Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- 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.
Impact Analysis of COVID-19 and Way Forward:
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
The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market.
For instance, in April 2022, Abbott introduced a new version of its NeuroSphere my Path, a digital health app. With this launch, the company aimed to facilitate healthcare professionals to more precisely track their patients as they trial Abbott neurostimulation instruments in order to address the chronic pain issue in them. Moreover, this launch would also complement the connected care technology portfolio of the 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 |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Analgesics Market: An Analysis
3.1.1 Global Analgesics Market: An Overview
3.1.2 Global Analgesics Market by Value
3.1.3 Global Analgesics Market by Drug Class (Opioids and Non Opioids)
3.1.4 Global Analgesics Market by Route of Administration (Oral, Topical, Intravenous, Transdermal and Rectal)
3.1.5 Global Analgesics Market by Region (North America, Europe, Asia Pacific and Rest of the World)
3.2 Global Analgesics Market: Drug Class Analysis
3.2.1 Global Analgesics Market by Drug Class: An Overview
3.2.2 Global Opioids Analgesics Market by Value
3.2.3 Global Non Opioids Analgesics Market by Value
3.3 Global Analgesics Market: Route of Administration Analysis
3.3.1 Global Analgesics Market by Route of Administration: An Overview
3.3.2 Global Oral Analgesics Market by Value
3.3.3 Global Topical Analgesics Market by Value
3.3.4 Global Intravenous Analgesics Market by Value
3.3.5 Global Transdermal Analgesics Market by Value
3.3.6 Global Rectal Analgesics Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Analgesics Market
5.1.2 Post COVID-19 Impact
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rising Incidence of Acute Chronic Diseases
6.1.2 Increasing Geriatric Population
6.1.3 Upsurge in Healthcare Expenditure
6.1.4 Increased Disposable Income
6.1.5 Upsurge in E-Commerce Sales
6.1.6 Rising Number of Medical Surgeries across the World
6.1.7 Rising Demand for Strong Agonists
6.2 Challenges
6.2.1 Risk of Overdose and Addiction
6.2.2 Increasing Use of Biologics
6.2.3 High Cost of Drug Development
6.3 Market Trends
6.3.1 Use of Artificial Intelligence in Analgesics
6.3.2 Surge in Research & Development in Pharmaceutical Sector
6.3.3 Strategic Collaborations and Technological Development in The Pharmaceutical Industry
6.3.4 Healthier Lifestyles
6.3.5 Rx-to-OTC switches
7. Competitive Landscape
7.1 Global Analgesics Players by Market Share
7.2 Global Systemic Analgesics Players by Market Share
7.3 Global Topical Analgesics Players by Market Share
7.4 Western Europe Analgesics Players by Market Share
7.5 The US Topical Analgesics Players by Market Share
7.6 The US Systemic Analgesics Players by Market Share
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/gx94hi
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
