Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 70.96 Billion | USD 92.63 Billion | 4.1% | 2021 |
FrequentlyAsked Questions
Demand for pain management therapeutics is expected to rise as osteoarthritis, chronic diseases, and sports or accident injuries become more common. According to research by the World Health Organization, rheumatoid arthritis affects 0.2 to 1% of the world's 7.9 billion people. Rheumatoid arthritis is an inflammatory disease that causes a variety of symptoms ranging from joint pain to immunological problems. This proportion is expected to rise dramatically in the near future. Furthermore, as a result of the prevalent support culture, sports injuries are on the rise.
According to the Zion Market Research report, the global pain management therapeutics market was worth about 70.96 (USD billion) in 2021 and is predicted to grow to around 92.63 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 4.1 percent.
In 2021, North America had the biggest market share, accounting for 36 percent of the total market. The growth of this region is due to factors such as a healthy conversant population, excellent healthcare infrastructures such as top-tier hospitals, well-equipped laboratories with world-class centers in the United States and Canada, and a vast network of retail pharmacies and pharmacies in every state
Key players operating in the global pain management therapeutics market include GlaxoSmithKline Plc., Novartis AG, Abbott Laboratories, Eli Lilly & Company, Endo Health Solutions, Inc., Pfizer, Inc., Purdue Pharma L.P., Merck & Co. Inc., Mylan NV., and Johnson & Johnson.
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