Overview of the Tramadol Market
The global healthcare sector has been affected by the COVID-19 pandemic. The government authorities are trying to combat the spread of the coronavirus by implementing lockdown laws, and several elective and non-urgent procedures have been delayed around the world. In 2020, the pain relief industry was worth around USD 65,108 million, and by 2026, it is projected to be worth USD 86,505 million, with a CAGR of 4.85 percent (Global Tramadol Market Forecast ).
The COVID-19 pandemic prevented acute pain victims from visiting a hospital in the event of an illness, thus social isolation in the pandemic could lead to passive coping mechanisms, leading to depression and anxiety. As a result, the COVID-19 pandemic is projected to have both overt and indirect effects on the global pain relief industry.
Pain management market segmentation
Due to continuing or imminent tissue injury, pain is characterized as an uncomfortable feeling in the body. The demand for pain control is categorized by
• Method of pain management- drugs and devices
• Type to pain- Neuro-patient pain, face and migraine pain, pain with cancer, and musculoskeletal pain
• Geography- South America, North America, Asia-Pacific, Africa, Europe, and Middle-East
The United States pain care industry is perceived to be highly competitive mainly because of the widespread involvement of pain specialist doctors, an increase in trends of FDA approvals, and the strong pain control system for patients.
In February 2020, Baudax Bio’s meloxicam injection (Anjeso) has been granted US FDA clearance in conjunction with other non-NSAID analgesics in mild to extreme pain treatment on its own. Thus, over the projected period, the demand is expected to increase considerably in the North American region. Moreover, due to the increased infection of COVID-19 in the USA, the COVID-19 is projected to have an important effect on business growth.
Competitive Environment and key players
There are many big players in the global Tramadol market, which is intensely competitive. The established big players in the pain relief industry have aggressive competitive tactics, resulting in fierce competition. The following are some of the main players of the Tramadol market:
• AstraZeneca PLC
• Abbott Laboratories
• Baxter International Inc.
• Boston Scientific Corporation
• Dickinson and Company
Global pain relief market’s growth
The well-established industry of painkiller drugs as the first line of care is largely to blame for the global pain relief market’s growth. Device-based pain relief treatments have become increasingly common in recent years when patients have become more dependent on them over extended periods and have developed a stronger knowledge of their side effects.
The burden of managing and treating side reactions creates a large market for pain relief medications and equipment, which is one of the main priorities of hospitals. Furthermore, the global pressure of the aging population is projected to fuel demand growth, as chronic pain is widespread among the elderly and is considered a risk factor for mortality. The demand is also expected to be guided by a rise in product releases. For example, Biotricity Inc. and CPM Centres for Pain Relief, a NeuPath Health affiliate, unveiled a groundbreaking pain management product in March 2020. As a result of the above reasons, the pain relief market is expected to expand rapidly during the forecast period.