The patent expirations of some of the blockbuster drugs such as Lyrica of Pfizer Inc. and Cymbalta of Eli Lilly & Co. are the slated reasons for the growth of the global pain management therapeutics market. This, however, has been beneficial for manufacturers of generic drugs to get the opportunity to launch their own genres of these formulations.
Nevertheless, due to the extreme reduction in the revenue contribution of novel drugs and loss of marketing exclusivity of the pain management therapeutics and drugs is witnessing such adverse effects on the market. Primarily, pain management is lacking novel formulations, which has been a significant reason for stagnation in this market.
What is Pain? What are its Health Implications?
Pain management involves alleviating pain with the aim to improve the quality of life of individuals suffering from severe or chronic pain conditions. The condition is cited to have a debilitating effect and loss of productivity in individuals, which in turn elevates the healthcare expenditure apportioned for pain management in a nation.
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The pain usually occurs due to tissue damage, the severity of the same differing from person to person. Usually observed in a pattern, pain is classified as per the affected body part and its duration at every cycle. Presently, the methods available for pain management are a few, namely physiotherapy, chiropractor therapy, and minimally invasive procedures; however, pharmaceuticals such as analgesics and painkillers are the first line of treatment that physicians adhere.
Drugs that are used for pain management fall in one of the therapeutic drug class such as anticonvulsants, opioids, anti-migraine agents, antidepressants, non-steroidal anti-inflammatory drugs (NSAIDS), and others. In 2011, NSAIDS therapeutic class contributed the highest revenue to the global pain management therapeutics market, as this segment comprises some of the most commonly used over-the-counter (OTC) analgesics such as ibuprofen, aspirin, and diclofenac.