Pain Management Market
Market Overview:
The growth of the global pain management drugs and devices market is majorly due to the well-established business of painkiller medications as the first line of treatment. In latest years, the increasing dependence on their extended use and a higher knowledge of their side effects has resulted to the increasing use of pain management therapies based on devices. Economic factors currently play a significant role at country level in managing the financial implications for hospitals. Post-operative pain is one of the main focus of hospitals, where the price of surveillance and treating adverse effects generates the high demand for drugs and equipment for pain management.
The present market is gradually adopting more non-opioid drugs to suppress the markets addiction to opioids and some well-established painkillers. There are several non-opioid drugs with action mechanisms that are presently under growth in the early and late stages. Multi-country federal officials are moving to alternative methods, thereby rapidly tracking these drugs for market approval. The change is anticipated to be gradual, leading to very appealing growth opportunities for pain management between 2019 and 2024.
The Reports Scope:
This report includes a comprehensive study of the global market for pain management hereafter referred to as the market studied. Due to continuing or imminent tissue harm, pain is described as an unpleasant feeling in the body. Managing pain is one of the most frequently dealt with problems for any disease by clinicians. The first line of therapy is pharmacological therapy, followed by treatment through machines in instances of serious pain management.
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Key Market Trends:
Cancer Pain Segment is Expected to Exhibit the Fastest Growth Rate over the Forecast Period:
Pain during cancer happens most when the bones, nerves, or organs are pressed on by a tumor. The pain may differ depending on the place impacted. Chemotherapy, radiotherapy, and surgery can lead to pain as well. In people with a suppressed immune system, which is often the consequence of these therapies, some painful situations are probable to happen more.
Cancer-caused pain may be handled. Approximately nine out of ten pain-stricken cancer patients discover relief by using a medication mix. In cancer patients, many drugs are used to manage pain. Some medicines are general pain relievers, while others may require a prescription for particular kinds of pain. The growing incidence of different types of cancer is probable to lead straight to an rise in instances of cancer pain, the therapy of which is anticipated to contribute to market growth through both drugs and devices.
North America Captured the Largest Market Share and is Expected to Retain its Dominance:
North America has the largest share in the global market for pain management, with the US being the largest contributor to its revenue. According to data published by the Centers for Disease Control and Prevention CDC , in 2016, around 20.4 percent of adults in the United States about 50.0 million had chronic pain and 8.0 percent of adults in the country about 19.6 million had high-impact chronic pain, with higher prevalence associated with advancing age. Overall, pain management in the United States is regarded to be the most advanced in the globe, mainly owing to the widespread existence of pain specialist doctors, growing number of FDA approvals, and solid infrastructure to provide patient pain management facilities.
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Competitive Landscape:
The global market for pain management is highly competitive and is made up of several key players. In the pain management industry, the current main players employ powerful competitive strategies, leading to high competition among them. Some of the markets main players are Abbott Laboratories, among others Astra Zeneca, Baxter International Inc., Becton Dickinson & Company, and Boston Scientific Company. Product advances and enhancement by the main players in long-lasting medical equipment are stepping up the competitive market rivalry.
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