The pain management drugs market has been forecast to increase at a compound annual growth rate (CAGR) of 3.2% over the next five years, rising from a valuation of $35.4 billion in 2012, to be worth an estimated $41.5 billion by 2017.
That predicted growth is based upon an aging global population, increasing number of surgeries, lifestyle changes, and a rising incidence of cancer. Some 1.5 billion of the world's 7 billion people -- 21% -- currently suffer from pain. That includes approximately 30% of all cancer patients and 60% of late-stage cancer patients.
The treatment of pain has evolved since antiquity, when grasses and herbs were used for relief. Currently, medicines help patients to overcome pain. The most common types of medicine for pain management are aspirin, acetaminophen, and ibuprofen.
These medications are available as over-the-counter (OTC) drugs, and for anyone who suffers from mild pain, they are typically the first resort.
In pain management, certain classes of drugs have proven to be very effective. Some of these classes are nonsteroidal anti-inflammatory drugs, opioids (which are actually narcotics used for medical treatment), anticonvulsants (anti-epilepsy drugs), and antidepressants. In addition to these, there are many other classes of drugs that have been successfully utilized in pain management.
Pain management today is dominated by Pfizer, Eli Lilly, Purdue Pharma, Endo Pharmaceuticals, Novartis, Johnson & Johnson, and Grünenthal.
Pfizer was the market-leading company in the global pain management market, registering $6.4 billion in sales in 2010. Collectively, the top five pain companies accounted for 76.1% of the global market.
This dominance is set to wane as their pipelines will be unable to restore market share lost to generics and new product launches.
Whether these leaders will manage to maintain their positions depends upon how they manage their patent expirations as well as new drug development. Thousands of biotechs and tens of thousands of academic labs are working to develop new therapies all the time.
For more information on the pain management drugs market, see the latest research: Pain Management Drugs Market
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