The Analgesics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Analgesics Global Market Report 2024, 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.
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.
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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
Companies in the analgesics market are increasingly focusing on investment as a strategy for growth. Leading analgesic drug manufacturers are investing in clinical-stage companies to gain a competitive advantage and strengthen their market position. These investments are helping companies to expand geographically and gain specialized expertise in the research and development of new products. For instance, in January 2022, Concentric Analgesics, Inc., a US-based clinical-stage biopharmaceutical company, announced the completion of a $20 million convertible note financing from a combination of new and existing investors. The financing will be used to initiate registration-enabling Phase 3 studies for Vocacapsaicin, the company’s Phase 3-ready lead product candidate. The financing will be used to further fund Phase 3 development activities for Vocacapsaicin, Concentric Analgesics’ lead therapeutic candidate for post-surgical pain. The completion of the financing is an important development for Concentric Analgesics, as it enables the company to continue to advance Vocacapsaicin into Phase 3 development and serves as an important first step towards fully funding the program through NDA submission.
The analgesics market report table of contents includes:
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