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.
The globalย analgesics marketย was valued at $26.7 billion in 2020, and is projected to reach $50.7 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.
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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.
Key Findings of Study
- This report offers a detailed quantitative analysis of the current & future market trends from 2021 to 2030 to identify the prevailing opportunities.
- The market estimations provided in this report are based on comprehensive analysis of the key developments in the industry.
- The global analgesics market is comprehensively analyzed with respect to types and geography.
- In-depth analysis based on geography facilitates to analyze the regional trends to assist in strategic business planning.
- The developmental strategies adopted by key manufacturers are enlisted in the report to understand the competitive scenario of the market
The oral analgesics segment held about half of the market share in 2021, and is anticipated to maintain this trend throughout the forecast period. This is mainly attributed to the higher use of oral analgesics as compared to intravenous and topical analgesics. Economical cost, ease of availability, and high popularity of oral analgesics are the key factors responsible for the dominance of this segment.
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Key Market Players
- Abbott Laboratories
- AbbVie Inc.
- Bayer AG
- Eli Lilly and Company
- endo pharmaceuticals
- Glaxosmithkline plc
- johnson and johnson md&d
- Pfizer, Inc.
- Reckitt Benckiser Group
- Sanofi
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