U.S. Pain Management Drugs Market to Reach $39.35 Billion by 2027; Surge in Geriatric Population, and a Favourable Regulatory Scenario Drive the Growth in the U.S.: Says Allied Market Research
Increase in incidences of chronic diseases, surge in the geriatric population, and a favorable regulatory scenario drive the growth of the U.S. pain management drugs market. Based on drug class, the opioids segment dominated the market in 2019, accounting for more than one-fourth of the market. various pain management services in clinics were temporarily closed for safety during the pandemic.
Portland, OR, Feb. 22, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the U.S. Pain Management Drug Market accounted for $31.49 billion in 2019, and is estimated to garner $39.35 billion by 2027, registering a CAGR of 3.4% from 2020 to 2027. The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing market opportunities.
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Increase in incidences of chronic diseases, surge in the geriatric population, and a favorable regulatory scenario drive the growth of the U.S. pain management drugs market. However, patent expiration of prescription drugs, availability of alternative therapies, and drug exploitation hamper the market growth. On the other hand, innovations in drug development would open create lucrative opportunities for the market players in the coming years.
Covid-19 scenario:
- The Covid-19 pandemic and increasing number of Covid-19 patients overwhelmed the healthcare systems in the U.S. Thus, various pain management services in clinics were temporarily closed for safety.
- On the contrary, the demand for pain management drugs has surged during the pandemic as telemedicine became an effective way to provide required medical services to patients.
The U.S. pain management drugs market is segmented on the basis of drug class, indication, and pain type. Based on drug class, the opioids segment dominated the market in 2019, accounting for more than one-fourth of the market. However, the NSAIDs segment is projected to manifest the highest CAGR of 3.9% during the forecast period.
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On the basis of indication, the neuropathic pain segment held the lion’s share in 2019, accounting for one-fifth of the market. Moreover, the segment is projected to register the highest CAGR of 4.1% during the forecast period.
Based on pain type, the chronic pain segment would showcase the highest CAGR of 3.7% during the forecast period. Moreover, the segment held the largest share in 2019, contributing to more than two-thirds of the market.
The U.S. pain management drugs market report includes an in-depth analysis of the market players such as Novartis AG, Abbott Laboratories, Eli Lilly & Company, Boehringer Ingelheim, Purdue Pharma L.P., Mylan NV, Pfizer, Inc., Johnson & Johnson, Merck & Co. Inc., and GlaxoSmithKline Plc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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