Pain Relief Medication Market: Increasing Research Activities by the Prominent Players in the Market is Projected to Boost Market Growth at a Healthy CAGR of 7.22% During the Forecast Period of 2022 to 2030

Pune, India, October 2022, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Pain Relief Medication Market.

Market Highlights

According to MRFR analysis, Pain Relief Medication Market is expected to register a CAGR of 7.22% during the forecast period of 2022 to 2030 and held a value of USD 163.4 Billion in 2030.

Pain relief medicine is a branch of medicine that employs an interdisciplinary approach for easing the suffering and improving the quality of life of those living with acute as well as chronic pain.

The growth of the global pain relief medication market is driven by several factors such as increasing patient population suffering from chronic pain and cancer pain, increasing research in the pain management field, and rising product launch in the pain relief medication market. However, the stringent regulations and high cost of drugs are likely to hamper the growth of the global pain relief medication market.

Several market players currently dominate the global pain relief medication market. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For instance, in July 2018, AbbVie received approval for Orilissa (elagolix) from the US Food and Drug Administration (FDA) for the management of moderate to severe pain associated with endometriosis.

Segmentation

The global pain relief medication market has been segmented based on drug class, indication, and distribution channel.

The market, based on drug class, has been divided into nonsteroidal anti-inflammatory drugs, opioids, COX-2 inhibitors, and others. The nonsteroidal anti-inflammatory drug segment is likely to be the largest during the review period due to the high efficacy rate of this drug class. The opioids segment is predicted to be the fastest-growing due to the increasing awareness about the drugs in this class in the pain relief medication market.

The global pain relief medication market has been segmented based on the indication, into cancer pain, neuropathic pain, musculoskeletal pain, inflammatory conditions, and others. The cancer pain segment is expected to hold the majority share of the market owing to the increasing people suffering from this type of pain. The neuropathic pain segment is expected to be the fastest-growing due to the rising patient population in different economies.

The global pain relief medication market, by distribution channel, has been divided into hospital and retail pharmacies, and online pharmacies. The hospitals and retail pharmacies segment is projected to hold the largest share of the market due to the increasing number of hospital in-visits. The online pharmacies segment is expected to be the fastest growing owing to the rise in the awareness about online distribution network.

Key Players

Some of the key players in the global pain relief medication market are AbbVie Inc. (US), Allergan plc (Ireland), Astellas Pharma Inc. (Japan), Bayer (Germany), Biogen Idec (US), Boehringer Ingelheim International GmbH (Germany), Bristol-Myers Squibb (US), Eli Lilly and Company (US), GlaxoSmithKline (UK), Mallinckrodt Pharmaceuticals (UK), Pfizer, Inc. (US), Purdue Pharma (US), Sanofi (France), and Teva Pharmaceutical Industries Ltd (Israel).

Explore In-depth Details: Pain Relief Medication Market Research Report

Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas are expected to be the largest market owing to the rise in chronic diseases in this region. In Brazil, chronic pain is a widespread clinical condition, affecting between 28% and 41% of the Brazilian population. The pain relief medication market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European pain relief medication market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The pain relief medication market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the rise in initiatives by public and private organizations, the market in Asia-Pacific is expected to be the fastest-growing. The pain relief medication market in the Middle East & Africa has been divided into the Middle East and Africa.