Chronic Pain Management: Path 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 chronic pain management.
The unmet need related to effective non-opioid narcotic therapies for the chronic pain management 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 chronic 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 within the chronic pain treatment market 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
To learn more, please click Chronic Pain Treatment Market. For any queries / suggestions, please do not hesitate to contact us at sales@rootsanalysis.com. You can also download the SAMPLE REPORT on chronic pain management by Roots Analysis.
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About Author
Arun_Gupta
Arun is an enthusiastic professional and has been associated with Roots Analysis since the very early years. He has led multifaceted roles over the years be it business research, consulting, competitive intelligence, IT & technology, sales and marketing. He currently drives strategic thinking and execution within the sales and marketing domain. With educational background in life sciences from Thapar University and digital marketing credentials from Indian School of Business, he has led a lot of critical initiatives at the organization. His background in life sciences has been one of the key reasons for quick understanding and implementation of customized marketing strategies. During his early years, he has led multiple consulting assignments for global clients ranging from competitive landscaping, deal structuring and preparing go-to-market strategy for his clients.