Inflammatory Pain Therapeutic Market is rising due to increasing prevalence of arthritis
The global inflammatory pain therapeutic market consists of drugs that provide relief from inflammatory pain caused due to diseases like arthritis, fibromyalgia etc. These drugs reduce inflammation and help alleviate pain associated with inflammation. Some of the common anti-inflammatory drugs used include NSAIDs like Ibuprofen, steroids like prednisone and disease modifying anti-rheumatic drugs (DMARDs). The rising prevalence of arthritis across the world is a major factor driving the growth of this market. As per estimates, around 300 million people suffer from some form of arthritis globally and this number is expected to rise to 350 million by 2030. Arthritis related conditions pose a significant burden in terms of healthcare spending as well as loss of productivity. Hence, there is an increasing demand for affordable and effective treatment options for inflammatory pain management.
The Global Inflammatory Pain Therapeutic Market is estimated to be valued at US$ 65 Billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024-2029.
Key Takeaways
Key players operating in the Inflammatory Pain Therapeutic market are Pfizer, AbbVie, Eli Lilly and Company, Johnson & Johnson.
The growing prevalence of arthritis and other inflammatory diseases is a major factor fueling the demand in this market. As per WHO, arthritis affects over 300 million people globally and this number is projected to increase significantly in the coming years. As there is no cure for inflammatory conditions like arthritis, patients require long-term treatment with anti-inflammatory medications to manage their pain and symptoms.
The market is also witnessing expansion in emerging economies due to increasing awareness about inflammatory conditions and rising healthcare expenditure. Countries like China, India, Brazil, Mexico are showing high potential for growth in this market. Market players are focusing on these regions by launching affordable generic versions of drugs and strengthening their distribution networks.
Market key trends
One of the key trends gaining traction in the inflammatory pain therapeutic market is the shift towards biologics and biosimilars. With the patents of blockbuster biologic drugs expiring, companies are bringing cheaper biosimilar versions to the market. Biosimilars have the potential to improve treatment access and reduce healthcare costs. Companies are also investing heavily in research and development of novel biologics and small molecules with improved safety profiles and targeted mechanisms of action. Another notable trend is the growing preference for pain patches and topical gels for localized inflammatory conditions like arthritis thereby providing an alternative to oral medications.
Porter’s Analysis
Threat of new entrants: Low requirement for manufacturing facilities and distribution networks lowers entry barriers in inflammatory pain therapeutics market. However, presence of major manufacturers poses threat to new companies.
Bargaining power of buyers: Large buyer base and availability of generic alternative treatments provides higher bargaining power to buyers. However, specialized nature of products limits impact of buyer power.
Bargaining power of suppliers: Established supply networks of major companies and proprietary manufacturing processes followed by suppliers weakens their bargaining power. However, critical role played by few API suppliers increases their influence on pricing.
Threat of new substitutes: Alternate treatment options like acupuncture, analgesics and physiotherapy pose substitution threat. However, dependence on pharmacological interventions keeps this threat moderate.
Competitive rivalry: Aggressive promotional activities by pharmaceutical giants has intensified rivalry. However, patent cliffs and prospects of combination therapies have opened new avenues.
Geographical Regions
North America currently accounts for the largest share in the inflammatory pain therapeutics market, mainly due to increasing prevalence of rheumatoid arthritis in the region. According to recent estimates, nearly 54 million Americans suffer from various forms of arthritis currently.
China is expected to demonstrate fastest growth over the coming years, attributed to aging population, growing medical insurance coverage, and significant improvement in healthcare facilities. Rising disposable incomes have also boosted patient access to expensive biologics in the country. The Chinese government is now promoting indigenous R&D through initiatives such as ‘Made in China 2025’.
What Are The Key Data Covered In This Global inflammatory pain therapeutics Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global inflammatory pain therapeutics ‘s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global inflammatory pain therapeutics and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global inflammatory pain therapeutics Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global inflammatory pain therapeutics vendors
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
