Published Date : 04 Feb 20 | Views: 21 | Industry : Life Science
Availability of Low-cost Generic Opioids to Augment the Growth of the Generic Opioids Segment
The product segment of the Pain Management Drugs industry is bifurcated into NSAIDs, Branded Opioids, Generic Opioids, and Others. Prescription of short term generic opioids post-surgery, which are available at affordable prices is likely to augment the growth of the Generic Opioids segment. The application segment is segmented into Drugstore, clinics, and hospitals.
North America is Likely to Grab the Largest Share of the Market
North America is expected to grab the largest share of the market followed by Europe due to high awareness in patients regarding health and the availability of pain relief medicines. The implementation of favorable regulatory laws by the U.S. Government to promote healthcare is expected to contribute to the growth of the market.
Factors such as the increasing prevalence of diseases, the presence of a large number of patients requiring surgeries, and increased spending on healthcare in developing countries such as India and China are likely to boost the growth of the Pain Management Drugs industry in the Asia-Pacific.
Pfizer Conducts A Successful Late-Stage Testing Trial for Non-Opioid Pain Killer
Some of the key players active in the Pain Management Drugs industry are GSK, Pfizer, Grunenthal, Bayer, Eli Lilly, Sanofi, Bayer, Endo, AstraZeneca, Depomed, Merck, Teva, Yunnan Baiyao, J&J, Teva, Purdue, and Allergan. Market players are involved in product development, clinical trials, and are keen to promote research and development in pain relief drugs.
For instance, in 2019 Pfizer developed a non-opioid pain killer to reduce back pain, which achieved a successful trial in late-stage study testing. The drug was being tested for patients suffering from osteoarthritis pain, which affects the hip or knee.
Increasing Number of Patients Suffering From Diseases and Injuries to Fuel the Growth of the Market
The prevalence of chronic diseases has resulted in patients consuming pain management drugs. Aging patients suffering from conditions related to bone, joints, injury, and nerve damage is likely to fuel the growth of the market. Opioids prescribed for short term pain after surgery including Codeine, Oxycodone, Fentanyl, and Morphine are likely to drive the growth of the Pain Management Drugs industry.