Global pain management drugs market to see moderate growth as generic share continues to rise

In 2010, the global pain management market was worth approximately $28.6 billion, representing a compound annual growth rate (CAGR) of 5.3% between 2002 and 2010, according to a new report from business information firm GBI Research. By 2017, the global pain management market is estimated to reach $35.1 billion, indicating a CAGR of 3.0% between 2010 and 2017.

The major reason behind the decline in the growth rate is the decline in the annual cost of treating pain in different indications during 2010-2017. Although the market for management is highly competitive, blockbuster sales of Pfizer’s Lyrica (pregabalin) and Eli Lilly’s Cymbalta (duloxetine HCl) coupled with improved diagnosis of pain indications such as fibromyalgia and neuropathic pain are expected to drive the market in the future.

The global pain management market is expected to witness a series of patent expiries between 2009 and 2016, which includes some top selling drugs such as Cymbalta, Lyrica and Celebrex (celecoxib), also from Pfizer. While the current pain management market has a healthy pipeline and prospects for growth in the future, these factors will not be able to completely offset the challenge from generic competition, the report warns.