Surge in incidences of chronic diseases such as tuberculosis (TB), cancer, cardiovascular diseases, and arthritis drives the growth of the global analgesics market. At the same time, rise in number of clinical studies for evaluating the safety and efficiency of a wide range of therapeutic drugs has supplemented the market growth yet more. However, technological development in the pharmaceutical industry to manufacture advanced analgesic drugs is expected to provide lucrative opportunities in the industry.
According to a new report published by Allied Market Research, titled, “Analgesics Market,” The analgesics market size was valued at $26.7 billion in 2020, and is estimated to reach $50.7 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.
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Frequent pain and aches experienced by the ageing population, increasing incidences of cardiovascular disease (CVD), cancer, & arthritis, and rising investments in R&D by the public & private sectors, with key focus on the classes of compounds to formulate new therapeutics, are the major factors boosting the market growth. However, factors such as uncontrolled prescriptions of opioids and drug abuse, leading to approximately 28,000 deaths in the U.S. every year, and insufficient regulatory guidelines, especially against opioid analgesics, are likely to impede the market growth. Furthermore, the increase in popularity of personalized medicine is expected to provide numerous growth opportunities for the analgesics market in the near future.
Alarming rise in prevalence of chronic diseases, such as cancer, cardiovascular diseases, and arthritis, advancements in pharmaceutical industry for manufacturing of analgesics drugs, and rise in geriatric population are expected to notably contribute toward growth of the global analgesics market during the forecast period.
Onkar Sumant – Manager
Covid-19 scenario-
- The outbreak of the pandemic gave way to increasing demand for analgesic drugs such as paracetamol, thereby impacting the global analgesics market positively.
- This trend is pretty likely to continue till the pandemic is completely over.
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North America garnered the major share in 2020-
By region, the market across North America had the lion’s share in 2020, generating nearly one-third of the global analgesics market, owing to increase in demand for non-opioids drugs, presence of key players, and development in R&D activities in the healthcare sector in the province. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 7.3% by 2030. This is due to rise in awareness about the use of analgesic drugs, growth in healthcare expenditures, and surge in adoption of analgesic products.
Key players in the industry-
- Novartis AG
- Eli Lily and Company
- Glaxosmithkline PLC
- Pfizer Inc.
- Sanofi
- Bayer AG
- Johnson & Johnson
- Bristol Myer’s Squibb
- Reckitt Benckiser
- Endo Pharmaceuticals
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