NEWARK, Del, April 25, 2023 (GLOBE NEWSWIRE) -- The global painkillers market is predicted to be worth US$ 70.0 Billion by the end of 2023, and to grow at a CAGR of 3.7% to be worth US$ 100.9 Billion by the end of 2033. According to a new analysis by Future Market Insights, opioids will lead the global market with a share of approximately 53.4% in 2022.
The regulatory environment surrounding Painkillers has a big impact on the market's expansion. These rules are necessary to protect patient safety and stop the overuse and abuse of Painkillers, but too many rules could prohibit people from accessing appropriate pain relief solutions.
The use of opioid Painkillers have been subject to stronger controls and limitations as a result of heightened scrutiny in recent years. This has given non-narcotic Painkillers like NSAIDs (non-steroidal anti-inflammatory medicines) and other non-narcotic drugs the chance to increase their market share.
The regulatory attempts to enhance pain management and decrease opioid abuse, like prescription drug monitoring programs and physician education initiatives, may present the potential for businesses to provide alternative pain management options.
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Clinical advancements in the delivery and formulation of analgesic medications are a constant priority for several top pharmaceutical companies. Additionally, they are creating safer opioids with reduced side effects and efficient pain management.
The creation of analgesic formulations with abuse-deterrent qualities that are more challenging to manipulate for snorting or injection—the methods of administration most frequently associated with addiction due to their rewarding effects—is perhaps the most notable clinical improvement.
Key Takeaways from Market Study:
- Opioids are the leading segment as a drug class, and hold a 53.4% market value share in 2022, owing to low cost and easy availability compared to other drugs.
- The prescription Drugs segment dominated the global market with a value share of around 58.8% in 2022, as they are covered under health insurance and thus affordable to patients.
- The surgical pain indication segment held 58.8% market value share in 2022, owing to the increasing number of surgeries and growing demand for Painkillers for post-operative pain management.
- Oral route of administration held 38.7% market value share in 2022, as they are easy to consume for patients making them more convenient.
- By distribution channel, retail pharmacies held a share of around 27.5% in 2022, owed to easy access to both prescription and OTC drugs in retail pharmacies.
- North America dominated the global market with the U.S. contributing around 91.5% of the regional share in 2022 owing to the large number of painkiller drug manufacturers in the region.
“Increasing Number of Surgical Procedures across the Globe and Growing Demand for Painkillers in Post-Operative Pain Management is set to Propel the Global Market for Painkillers.” Says an analyst at Future Market Insights.
Market Competition:
The Painkillers market is a highly fragmented market with several global and domestic players active within this sphere. Leading players in the market introduce their products via various marketing channels/marketing campaigns to reach a large consumer base and maintain their market position.
- In July 2020, Teva Pharmaceuticals concentrated on specialty assets and a portfolio of chosen generic drugs to address patients' medical needs, and the company decided to extend operations in the Japanese market.
- In March 2022, Teva Pharmaceuticals agreed to a settlement agreement with the Rhode Island Attorney General for the state and its subdivisions' opioid-related claims.
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Key Players:
- AbbVie Inc. (Allergan plc)
- Bristol Myers Squibb Co.
- Sanofi S.A.
- Boehringer Ingelheim International GmbH
- Pfizer Inc.
- Zydus Lifesciences Ltd. (Cadila Pharmaceuticals)
- GSK plc.
- Others
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the Painkillers market in its latest study, presenting a historical demand assessment of 2018 to 2022 and projections for 2023 to 2033. The global Painkillers market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. Key Market Segments Covered in Painkillers Industry as below.
By Drug Class:
- Opioids
- Tramadol
- Oxycodone
- Hydrocodone
- Other Opioids
- NSAIDs
- Local Anesthetics
- Acetaminophen
By Product:
- OTC Products
- Prescription Drugs
By Indication:
- Surgical Pain
- Cancer Pain
- Neuropathic Pain
- Musculoskeletal and Joint Pain
- Others
By Route of Administration:
- Injectable
- Oral
- Rectal
- Topical
- Transdermal
- Others
By Distribution Channel:
- Hospital Pharmacies
- Specialty Clinics
- Long-Term Care Centers
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
Table of Content (ToC):
1. Executive Summary | Painkillers Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-Side Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends
4. Value-Added Insights
4.1. Patient Treatment Journey
4.2. Disease Epidemiology
4.3. Standard daily doses per 100,000 people, By Countries
4.4. Trends in Use of Prescription Opioids
4.5. Annual Mean Consumption of Controlled Opioids (TOC Continue...)
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About Healthcare Division at Future Market Insights (FMI):
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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