Painkillers Market Trends

Growth Drivers

• Increasing awareness about pain management: As the prevalence of chronic diseases and injuries increases, the demand in the painkillers market also multiplies. Occurrences of conditions such as back pain, migraines, and diabetic neuropathy are becoming more frequent due to the rapid lifestyle change. The pharma companies are taking action to add fast pain recovery solutions in their portfolio for these suffering people through targeted treatments. For instance, in October 2022, Pfizer acquired Biohaven to provide its consumers with a range of CGRP receptor antagonists. The newly added portfolio will now include NURTEC ODT, VYDURA, and other intranasal sprays.

• Continued drug discoveries: Innovations have had a positive impact on the painkillers market where companies are devoting R&D to developing non-addictive products. In May 2022, the University of Arizona Health Sciences and Oklahoma State University Center for Health Sciences partnered to conduct their extensive research on modern therapeutics, fighting the opioid crisis. The government is also issuing accelerated approvals for fast circulation and general availability of these pain relievers. Technological advancement in manufacturing has evaluated drug delivery methods in the form of injections, transdermal patches, and topical applications. Such diverse applicability has increased the usage of novel therapeutics and solutions.

Challenges

• Regulatory concerns on side effects: Drugs such as opioids are raising questions about consumer safety and side effects on usage. This may create regulatory restrictions on product distribution in the painkillers market. Further, leads to limitations in access for patients in need of pain management therapeutics. Certain NSAIDs may affect health due to addiction, gastrointestinal issues, and organ damage. This can create safety concerns among consumers, reducing optimum usage and profit margins.
• Volatility in price and raw material availability: Fluctuating prices and supply of certain components also may hinder the growth in the painkillers market. Shifting consumer preference towards non-opioid drugs requires specific components to be produced. This can create difficulties for manufacturers to produce medications with minimum risks. Further, it can refrain companies from investing in research and development in this industry.