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.
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.
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In the current business scenario, there is increase in the incidences of chronic diseases, such as tuberculosis (TB), cancer, cardiovascular diseases, and arthritis, and rise in OTC analgesics market growth. In addition, there is a substantial rise in the number of patients due to infectious diseases, such as gastrointestinal, respiratory, and neurology. Increase in these diseases increases the demand for painkillers, which is expected to further drive the growth of the analgesics market. Moreeover, the increase in demand for over the counter (OTC) drug, is one of the factor responsible for the growth of OTC analgesics market.
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.
The COVID-19 outbreak is anticipated to have a positive impact on growth of the global analgesics market share. The COVID-19 pandemic has stressed healthcare systems in the world and increased the need for advanced hospitals. Implementation of the spread of COVID-19 infection increased the demand for analgesic drug such as paracetamol, and drive the growth of the market.
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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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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.