DUBLIN–(BUSINESS WIRE)–The “Global Analgesics Market: Analysis By Drug Class (Opioids and Non-Opioids), By Route of Administration (Oral, Topical, Intravenous, Transdermal and Rectal), By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global analgesics market value is projected to grow at a CAGR of 4.6%, during the forecast period of 2023-2028. In 2022, the global analgesics market was valued at US$51.63 billion, and is probable to reach US$67.55 billion by 2028.
Analgesics are drugs that are used to relieve pain. They work by blocking or reducing the transmission of pain signals to the brain, or by altering the brain’s perception of pain. There are several different types of analgesics, including nonsteroidal anti-inflammatory drugs (NSAIDs), acetaminophen, opioids, and local anesthetics.
It is important to use analgesics only as directed and to follow the instructions on the label. Overuse or misuse of analgesics can lead to serious health problems, including liver damage, kidney damage, and addiction.
The older population also has more frequent pain and aching issues, which helps the sector thrive. Also, technological improvements in pharmaceutical businesses to develop better analgesic medications are projected to generate profitable opportunities for the analgesic market in the future years.
Moreover, rise of chronic pain, the prevalence of major manufacturing businesses that manufacture and sell analgesic pharmaceuticals, rising demand for over-the-counter drugs, increasing demand for topical analgesics, and rising healthcare spending all contribute to the market’s growth.
Global Analgesics Market Dynamics:
- Growth Drivers: The rising incidence of acute chronic diseases such heart disease, cancer, diabetes, stroke, and arthritis is a primary reason driving up demand for analgesics medications. A surge in the prevalence of these medical conditions increases the demand for painkillers, which in turn is driving the analgesics market growth. Further, the market is expected to increase due to increasing geriatric population, upsurge in healthcare expenditure, increased disposable income, upsurge in e-commerce sales, rising number of medical surgeries across the world, rising demand for strong agonists, etc.
- Challenges: Analgesics are potent drugs that can be beneficial in pain management, but they also carry the danger of major adverse effects, such as addiction and overdose. Overdose and addiction can occur with any form of painkiller, but opioids, which are a type of powerful agonist analgesic, provide a particularly significant danger. The other challenge that analgesics market faces is increasing use of biologics and high cost of drug development, etc.
- Trends: A major trend gaining pace in analgesics market is use of artificial intelligence in analgesics. AI might potentially be utilized to help build more effective and individualized pain treatment solutions in the context of the analgesics market. AI could be used, for example, to analyze data from patient medical records, such as information on their pain symptoms, medical history, and other things that may be contributing to their pain. More trends in the market are believed to augment the growth of analgesics market during the forecasted period include, surge in research & development in pharmaceutical sector strategic collaborations and technological development in the pharmaceutical industry, healthier lifestyles, etc.
The global analgesics market was impacted by the COVID-19 outbreak. The pandemic had a favorable impact on the market, since increased focus on personal health encouraged purchases of these medications.
The demand for over-the-counter cold and cough medicines was already high, and nutritional supplements were likely to expand at a faster rate due to COVID-19. Furthermore, the European Medicines Agency has advised using non-steroidal anti-inflammatories (NSAIDs) such as ibuprofen and paracetamol to treat moderate COVID-19 symptoms at the lowest dose possible.
Additionally, because geriatric population are more vulnerable to infection due to weakening immune systems and the lack of a vaccine or therapy, the number of older persons infected with COVID-19 was considerable. Hence, all these factors increased the demand of analgesics market during the pandemic period.
Competitive Landscape and Recent Developments:
Global analgesics market is fragmented. Haleon is the clear global leader in the analgesics category. Haleon’s global market share has been broadly flat over the past decade, which has included a period of modest market share declines until 2020 and then a sharp improvement over the last two years post the Rx-to-OTC switch of Voltaren in the US. Key players of global analgesics market are:
- Bayer AG
- Sanofi S.A.
- Pfizer Inc.
- Abbott Laboratories
- Reckitt Benckiser Group PLC.
- Johnson & Johnson
- Haleon PLC
- TEVA Pharmaceutical Industries Limited
- Sun Pharmaceutical Industries Ltd.
- Endo International Plc.
- GlaxoSmithKline Plc
- Eli Lilly and Company
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 159 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $54 Billion |
| Forecasted Market Value (USD) by 2028 | $67.55 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Rising Incidence of Acute Chronic Diseases
- Increasing Geriatric Population
- Upsurge in Healthcare Expenditure
- Increased Disposable Income
- Upsurge in E-Commerce Sales
- Rising Number of Medical Surgeries across the World
- Rising Demand for Strong Agonists
Challenges
- Risk of Overdose and Addiction
- Increasing Use of Biologics
- High Cost of Drug Development
Market Trends
- Use of Artificial Intelligence in Analgesics
- Surge in Research & Development in Pharmaceutical Sector
- Strategic Collaborations and Technological Development in The Pharmaceutical Industry
- Healthier Lifestyles
- Rx-to-OTC switches
Market Segmentation Analysis:
- By Drug Class: According to the report, the global analgesics market is segmented into two drug class: Opioids and Non-Opioids. Opioids segment acquired majority of share in the market in 2022. An increase in the prevalence of chronic diseases such as tuberculosis, arthritis, and cancer is expected to fuel the opioid segment’s expansion during the forecast period. Furthermore, the industry is expanding because to opioids’ anti-inflammatory, analgesic, and antipyretic characteristics.
- By Route of Administration: According to the report, the global analgesics market is bifurcated into five route of administration: Oral, Topical, Intravenous, Transdermal and Rectal. Oral segment acquired majority of share in the market in 2022, as its approval of numerous over-the-counter (OTC) analgesics which do not require medication, the oral variety is gaining economic momentum with increased sales. Whereas, Intravenous segment is expected to have the highest CAGR in the future as Intravenous analgesics are popular with patients who need immediate pain relief because they provide rapid and effective pain relief. Also, the penetration of topical analgesics has been steadily rising over the past decade as they provide less invasive-pain reduction. As a result, people with a more active lifestyle, e.g. sports, have a higher use rate. The proportion of topical compared to other analgesics is the highest in Asia Pacific.
- By Region: The report provides insight into the analgesics market based on the geographical operations, namely North America, Europe, Asia Pacific, and Rest of the World. North America analgesics market enjoyed the highest market share in 2022, primarily due to the rise in demand for non-opioid medications, the presence of key players, and the expansion of R&D activities across the healthcare sector in the region. Many people in the US rely on inadequate analgesics to treat muscular injuries and diseases. Thus, surging the growth of the US analgesics market.
- Asia Pacific analgesics market is slated to become the most lucrative zone for the analgesics medication industry. Drug, made by GlaxoSmithKline Asia Private Limited (GSKAP), is the popular analgesics brand in India. With over two million tablets sold every day in India and over 20 tablets sold per second, it falls under the non-prescription (OTC) category. This alone is a major influencer in the Asia Pacific analgesics industry, supported greatly by the widespread practice of self-medication. China has been increasing its healthcare spending, leading to an increase in the availability of healthcare facilities, including pain management services. This has led to an increase in the demand for analgesics in China.
For more information about this report visit https://www.researchandmarkets.com/r/waik4z
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