Non-Opioids Chronic Pain Management Drugs and Devices: Future Roadmap to USD 10 Billion+ Opportunity
Owing to the rapid onset of their medicinal effect, which offers immediate relief with high efficacy, opioids are still considered to be one of the most widely used pharmacological interventions for the management of moderate to severe forms of pain. However, these drugs are known to induce a euphoric state upon intake, often causing patients to abuse them; increased recreational use of opioids has also been shown to lead to drug addiction. In a recent article, published in 2017, 11.5 million individuals were reported to have been caught misusing prescription opioids, while over 42,000 died from opioid overdose, in the US alone. The opioid crisis has prompted drug manufacturers to develop non-addictive, non-narcotic-based therapeutics / analgesics for the management of pain.
The unmet need related to effective non-opioid narcotic therapies for the treatment of chronic pain is evident across social media and various other online information portals
With 8 approved drugs and over 140 clinical / preclinical candidates, the market for non-opioid pain management solutions is growing at a commendable pace
Companies with marketed drugs are also considering various life cycle management strategies in order to prolong the revenue generation potential of proprietary products
Over time, several device-based pain management solutions have also emerged as viable alternatives to narcotic drugs / therapies
Companies have raised over USD 1.5 billion in financing as investors have realized numerous benefits and future potential of non-opioid alternatives to chronic pain
In the last six years, over 70 partnership agreements were inked between various industry stakeholders; majority of these were focused on commercialization and acquisitions
Prevalent trends indicate that the market is likely to grow at a significant pace as multiple late stage molecules receive marketing approval in the foreseen future
The opportunity is likely to be distributed across various drug classes targeting a diverse array of disease indications; late stage drug candidates are anticipated to sustain long term growth
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