Overview and Scope
Analgesics are the pain killers that are used to treat mild or severe pain, including musculoskeletal pain, surgical, trauma pain, cancer pain, or another type of pain. Examples of analgesics include codeine, hydrocodone, oxycodone, and methadone.
Sizing and Forecast
The analgesics market size has grown steadily in recent years. It will grow from $106.57 billion in 2023 to $110.76 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to alternative therapies impact, safety and efficacy studies, pain prevalence, marketing and promotion, economic factors.
The analgesics market size is expected to see steady growth in the next few years. It will grow to $128.18 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to pain management alternatives, market competition, consumer health awareness, demographic shifts, rising chronic diseases. Major trends in the forecast period include personalized medicine, non-opioid alternatives, cbd and cannabinoids usage, targeted pain management, accessibility and affordability.
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Segmentation & Regional Insights
The analgesics market covered in this report is segmented –
1) By Type: Non-opioids, Opioids
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Drug Stores
3) By Application: Internal Analgesics, External Analgesics
Sub-Segments-
By Route of Administration: Oral, Intravenous, Rectal, Transdermal, Topical
By Drug Type: Prescription Analgesics, OTC Analgesics
North America was the largest region in the analgesics market in 2023. Middle East is expected to be the fastest-growing region in the global analgesics market during the forecast period. The regions covered in the analgesics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
A significant rise in the prevalence of chronic diseases is driving the analgesics Market. Analgesic drugs, also known as painkillers, are used to treat and reduce chronic or severe pain in the body resulting from various medical conditions. For instance, in September 2022, according to a report shared by WHO, a Switzerland-based health organization, chronic diseases which is sometimes referred to as noncommunicable diseases (NCDs), are conditions that develop over an extended period of time as a result of a combination of genetic, physiological, environmental, and behavioral variables. Noncommunicable diseases (NCDs) account for 41 million annual fatalities, or 74% of all fatalities worldwide. Before the age of 70, 17 million individuals per year pass away from an NCD. These untimely deaths account for 86% of the deaths in low- and middle-income nations. 77% of NCD-related deaths occur in low- and middle-income nations. Therefore, significant rise in the prevalence of chronic disease is driving the growth of the analgesics market.
Key Industry Players
Major companies operating in the analgesics market report are Pfizer Inc., Johnson & Johnson Services Inc., Medley Pharmaceuticals Limited, AbbVie Inc., Bayer HealthCare Pharmaceuticals LLC, Novartis International AG, Sanofi SA, Bristol-Myers Squibb Co., AstraZeneca Plc., Abbott Laboratories, GlaxoSmithKline plc, Takeda Pharmaceutical company Limited, Eli Lilly and Company, Becton Dickinson and Company, Reckitt Benckiser Group plc, Viatris Inc., Teva Pharmaceuticals Industries Ltd., Boston Scientific Corporation, Sun Pharmaceutical Industries Limited, Purdue Pharma L.P, Cipla Limited, Allergan Inc., Endo International plc, Amneal Pharmaceuticals LLC, Mallinckrodt Pharmaceuticals Ltd., Chattem Inc., Hisamitsu Pharmaceutical Co.Inc., GW Pharmaceuticals, Verve Health Care Ltd., Alder BioPharmaceuticals Inc., Achelios Therapeutics Inc., WEX Pharmaceuticals Inc., Zynerba Pharmaceuticals, McNeil Consumer & Specialty Medical Products, Innovative Med Concepts LLC
The analgesics market report table of contents includes:
1. Executive Summary
2. Analgesics Market Characteristics
3. Analgesics Market Trends And Strategies
4. Analgesics Market – Macro Economic Scenario
5. Global Analgesics Market Size and Growth
…………
32. Global Analgesics Market Competitive Benchmarking
33. Global Analgesics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Analgesics Market
35. Analgesics Market Future Outlook and Potential Analysis
36. Appendix
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