Global Pain Relief Medication Market By Material (Acute, Chronic), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy)
Hyderabad, India -- (SBWIRE) -- 02/08/2023 -- Pain relief medications are one of the most commonly used drugs in the world, with millions of people relying on them to manage a variety of conditions, ranging from headaches and menstrual cramps to chronic pain and post-surgical discomfort. The global pain relief medication market is estimated to be worth billions of dollars and is expected to continue growing in the coming years, driven by factors such as an aging population, increasing rates of chronic pain, and rising demand for more effective and convenient treatments.
The market for pain relief medications is segmented into several categories, including over-the-counter (OTC) drugs and prescription drugs. OTC pain relievers, such as aspirin and ibuprofen, are widely available and often used to treat mild to moderate pain. Prescription pain relievers, on the other hand, are stronger and typically only available through a doctor's prescription. Some of the most commonly prescribed pain relievers include opioids, such as fentanyl, oxycodone, and hydrocodone, as well as non-steroidal anti-inflammatory drugs (NSAIDs) like naproxen and celecoxib.
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While pain relief medications are effective in managing pain, they are not without their drawbacks. OTC pain relievers, for example, can have side effects, such as stomach irritation and bleeding, and may not be suitable for everyone, particularly those with certain medical conditions. Prescription pain relievers, meanwhile, can be addictive and are often associated with a risk of overdose and other serious health problems.
Despite these concerns, the demand for pain relief medications is expected to continue growing, driven by an aging population and an increasing prevalence of chronic pain conditions, such as arthritis and lower back pain. To meet this demand, pharmaceutical companies are investing in research and development to create more effective and safer pain relievers. For example, there is growing interest in the use of cannabinoids, such as CBD, for pain relief, as well as the development of new, non-addictive pain relievers that target specific pain receptors in the body.
In conclusion, the global pain relief medication market is a multi-billion dollar industry that is expected to continue growing in the coming years. With an aging population and rising rates of chronic pain, there is a growing demand for more effective and safer pain relievers. As such, the market is likely to continue evolving and changing, as pharmaceutical companies invest in research and development to create new and innovative treatments for pain management.
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Owing to the high number of chronic disease cases and the presence of key market players, the North American pain relief medication market is assessed to grow at a high CAGR in the forecast period (2022-2029). Such as, according to the American cancer society estimations, in 2022, about 1.9 million new cancer cases will be analyzed, and around 609,360 cancer-caused deaths in the United States. Likewise, CDC anticipated that approximately 78 million U.S. adults will live with doctor-diagnosed arthritis in 2040, increasing the demand for the Pain Relief Medication analgesic. Similarly, the major key players holding a larger share of the market are U.S. based, such as Johnson & Johnson, Pfizer Inc., Purdue Pharma, Endo International, Mylan, Impax Laboratories and Indivior, contributing to the dominance of North America over the global Pain Relief Medication market. Therefore from the data mentioned above, it is anticipated that North America will hold most of the global pain relief medication market throughout the forecasted period (2023-2030).
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