presence of one or more branded drugs in the market. However, patent expiries of these brands could suppress growth of this regional market in the near future.
The market for branded drugs was observed to be highly fragmented in the same year, with big companies such as Eli Lilly & Co., Purdue Pharma LP, and Pfizer amassing nearly 80% shares of the total market revenues.
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Though the market is estimated to go through a phase of significant slowdown in the next few years, some favorable healthcare and regulatory reforms such as the U.S. Patient Protection and Affordable Care Act of 2010, and the economic nature of these drugs will continue to drive uptake in the pain management therapeutics market. These drugs are also found to have better effect on body pain than other therapeutic modes such as acupuncture and neurostimulation devices.
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