In a new report by Allied Market Research, the global pain management drugs market reached $61.05 billion in 2017. The analysis also projects the market to hit $77.13 billion in four years time, with a CAGR of 4% from 2017 to 2023.
(CAGR, or Compound Annual Growth Rate, is the mathematical formula that provides a constant rate of return over a period of time. The resulting number is the growth rate from an initial investment value to the ending investment value over a compounded period of time. It reveals what kind of return investors will receive at the end of their investment period.)
There are several key takeaways from the report:
In 2017, opioids had the highest revenue — dominating more than 1/5 of the market — among the 8 drug classes (NSAIDs or Nonsteroidal Anti-inflammatory Drugs, anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and nonnarcotic analgesics). They will continue to dominate through to 2023.
The report forecasts the fastest CAGR at 5.1% for the cancer pain segment (other market segments include arthritic pain, neuropathic pain, chronic back pain, postoperative pain, migraine and fibromyalgia). And out of all the regions, Asia Pacific will project the highest CAGR by 2023.
Steady growth in the market is attributed by a number of elements, such as the increased prevalence of chronic diseases, as well as the rise in the global aging population. Coupled with future drug developments and untapped markets, the global pain management drug industry will continue to thrive over the next few years.
Certain factors threaten these projections. For example, expiring prescription drug patents and a boost in non-pharmacological therapies could slow the growth of the booming market.