A new report by visiongain predicts that the world market for drugs to relieve pain will reach $61.6 bn for 2012. That revenue forecast appears in World Pain Relieving Drug Market 2012-2022.
The study forecasts that the overall market for pain relieving drugs will grow steadily from 2012 to 2022. The world pain-treating drug market is a high-revenue industry with a high public and healthcare profile. Market growth will be stimulated by rises in disease prevalence, ageing populations and prevalence of cancer, arthritis and diabetes.
Growth of the pain treatment market will be stimulated by new drugs and reformulations of existing products from 2012 onwards. The launch of new treatments, including more-efficacious drugs, improved drug delivery and new dosing schedules, will increase revenues. Analysis believe that increasing public awareness and the development of submarkets such as neuropathic and cancer pain treatment will be crucial to expansion of the industry and market.
Dr Peter Williamson, a pharmaceutical industry analyst, said: “Pain is a prevalent condition with huge socio-economic consequences. Many people need pain relief to complete everyday tasks. To achieve more-efficient pain relief, a better understanding of its underlying mechanisms and causes are needed, which, in turn, will lead to more pain therapies being tailored to a specific pain type. The high growth rate of the neuropathic pain market is a good example. Also, drug approvals for neuropathic indications are becoming more frequent. Importantly, the pharma industry has many promising R&D pipeline candidates for pain relief.”