LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global pain management drugs market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global pain management drugs market is likely to grow at a CAGR of close to 5% during the forecast period. In terms of geography, the Americas dominated the global pain management drugs market, accounting for 52.1% of the global revenue in 2015. The US was the largest revenue contributor, capturing a significant portion of the market.
According to Barath Palada, a lead analyst at Technavio for research on the central nervous system, “The increase in older population coupled with the continued performance of Lyrica and Cymbalta in new indications and the introduction of new drugs for the treatment of pain has made the pain management drugs market progressively more appealing.”
The top three emerging trends driving the global pain management drugs market according to Technavio healthcare and life sciences research analysts are:
- Increase in R&D activities
- Off-label drug usage
- Strategic alliances
Increase in R&D activities
R&D activities for pain management drugs are flourishing due to the increasing demand for efficacious and better-tolerated medications. Morphine is one such drug that works through the body's natural pain-killing mechanism, preventing pain messages from reaching the brain. However, adverse responses to morphine are prompting scientists to formulate morphine-like drug, which will have the pain-killing qualities of morphine without its side effects such as sedation and potential addiction. National Institutes of Health (NIH), US, has established a Pain Consortium to promote research on pain and endorse collaborations among researchers from several NIH agencies that have programs and activities related to pain. The National Center for Complementary and Alternative Medicine (NCCAM), NIH’s lead agency for complementary health approaches, has an exclusive research program that focuses on the role of the brain in identifying, modifying, and managing pain.
Off-label drug usage
Off-label drugs are unapproved medications that show effectiveness in the treatment of any disease. Many off-label drugs are being used to manage the symptoms of pain. For example, tricyclic antidepressants, SSRIs, antihistamines, antianxiety drugs, anticonvulsants, steroids, and analgesics (opioid or NSAIDs). The OTC pain medications such as aspirin, ibuprofen, naproxen sodium, morphine, fentanyl, and Nucynta are also used to manage pain. These drugs are also prescribed with approved drugs as maintenance therapies. In addition, people show preference for off-label drugs as they are less expensive than approved drugs.
Strategic alliances
The formation of strategic alliances such as licensing and collaboration help in the co-development and commercialization of drugs in different regions. An agreement between two companies allows the sharing of experience gained by one company for the support of pipeline candidates of another company. It also ensures the inflow of adequate funds for the discovery of innovative products. These agreements attract more venture investments and also reduce the cost of liability for the individual companies in case of failures. For example, in 2013, Avanir Pharmaceuticals and OptiNose announced an agreement for the development of new fast-acting sumatriptan investigational product for the treatment of acute migraines. In 2013, ElMindA and Purdue Pharma entered into a research agreement to develop novel diagnostics to improve pain management. Similarly, in 2012, ProStrakan acquired the EU and other countries rights from Galena Biopharma. In June 2012, Orexo announced the acquisition of the US rights for Abstral from ProStrakan Group. In March 2013, Galena Biopharma collaborated with Orexo to gain marketing rights for Abstral in the US for breakthrough cancer pain.
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