Global Analgesics Market to Reach US$ 67.4 Billion by 2028, Impelled by the Increasing Prevalence of Chronic and Lifestyle Diseases

May 04, 2022

According to the latest report by IMARC Group, titled "Analgesics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global analgesics market reached a value of US$ 51.8 Billion in 2022. Analgesics refers to a class of drugs that help relieve pain without blocking nerve impulse conduction, affecting consciousness or altering sensory perception. They function by limiting the transmission of pain signals to the brain and interfering with its ability to interpret those signals. Derived from salicylic acid and phenacetin, some common analgesics include acetaminophen, aspirin, paracetamol, COX inhibitors, nonsteroidal anti-inflammatory drugs (NSAIDs), and opioid drugs. They are widely used to treat post-operative pain, inflammation, menstrual cramps, neuropathic conditions, headache, cancer treatment, and injuries, such as fractured bones.

Global Analgesics Market Trends:

The growing demand for pain management therapeutics, such as analgesics, across the globe can be attributed to the increasing prevalence of various chronic and lifestyle disorders, including cardiovascular disease, cancer, toothache, headache, sore muscles and arthritis, particularly among the rising geriatric population. They are widely used to treat moderate to acute pain associated with these medical conditions, which, in turn, is driving the market growth. Apart from this, various product innovations, such as the development of safer opioids with immediate and effective pain relief and enhanced efficacy and fewer side effects, are providing a considerable boost to the market growth. Additionally, various pharmaceutical companies are collaborating with e-commerce platforms to enable the delivery of analgesics and other drugs to the doorstep of consumers, especially during the global outbreak of the coronavirus disease (COVID-19) pandemic and the consequent imposition of mandatory lockdowns, which, in turn, is contributing to the market growth. Other factors, including extensive research and development (R&D) activities to engineer novel combinations of the drug and the implementation of various government initiatives to increase awareness regarding effective pain management, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 67.4 Billion by 2028, growing at a CAGR of 4.3% during 2023-2028.

Market Summary:

  • On the basis of the type, the market has been bifurcated into prescription and over the counter (OTC). Prescription analgesics currently represent the most popular drug type across the globe.
  • Based on the drug class, the market has been divided into opioids, NSAID and others. Presently, opioids dominate the market.
  • On the basis of the route of administration, the market has been classified into oral, parenteral, topical, transdermal, and rectal. Amongst these, oral is the most common route of administration (ROA).
  • Based on the pain type, the market has been classified into musculoskeletal, surgical and trauma, cancer, neuropathic, migraine, obstetrical, fibromyalgia, pain due to burns, dental/facial, pediatric, and others. At present, musculoskeletal pain accounts for the majority of the global market share.
  • On the basis of the application, the market has been bifurcated into internal and external.
  • Based on region, the market has been categorized into North America, Asia-Pacific, Europe, Latin America and Middle East and Africa. On the geographical front, North America enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Bayer AG, Novartis International AG, GlaxoSmithKline PLC, Pfizer Inc., Johnson & Johnson Pvt. Ltd., Reckitt Benckiser (RB) Group PLC, Endo Pharmaceuticals PLC, Bristol-Myers Squibb Company, Eli Lilly and Company, Sanofi SA, etc.

 

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Global Analgesics Market to Reach US$ 67.4 Billion by 2028, Impelled by the Increasing Prevalence of Chronic and Lifestyle Diseases
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