Published By : 01 Aug 2016 | Published By : QYRESEARCH
With a growing prevalence of chronic pain among people across the globe, the need to address the pain has become extremely important. Rising number of surgeries, growing geriatric population, and the changing lifestyle of people across the globe have led to a chronic pain epidemic. According to a report by the WHO, the number of new cancer cases registered across the globe is 14 million and this figure is expected to rise by 70% in future. Cancer is one of the prime drivers of the pain management therapeutics market.
As per Transparency Market Research, the global pain management therapeutics market is expected to rise from US$60.2 bn in 2015 to US$83.0 bn by 2024, expanding at a 3.7% CAGR from the period between 2016 and 2024.
Patent Expiries of Pain Management Therapeutic Drugs to Threaten Players
The patent expiries of several pain management therapeutic drugs is expected to challenge the growth of the global market. The availability of cheaper generic drugs will also threaten the demand for these costly therapeutic drugs. Rising incidences of prescription drug abuse will restrain the growth of the pain management therapeutics market. Moreover, alternative therapies, surgical procedures, and medical devices are expected to challenge the sales of pain management therapeutics worldwide.
On the other hand, the launch of novel molecule combinations and drug delivery techniques are expected to open new growth opportunities in the pain management therapeutics market. Additionally, Asia Pacific is also expected to hold immense potential in the pain management therapeutics market. Asia Pacific is also expected to grow at the fastest CAGR in the coming years owing to rising investments in the healthcare industry and the strengthening of economies in the region. Rising population and launch of new therapeutics at affordable rates are also helping the pain management therapeutics market in Asia Pacific to grow.