UK Pain Management Therapeutics market size stood at around USD XX.X billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of around xx% during the forecast period.
Rising cases of cancer pain indication are expected to drive the market during the forecasting period. Also, opioids drugs will have the highest sales in the market shortly. According to a study published in the British Medical Journal in 2016, nearly one-third to half of the population in the U.K. suffers from chronic pain.
Major market players are exhausting advanced technology for the developing abuse-deterrent drugs due to the increase in the number of drug abuse cases in the region. The mounting numbers of surgical procedures coupled with growing healthcare expenditure will be driving the market growth in UK, whose market is expected to be the dominating the entire European market in terms of revenue by the end of 2027.
Market Driving and Restraining Factors
The rise in the rate of geriatric population is one of the major factors driving the pain management therapeutics market as aged people are more prone to suffer from joint pain and other chronic conditions.
The increasing incidences of chronic diseases such as cancer, diabetic neuropathy and osteoarthritis and rise in number of surgical procedures also further accelerate the pain management therapeutics market growth.
The growth in awareness about availability of medications for pain management increasing the consumption and acceptance of pain management drugs over other treatment options and consumer inclination towards pain management therapeutics owning to its high availability, easy access, high awareness, cost effectiveness and quick relief also influence the pain management therapeutics market.
Additionally, rise in healthcare expenditure, growth in awareness regarding diseases, enhancing healthcare infrastructure, research and development activities and surge in healthcare expenditure positively affect the pain management therapeutics market.
On the other hand, the rise in concerns regarding drug exploitation and patent expiration of prescription pain medication drugs are the factors expected to obstruct the pain management therapeutics market growth.