United States Pain Management Therapeutics Market Report 2023: A $33.71 Billion Market by 2030 with Eli Lilly and Co, Pfizer, GSK, Novartis, Merck, Abbott Laboratories, J&J, and Baxter Dominating

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Nov 14, 2023, 05:45 ET

DUBLIN , Nov. 14, 2023 /PRNewswire/ -- The "United States Pain Management Therapeutics Market, Forecast 2023-2030, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.

United States Pain Management Therapeutics Market is expected to reach US$ 33.71 Billion by 2030 from US$ 25.31 Billion in 2022, growing at a CAGR of 3.65%

Physical and mental pain can significantly impact our lives, affecting daily activities, mobility, and overall well-being. The field of pain management has seen remarkable progress thanks to advances in medical technology and increased awareness. While medications have traditionally played a central role in pain treatment, the healthcare sector has increasingly turned its focus to the development of pain monitoring devices.

Pain monitoring devices offer a non-invasive and objective approach to assessing an individual's pain experience. By providing healthcare professionals with quantitative data, these devices facilitate personalized treatment plans and enhance the effectiveness of pain management strategies. As awareness grows, individuals are increasingly recognizing the benefits of pain management devices, particularly when compared to opioid-based treatments, leading to heightened demand for these innovative solutions.

The expansion and innovation in pain-relieving drug production within the pharmaceutical industry are creating opportunities in the US pain management medication market.

Factors such as a rise in pain-related conditions, improved healthcare infrastructure, and the demand for safer and more effective pain medications are driving market growth. The increasing number of health-conscious consumers, as well as the prevalence of chronic illnesses among the elderly, contributes to market expansion.

The elderly population, often dealing with chronic pain due to joint issues and various surgeries, requires prescribed pain medications, further fueling the growth of the US pain management drug market. Additionally, the increase in cases of diabetic neuropathies, which lead to pain, contributes to market expansion. Educational efforts by various organizations and government initiatives aimed at raising awareness about pain disorders and proper pain management play a pivotal role.

The introduction of e-commerce has provided companies with a valuable tool for convenient access to products and services. In the context of pain management, health apps and online platforms offer animations and educational resources to inform individuals about appropriate pain medication dosages and frequencies, thereby driving growth in the US pain management drug market.

Increased promotional activities by manufacturers and growing awareness among the general population about the treatment of pain disorders are expected to further boost the adoption of pain management medications in the future. The landscape of pain management is evolving, with new technology and pharmaceuticals holding significant potential to improve the lives of those experiencing pain. The future of pain treatment appears promising, with an emphasis on personalized approaches and a shift away from opioid-based treatments, offering hope for a better quality of life for individuals in need.

Prominent players in the pain management industry, such as Eli Lilly and Company, Pfizer Inc., GlaxoSmithKline plc, Novartis International AG, Merck & Co., Inc., Abbott Laboratories, Johnson & Johnson, and Baxter International Inc., are highlighted in our analysis.

These companies are investing in technology innovation to develop advanced pain management solutions, forming strategic partnerships to leverage complementary expertise, expanding their presence in various regions, and engaging in mergers and acquisitions to broaden their product portfolios and market reach.

Neurostimulation has emerged as the fastest-growing segment in the U.S. pain management drug market

Neurostimulation is rapidly gaining momentum in the U.S. pain management drug market. With its implanted devices delivering electrical impulses to nerves, it offers targeted relief for chronic pain conditions. Its effectiveness in reducing pain and improving quality of life has fueled its growth.

The market for neurostimulation devices is increasing because they provide a viable alternative to traditional pain drugs, answering the need in the United States for safer and more tailored pain treatment options.

Opioids hold the largest share of the United States pain management drug market

While opioids are excellent pain relievers, their increasing usage has generated concerns owing to the potential of addiction and other negative side effects.

Efforts are being undertaken to address these difficulties through the implementation of tougher restrictions, the promotion of responsible prescription practices, and the investigation of alternative pain management choices. In order to achieve a balance between effective pain relief and reducing the risks associated with opioid use, the market is changing toward safer and more customized medications, as well as non-pharmacological alternatives.

Cancer pain is experiencing rapid growth within the U.S. pain management drug market

With the increased prevalence of cancer cases, there is a greater need for cancer patients to be treated effectively in terms of pain management. Cancer pain management requires a multimodal approach that includes pharmaceutical medicines like opioids and adjuvant medications, as well as non-pharmacological techniques like radiation therapy and nerve blocks.

The emphasis is on promoting patient comfort and minimizing the impact of pain on everyday activities. Innovative medicines and pharmaceuticals are being developed to address this crucial part of cancer care as awareness and research in cancer pain management continue to grow.

Chronic pain holds the highest market share and is the fastest-growing segment in the U.S. pain management drug market

With a substantial number of individuals suffering from persistent pain conditions, there is a pressing need for effective management options. The market offers a wide range of pharmaceutical treatments, including opioids, nonsteroidal anti-inflammatory drugs (NSAIDs), anticonvulsants, and antidepressants, tailored to address different types of chronic pain.

Additionally, advancements in technology, such as neurostimulation and targeted therapies, are reshaping the landscape of chronic pain management, providing individuals with new hope for alleviating their pain and improving their quality of life.

Online pharmacy market boasts the highest market share and is the fastest-growing segment in the U.S. pain management drug industry

With the convenience and accessibility of online platforms, individuals are increasingly turning to online pharmacies to fulfill their medication needs.

Online pharmacies provide a wide choice of pain management pharmaceuticals, allowing people to get pain relief treatments without having to go to a regular pharmacy. The rising popularity of online shopping, along with rising demand for pain management pharmaceuticals, has contributed to the spectacular rise of the online pharmacy business in the US pain management sector.

Company Insights: Overview, Recent Developments, Financial Insight

Eli Lilly and Company
Pfizer Inc.
GlaxoSmithKline plc
Novartis International AG
Merck & Co., Inc.
Abbott Laboratories
Johnson & Johnson
Baxter International Inc.

Scope of the Report

Therapeutics - Market has been covered from 2 viewpoints:

Pharmaceuticals
Devices

Devices - Market has been covered from 4 viewpoints:

Electrical Stimulators
Radiofrequency Ablation
Analgesic Infusion Pumps
Neurostimulation

Drug Class - Market has been covered from 7 viewpoints:

Non-Steroidal Anti-Inflammatory Drugs (NSAIDs)
Anesthetics
Anticonvulsants
Anti-Migraine Agents
Antidepressants
Opioids
Nonnarcotic Analgesics

Indication - Market has been covered from 11 viewpoints:

Arthritic Pain
Neuropathic Pain
Cancer Pain
Chronic Back Pain
Post-Operative Pain
Migraine
Fibromyalgia
Bone Fracture
Muscle Sprain/Strain
Acute Appendicitis
Others

Distribution Channel - Market has been covered from 3 viewpoints:

Hospital Pharmacies
Retail Pharmacies
Online Pharmacies

Pain Type - Market has been covered from 2 viewpoints:

Chronic Pain
Acute Pain

For more information about this report visit https://www.researchandmarkets.com/r/767ttm

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