Analgesics Market to Witness Major Growth in Coming Years
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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.
The oral analgesics segment held about half of the market share in 2015, 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.
Key findings of the study:
Opioid analgesics is expected to grow at a CAGR of 7.1% during the forecast period.
In the route of the administration market analysis, the transdermal analgesics segment is projected to grow fastest during the forecast period, whereas the oral analgesics segment is expected to grow at a CAGR of 1.5%.
North America accounted for about one-third of the global analgesics market in 2015.
The U.S. occupies the major market share within North America market followed by Canada, together accounting for a market share close to 90.0% of the North American analgesics market.
The Asia-Pacific region is anticipated to be the fastest growing analgesics market, followed by LAMEA region.
Japan and China are the major market shareholders in Asia-Pacific with a combined market share of approximately 50% of the analgesics market in this region.
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North America accounted for a major share of the overall analgesics market revenue in 2015, owing to large number of pharmaceutical companies in this region. The analgesics market in developing economies, such as China and India, has numerous growth opportunities because of the availability of cheap raw materials and economical workforce. The global analgesics manufacturers are relocating their facilities into developing economies by agreements or acquisitions with local players. Moreover, increasing use of analgesics in countries such Nigeria, China, and India supports the growth of analgesics in developing economies.
The key companies profiled in the report are Bayer AG, Novartis AG, GlaxoSmithKline PLC, Pfizer Inc., Johnson & Johnson, Reckitt Benckiser (RB), Endo Pharmaceuticals, Bristol-Myers Squibb, Eli Lilly and Company, and Sanofi S.A.
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