The growth of the global pain management market is majorly due to the well-established business of painkiller medications as the first line of treatment. In recent years, the increasing reliance on their prolonged use and a greater understanding of their side-effects have led to the growing use of device-based pain management therapies.
Currently, at the country level, economic factors play a significant role in the management of financial implications for hospitals. Post-surgical pain is one of the primary focuses of hospitals, where the cost of monitoring and the treatment of adverse effects create the major demand for pain management drugs and devices.
The current market is gradually adopting more non-opioid medications, to suppress the addiction toward opioids and certain well-established painkillers in the market. There are several non-opioid drugs with mechanisms of action, which are currently in early and late stages of development. The federal authorities in multiple countries are shifting to alternative approaches, and thus, fast-tracking those drugs to market approval. The shift is expected to be gradual, and thus, pain management has very attractive growth prospects in the forecast period.
Key Market Trends
Cancer Pain Segment is Expected to Exhibit the Fastest Growth Rate over the Forecast Period
- Pain during cancer occurs the most when a tumor presses on to the bones, nerves, or organs. The pain may vary according to the affected location. Chemotherapy, radiotherapy, and surgery can also cause pain. Pain caused by cancer can be treated. Many medicines are used for pain management in cancer patients. Some drugs are general pain relievers, while others target specific types of pain may require a prescription.
- The global incidence of cancer is high. Moreover, as per a 2018 report by Cancer Research UK, the global incidence of cancer was expected to increase from 17 million new cases in 2018, to more than 27 million new cases by 2040. This may increase the demand for cancer therapies, which, in turn, is likely to increase the demand for cancer pain management therapies. Therefore, this is expected to boost the market growth.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
- North America holds the largest share in the global pain management market, with the United States being the largest contributor to its revenue. According to the data published by the Centers for Disease Control and Prevention (CDC), in 2018, approximately 50 million US adults are affected by chronic pain, and high-impact chronic pain (i.e., interfering with work or life most days or every day) affects approximately 20 million US adults.
- Overall, the pain management market in the United States is considered highly competitive, primarily due to the large presence of pain specialist physicians, increasing number of approvals from the FDA, and the robust infrastructure for providing pain management services to patients. Moreover, this positively impacts the growth in the North American region.
The global pain management market is highly competitive and consists several major players. The existing major players in the pain management market employ strong competitive strategies, leading to high rivalry among them. Some of the key players in the market are Abbott Laboratories, AstraZeneca PLC, Baxter International Inc., Becton, Dickinson and Company, and Boston Scientific Corporation, among others. Product advancements and improvements in durable medical equipment by the major players are stiffening the competitive rivalry in the market.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Long-term Pain Management from the Geriatric Population
4.2.2 High Proven Efficacy of Pain Management Devices for the Treatment of Chronic Pain
4.2.3 Development of Novel Pain Management Devices
4.3 Market Restraints
4.3.1 Lack of Awareness about the Availability and Use of Pain Management Devices
4.3.2 High Procedural and Purchase Cost of Pain Management Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Mode of Pain Management
184.108.40.206 Non-narcotic Analgesics
220.127.116.11.5 Other Non-narcotic Analgesics
18.104.22.168 Neurostimulation Devices
22.214.171.124.1 Transcutaneous Electrical Nerve Stimulation (TENS) Devices
126.96.36.199.2 Brain and Spinal Cord Stimulation (SCS) Devices
188.8.131.52 Analgesic Infusion Pumps
184.108.40.206.1 Intrathecal Infusion Pumps
220.127.116.11.2 External Infusion Pumps
5.2 By Application
5.2.1 Neuropathic Pain
5.2.2 Cancer Pain
5.2.3 Facial Pain and Migraine
5.2.4 Musculoskeletal Pain
5.2.5 Other Applications
5.3 By Geography
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
5.3.5 South America
22.214.171.124 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 AstraZeneca PLC
6.1.3 Baxter International Inc.
6.1.4 Becton, Dickinson and Company
6.1.5 Boston Scientific Corporation
6.1.6 Fresenius SE & Co. KGaA
6.1.7 GlaxoSmithKline PLC
6.1.8 Johnson & Johnson
6.1.9 Medtronic PLC
6.1.10 Novartis International AG
6.1.11 Pfizer Inc.
6.1.12 Teva Pharmaceutical Industries Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.