Dublin, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The "Analgesics - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The analgesics market is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of orthopedic, cancer, and other chronic diseases, rising demand for analgesics for the treatment of mild to moderate pain, and increased product approval across the globe.
The global analgesics market was valued at USD 30.59 billion in 2023, growing at a CAGR of 6.84% during the forecast period from 2024 to 2030 to reach USD 45.38 billion by 2030.
The increasing prevalence of orthopedic conditions, cancer, and other chronic diseases significantly boosts the demand for analgesics as patients seek effective pain management solutions. With conditions like arthritis and osteoporosis becoming more common, particularly among aging populations, the need for reliable pain relief for mild to moderate pain intensifies. Additionally, cancer patients frequently require analgesics to manage pain associated with their condition and treatment side effects. This rising demand is further propelled by the consistent approval and introduction of new analgesic products globally, expanding the range of available options for both healthcare providers and patients. Thus, these factors collectively boost the analgesics market, during the forecast period from 2024 to 2030.
Analgesics Market Dynamics:
According to a recent study published under the Global Burden of Disease (2023), nearly 1 billion people were projected to be living with osteoarthritis, the most common form of Arthritis, by 2050. Currently, 15% of individuals aged 30 and older experience osteoarthritis. The most common sites for osteoarthritis are the knees and hands. By 2050, cases of osteoarthritis of the knee are expected to increase by 75%, while cases of Osteoarthritis of the hand are anticipated to rise by 50%.
Additionally, as per the recent update provided by the Australian Bureau of Statistics (2023), in 2022, under 3.7 million (14.5%) people had arthritis. For individuals aged 45-54 years, the proportion is almost seven times higher than for those aged 0-44 years (16.2% compared to 2.5%). The prevalence almost doubled between the ages of 45-54 years and 55-64 years (16.2% compared to 30.5%). Older adults aged 75 years and over were more likely than any other age group to have arthritis, with almost one in two (48.9%) having the condition in 2022. Osteoarthritis, characterized by the degeneration of joint cartilage and underlying bone, leads to persistent pain, stiffness, and reduced mobility, affecting millions globally, especially among the aging population. As the number of individuals diagnosed with osteoarthritis rises, so does the demand for effective pain analgesics increases. As arthritis commonly results in chronic pain and inflammation, affected individuals often seek immediate and accessible relief. Medications such as tramadol, hydrocodone, and oxycodone are widely used to manage Arthritis symptoms thereby boosting the overall market of analgesics.
Additionally, the rising demand for analgesics for the treatment of mild to moderate pain such as in the case of toothache, headache, pain due to strenuous physical activity, period pain, and others is another factor accelerating the growth of the analgesics market. For instance, in October 2023, Hyloris Pharmaceuticals, a pharmaceutical company headquartered in Belgium, announced the approval of a potent non-opioid painkiller in the United States. Consequently, the continuous introduction of innovative pain management analgesics, coupled with the widespread and varied applications of analgesics, fuels the robust growth of the analgesics market.
However, growing concern over opioid abuse and stringent regulatory policies may act as a restraint in the market growth for analgesics during the forecasted period.
Recent Developmental Activities in the Analgesics Market:
- In February 2024, Hikma Pharmaceuticals PLC. announced the launch of COMBOGESIC IV (acetaminophen and ibuprofen) injection in the US. COMBOGESIC IV is an intravenous, opioid-free pain relief medicine that is a combination of 1,000 mg of acetaminophen and 300 mg of ibuprofen, a nonsteroidal anti-inflammatory drug (NSAID).
Key Takeaways From the Analgesics Market Report Study:
- Market size analysis for current analgesics size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
- Key companies dominating the analgesics market.
- Various opportunities available for the other competitors in the analgesics market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current analgesics market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for analgesics market growth in the coming future?
Key Topics Covered:
1. Analgesics Market Report Introduction
2. Analgesics Market Executive Summary
3. Competitive Landscape
4. Regulatory Analysis
5. Analgesics Market Key Factors Analysis
5.1. Analgesics Market Drivers
5.1.1. The increasing prevalence of orthopedic, cancer, and other chronic diseases
5.1.2. Rising demand for analgesics for the treatment of mild to moderate pain
5.1.3. Increased product approval across the globe.
5.2. Analgesics Market Restraints and Challenges
5.2.1. Growing concern over opioid abuse and opioid tolerance
5.2.2. Increasing adoption of biologics for pain management
5.3. Analgesics Market Opportunities
5.3.1. Surging strategic activities such as acquisitions, partnerships, R&D, and others
5.3.2. Government initiatives to spur pharmaceutical sector growth
6. Analgesics Market Porter's Five Forces Analysis
7. Analgesics Market Assessment
7.1. By Product Type
7.1.1. Opioid
7.1.2. Non-Opioid
7.2. By Application
7.2.1. Musculoskeletal
7.2.2. Surgical & Trauma
7.2.3. Cancer
7.2.4. Others
7.3. By Drug Type
7.3.1. Prescription
7.3.2. Over-the-Counter
7.4. By Distribution Channel
7.4.1. Hospital Pharmacy
7.4.2. Retail Pharmacy
7.4.3. Online Pharmacy
7.4.4. Others
7.5. By Geography
8. Analgesics Market Company and Product Profiles
- Novartis
- Pfizer
- Bayer
- AbbVie
- Bristol-Myers Squibb Company
- Endo Pharmaceuticals
- Teva Pharmaceutical Industries Ltd.
- Sanofi
- Assertio Holdings, Inc.
- Janssen Pharmaceuticals, Inc.
- GSK plc
- Perrigo Company plc.
- Mallinckrodt
- Purdue Pharma L.P.
- Abbott
- Reckitt Benckiser Group
- Fresenius Kabi USA
- Eli and Lilly Company
- Hikma Pharmaceuticals
- Heron Therapeutics
For more information about this report visit https://www.researchandmarkets.com/r/3exkl0
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