NEWARK, Del, July 31, 2024 (GLOBE NEWSWIRE) -- The global analgesics market size value in 2018 was USD 66.36 Billion which increased to USD 87.14 Billion in 2023 following a CAGR of 5.6% during this historical period. In terms of value, sales of analgesic drugs in 2024 are to be around USD 91.62 billion. This sales figure is poised to reach almost USD 143.65 billion by 2034 by following a CAGR of 4.6% during the projected period.
The increase in the prevalence of neuropathic and chronic pain, as well as advances in pain treatment strategies, are driving global analgesics sales. In addition to this, as more clinical trials are conducted to assess the safety and efficacy of a wide range of painkillers and other medications, the analgesics industry is going to expand further.
The high cost of medication development and delivery may limit the analgesic industry's growth. Moreover, a lack of healthcare infrastructure and government restrictions to combat drug misuse may slow the market's development pace.
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Key Takeaways from the Analgesics Market Study Report:
- The overall market is slated to witness an absolute growth opportunity of over USD 50 billion between 2024 and 2034.
- Intake of pain relief medications is substantially higher in the United States which is also increasing with an estimated 3.2% CAGR through 2034.
- Painkiller market suppliers in Germany are witnessing promising growth opportunities and could exhibit an average CAGR of 3.4% till 2034.
- Emerging trends in pain medications suggest the United Kingdom market to follow a y-o-y growth rate of 3.1% over the next ten years.
- Pharmaceutical industries are poised to drive the Indian analgesic market at a lucrative growth rate of 6.8% through 2034.
- Thailand is an emerging market for analgesic drugs and is figured out to increase its sales at 5.4% per year from 2024 to 2034.
- By drug type, opioid analgesics could account for 47.8% of the total demand in 2024.
Competitive Landscape for the Analgesics Market Players:
Market players in developed economies like the United States and the European countries, command a sizable share owing to favorable market regulations and higher research and development expenditure. However, government attempts to establish a self-sufficient pharmaceutical industry in many emerging countries have led to an increase in market competition.
“Opioids are largely used in North America and Western Europe but higher increasing usage of opioids for non-medical purposes has limited its adoption in the medical field. However, the formulation of opioid analgesics with abuse-deterrent properties by manufacturers has improved the future outlook for opioid analgesics,” – opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Recent Developments by the Analgesics Industry Participants:
- In February 2024, Hikma Pharmaceuticals PLC announced the introduction of COMBOGESIC® IV (acetaminophen and ibuprofen) injection in the United States. It is an intravenous, opioid-free pain reliever that contains 1,000 mg of acetaminophen and 300 mg of ibuprofen, a nonsteroidal anti-inflammatory medication. It was authorized by the US FDA in October 2023 for use in people where an intravenous route of administration is therapeutically necessary.
- In January 2024, Vertex Pharmaceuticals, based in the United States, released the findings of three Phase III studies on its VX-548. The non-opioid pain therapy produced significant pain reductions in both surgical and non-surgical settings. Vertex intends to file a New Drug Application in mid-2024, seeking a wide label in moderate-to-severe acute pain.
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Key Players Profiled in the Analgesics Market Report:
- Pfizer Inc.
- Sun Pharmaceutical Industries, Inc.
- Sanofi SA
- AbbVie Inc. (Allergan plc)
- Teva Pharmaceuticals
- Boehringer Ingelheim International GmbH
- Janssen Pharmaceuticals, Inc. [Johnson & Johnson]
- Endo Pharmaceuticals Inc.
- Purdue Pharmaceuticals L.P.
- Assertio Therapeutics, Inc.
- Mallinckrodt Pharmaceuticals
- Bayer AG
- GlaxoSmithKline plc.
- Bausch Health Companies Inc.
- Novartis AG
Key Segments Covered by Analgesics Industry Survey Report:
By Drug Class:
- Opioids
- NSAIDs
- Local Anesthetics
- Acetaminophen
By Indication:
- Surgical Pain
- Cancer Pain
- Neuropathic Pain
By Route of Administration:
- Oral
- Parenteral
- Transdermal
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Store
- Clinics
- Other Sales Channels
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
Authored By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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