Non-opioid Pain Treatment Market Likely To Touch At .91 Billion By 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on January 17th, 2023 The global non-opioid pain treatment market size is expected to reach USD 77.91 billion by 2030, registering a CAGR of 8.3% during the forecast period, according to a new report by Grand View Research, Inc. The growth can be attributed to an increase in the prevalence of inflammatory diseases coupled with the robust product pipeline of novel non-opioid analgesics. According to the Centers for Disease Control and Prevention (CDC), around 32.5 million people are living with osteoarthritis condition in the U.S. In addition, according to the Spondylitis Association of America, about 3.2 million adult people in the U.S. have some form of Spondyloarthritis. Initiatives are undertaken by government & nonprofit organizations to promote the usage of safer alternatives to opioids such as NSAIDs to address the increasing demand for pain relieving medicines. For instance, in February 2022, the U.S.FDA issued draft guidelines to provide recommendations to pharmaceutical companies for developing NSAIDs for the treatment of acute pain lasting for 30 days. This initiative was a part of the government’s “HHS Overdose Prevention Strategy” which focuses on the prevention, reduction, treatment, and recovery of patients from an opioid overdose. Such an initiative is projected to fuel demand for NSAID drugs over the forecast period. Key market players are aggressively developing innovative techniques to meet the growing demand for NSAIDs for the management of pain. For instance, in June 2021, the University of Arizona developed oxytocin analogs for the treatment of patients suffering from. It is a bioavailable non-opioid pain relief product with the potential for inhaled administration. The development of such an innovative product is anticipated to drive non-opioid analgesics treatment market growth. In September 2022, the U.S. FDA recommended avoiding non-opioid analgesics treatment in pregnancy at 20 weeks due to the high chances of kidney problems in unborn babies. Such initiatives from governments may limit the prescription of NSAIDs, thereby, restraining non-opioid pain treatment market growth. Companies are adopting strategies such as new product development, launches, and partnerships to increase the penetration of non-opioid analgesic products. For instance, in March 2022, Vertex Pharmaceuticals announced positive results of its phase 2 clinical trial non-opioid pill that showed a significant reduction in post-operative acute pain. Successful completion of trial and subsequent approval of products is anticipated to drive non-opioid analgesics treatment market growth during the forecast period. To Request Sample Copy of this report, click the link: The market is highly competitive and the competition in the market is expected to be high during the forecast period due to the presence of a large number of players. Key companies manufacturing generic NSAID products include GSK plc., Sun Pharmaceutical Industries Ltd., Novartis AG, Teva Pharmaceutical Industries Ltd., Viatris Inc., and Johnson & Johnson Services, Inc., amongst others. The growth of the industry can be attributed to the increasing R&D investments by the key players for developing novel non-opioid analgesic drugs and government & private organizations for introducing favorable initiatives and creating awareness about available treatments. During the initial phase of the COVID-19 pandemic, the market for NSAIDs was moderately impacted due to the low hospitalization rate and declining sales of non-opioid analgesics for treatment. Nationwide lockdown imposed by governments to control the spread of infection restricted people’s access to pharmacy and hospital services such as surgeries leading to low demand for NSAID products. According to the National Library of Medicine, approximately a 91% reduction was seen in the number of elective surgeries performed in hospitals. However, the sale of acetaminophen drugs such as Tylenol had increased due to the scarcity of ibuprofen during the pandemic. Non-opioid Pain Treatment Market Report Highlights
Increasing limitations on the use of opioid analgesic products for pain treatment create significant opportunities for the non-opioid analgesic drugs market. Opioid addiction and misuse of prescription drugs like oxycodone and fentanyl is a serious global issue that adversely impacts public health and economic & social wellbeing. According to the CDC, around 93,665 deaths were estimated from opioid-related overdoses in 2021 in the U.S. Have a Query? Ask our experts: https://www.grandviewresearch.com/inquiry/453473/ibb In addition, according to Medicare report data, opioid prescriptions from oncologists declined by 21% and 23% from other doctors in the last decade due to serious adverse effects associated with it coupled with strict government regulations. Likewise, according to the National Cancer Institute, the same trend had been observed among last-stage cancer patients in 2021. This trend is projected to remain throughout the forecast period, which has created a huge growth opportunity for the industry. However, side effects associated with the treatment may impede market growth during the forecast period. Geriatric people commonly use NSAIDs for pain management. There are several studies showed that long-term use of NSAIDs increases the risk of heart failure, myocardial infarction, stroke, and peptic ulcers, thereby, restraining market growth. List of Key Players of the Non-opioid Pain Treatment Market
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