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Pain Management Therapeutics Market Will Decline USD 29.47 Billion in 2018 : Transparency Market Research

Albany, New York (PRWEB) August 20, 2013

Transparency Market Research published new market report “Pain Management Therapeutics Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018.” In 2011, the global pain management therapeutics market was valued at USD 40.93 billion and is expected to decline at a CAGR of (5.5%) from 2012 to 2018, to reach an estimated value of USD 29.47 billion in 2018.

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The global pain management therapeutics market is expected to experience a decline in revenues at a CAGR of (5.5%) during the forecast period, mainly due to patent expirations of the leading branded drugs. Although the global incidence rates of cancer, diabetes and other debilitating diseases that cause various chronic pain conditions is on a rise, the decline in market revenue is inevitable due to generic incursion for the top pain management drugs. Moreover, lack of a strong pipeline of novel or combination drugs that could help restore the positive growth of the overall market is also expected to contribute to the overall decline in the global pain management therapeutics market.

Administration of analgesics is the first line of treatment for the management of acute as well as chronic pain conditions. Some of the Transparency Market Researchfactors driving the growth of this market include the favorable regulatory and healthcare reforms such as the U.S. Patient Protection and Affordable Care Act of 2010. Also, the economic and effective nature of treatment with therapeutics compared to other modes, such as neurostimulation devices and acupuncture, will continue to fuel the uptake of drugs in pain management.

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The market for non-steroidal anti-inflammatory drugs (NSAIDs) accounted for the largest share by revenue in 2011, of the total pain management therapeutics market by therapeutic class. This class comprises of some of the oldest known painkillers such as diclofenac, ibuprofen and Aspirin (acetylsalicylic acid) which are now commonly available as over-the-counter (OTC) medications, globally. However, the patent expiry of Celebrex (celecoxib) in 2013 is expected to negatively impact the market with a decline in revenues post patent expiry.

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The class of other non-narcotic analgesics consists of acetaminophen, sold as OTC drugs in the names of Tylenol, Panadol and Excedrin, and is expected to record the highest CAGR of 3.1% during the forecast period. Increase in the uptake of OTC drugs across the globe to overcome common pain conditions such as headache and body ache, will be responsible for this growth. The loss of patent exclusivity of other key brands such as Cymbalta (duloxetine), OxyContin (oxycodone) and Lidoderm (lidocaine) scheduled in the year 2013 will have a profound impact on the growth of the overall market.

North America was the largest regional market by revenue in 2011, due to the presence of one or more branded drugs belonging to each therapeutic class. However, the region is expected to record the lowest CAGR due to the looming patent expiries of these brands.

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The market for generic formulations accounted for a larger share of the overall pain management therapeutics market in 2011, as against branded formulations. The market for branded pharmaceuticals was highly fragmented in 2011, with Pfizer, Inc., Purdue Pharma LP and Eli Lilly & Co. contributing to over 80% of the total market revenue. Other important players in this market include Endo Health Solutions, AstraZeneca PLC, Johnson & Johnson, and Merck & Co., Inc.

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