$34.8+ Bn U.S. Pain Management Market, neuropathies increased from 30 million in 2019 to 85 million in 2021

PORTLAND, OR, UNITED STATES, October 11, 2024 /EINPresswire.com/ -- The U.S. pain management drugs market has been growing steadily, projected to increase from $25,174.29 million in 2021 to $34,824.24 million by 2031, with a compound annual growth rate (CAGR) of 3.3%. The increasing prevalence of chronic pain, growing geriatric population, and demand for effective, low side-effect medications are key drivers. Here’s a fresh look at the market:

𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/A09451

Key Insights
• Market Size and Growth: Valued at $25.1 billion in 2021, expected to reach $34.8 billion by 2031, growing at a CAGR of 3.3%.
• Pain Management Scope: Covers a range of pain types from acute (short-term) to chronic (long-term) pain, caused by conditions such as joint disorders, nerve damage, or injury.

Market Trends
• Impact of COVID-19: Supply chain disruptions and delays in drug approvals during the pandemic affected market growth.
• Rising Demand: Increasing prevalence of chronic conditions, such as arthritis, diabetic neuropathy, and sport-related injuries, are boosting demand for pain management medications.
• Elderly Population: Joint disorders and surgeries among aging individuals drive higher consumption of pain relief drugs.
• Diabetic Neuropathies: Cases in the U.S. rose from 30 million in 2019 to 85 million in 2021, directly fueling market growth.

Key Drivers
• Geriatric Population: With an aging population prone to chronic pain conditions, the demand for pain management drugs continues to rise.
• Sports Injuries: A reported 3.5 million injuries in 2020, with 21% involving brain trauma, further drive demand for effective pain treatment.
• Lower Back Pain: Over 54% of adults in the U.S. experience recurring lower back pain, contributing to increasing market needs.
• Government Spending: Significant investments in chronic pain management research and treatment; U.S. government spends around $635 billion annually on chronic pain-related costs.

Challenges
• Side Effects: The misuse and potential addiction to opioids and other pain medications restrain market growth.
• Alternative Therapies: Increasing use of pain management devices, acupuncture, and chiropractic treatments poses competition to drug-based treatments.

Market Segmentation
1. By Drug Class:
• Opioids: Dominated the market in 2021, largely due to widespread use in major pain conditions.
• NSAIDs, Anesthetics, Antidepressants: Significant segments with expected continuous growth.

2. By Indication:
• Postoperative Pain: The largest segment in 2021, driven by a rise in surgeries.
• Cancer Pain: Expected to grow at the highest CAGR due to an increasing cancer incidence.

3. By Pain Type:
• Chronic Pain: The most significant segment, driven by rising cases of back pain and cardiovascular-related discomfort.

Competitive Landscape
• Key Players: Companies such as Pfizer, Novartis, Eli Lilly, and Abbott Laboratories dominate the market, continuously innovating to introduce safer, more effective pain medications.

• Strategic Collaborations: Major players focus on partnerships and licensing agreements to expand their product offerings. For example, Eli Lilly acquired U.S. rights for CNTX-0290, a non-addictive pain therapy.

Opportunities and Future Outlook

• Innovative Drug Development: Focus on non-addictive, abuse-deterrent drugs offers substantial growth potential.
• E-Commerce and Health Apps: Growing reliance on online purchasing and educational tools is enhancing accessibility to pain medications.

The U.S. pain management drugs market is poised for steady growth, driven by a rising aging population, increased incidence of chronic diseases, and innovations in pain management therapies. The competitive landscape will continue to evolve as key players collaborate and innovate in response to increasing demand for safer, more effective treatments.

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A09451

David Correa
Allied Market Research
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