by The global non opioid pain treatment market comprises of therapies associated products that help relief pain without the use of opioid based drugs. These include analgesics like paracetamol, nonsteroidal anti-inflammatory drugs (NSAIDs) and other non opioid alternatives like cannabinoid based, pulsed radiofrequency and medical cannabis. Growing awareness regarding side effects of opioids and benefits of non opioid alternatives have boosted the demand for these therapies.
The Global Non Opioid Pain Treatment Market is estimated to be valued at US$ 43.67 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global non opioid pain treatment are Pfizer Inc., Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd. , Sun Pharmaceutical Industries Ltd., Cipla Inc., Fresenius Kabi AG, GSK, Vertex Pharmaceuticals Incorporated, Pacira BioSciences, Collegium Pharmaceuticals, Cara Therapeutics, Akelos, Fidia Farmaceutici S.p.A., Sanofi, Eli Lilly and Company, Merck Co, Acorda Therapeutics, Hyloris Pharmaceuticals, Hikma Pharmaceuticals PLC. These players are focusing on developing new drug formulations and combination therapies to expand their market share.
Growing awareness regarding side effects of opioids and benefits of non opioid therapies have increased the demand for alternative pain treatments. Rapid approval and commercialization of non opioid drugs and therapies by regulatory authorities is further fueling the market growth. Rising geriatric population suffering from chronic pain indications also present lucrative opportunities.
The global Non Opioid Pain Treatment Market Demand is expanding rapidly with large number of deals and partnerships between players. Market leaders are focusing on emerging markets through strategic collaborations to maintain leadership position in the forecast period. Regions like Asia Pacific and Latin America offer immense growth opportunities owing to increasing disposable income, healthcare expenditure and demand for pain management alternatives.
Market Key Trends
Incorporation of cannabinoid based therapies in Non Opioid Treatment Market Size And Trends is one of the major market trends. Cannabinoid receptors play an important role in modulating pain sensation. Researchers are conducting studies on role of cannabinoids like CBD and THC in chronic pain management. Favorable regulatory reforms regarding medical cannabis across several nations have accelerated research activities. Many nations have legalized or decriminalized medical use of cannabis providing impetus to development of cannabinoid based drugs for pain relief. This is expected to reshape the non opioid pain treatment market in coming years.
Porter’s Analysis
Threat of new entrants: Low costs of manufacturing make entry easy but already dominant players and need for heavy rnd spends makes the threat low.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes but dominant players indulge in branding making switching costly.
Bargaining power of suppliers: Suppliers have moderate power due suppliers for api are general but suppliers for branded formualtions have more power due to proprietary tech and patent protection.
Threat of new substitutes: Threat is high as there are many alternative for pain management with low development and manufacturing costs.
Competitive rivalry: Intense as the market is growing and players indulge in heavy promotional spends to create brand loyalty and increase market share.
Geographical regions:
North America region accounts for the largest share of the global non-opioid pain treatment market in terms of value due to increasing prevalence of chronic pain disorders, rising per capita healthcare expenditure and availability of advanced treatment options.
Asia Pacific region is expected to witness the fastest growth over the forecast period due to rising geriatric population, growing awareness about non-opioid treatment options and increasing healthcare penetration in emerging economies like India and China.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
