Analgesics Market Exhibiting 5.6% CAGR and estimated to surpass US$ 77.3 Billion during the forecast period of 2021-2031

As per Future Market Insights’ revised industry analysis, the global analgesics market was valued at over US$ 73.6 Bn in 2020, and is expected to exhibit a CAGR of 5.6% over the forecast period (2021-2031).

Analgesics encompasses a class of drugs that are designed to relieve pain. Different classes of analgesic drugs include opioids, NSAIDs, local anesthetics, and acetaminophen. Analgesics can be administered by various routes such as oral, IV, rectal, topical, and others.

Increasing number of patients suffering from chronic conditions such as cancer, chronic pulmonary obstructive disease (COPD), as well as increase in post-operative pain management prescription medications and various trauma conditions leading to pain are expected to boost the analgesics market.

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Various companies are prioritizing strategic collaborations for the development of non-opioid-based analgesics and an integrated approach towards pain management, prevention of diversion of prescription opioid medications, and the signs of potential abuse or addiction associated with opioid medications.

According to WHO, worldwide, about 0.5 million deaths are attributable to drug use. More than 70% of these deaths are related to opioids, with more than 30% of those deaths caused by overdose. This is a key challenge to the market.

Pfizer is developing non-opioid drugs in partnership with Eli Lilly, and in 2017 Pfizer announced its plans to donate 1 million doses of Naloxone hydrochloride injections to direct relief over four years (up to 250,000 doses per year). This initiative helped to promote the use of non-opioid analgesics for pain management.

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Key Takeaways from Market Study

By drug class opioids are expected to hold 49.3% market value share by the end of 2031, primarily because of their efficacy in intense pain relief.
Based on indication, surgical pain is leading with over 45.9% market share in 2020, owing to rising number of surgical procedures conducted globally.
Based on route of administration, oral route holds a dominant share of 37.9% in the global analgesics market.
Hospital pharmacies dominated analgesics market with a share of 32.8% in 2020.
By region, Europe is slated to be the second-largest leading market with a value share of 25.0% by the end of the forecast period.

“Rising prevalence of chronic and neuropathic pain and development of non-addictive formulations will drive the sales of analgesics over the forecast period” says a FMI analyst.

Key Companies Profiled:

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
Others

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Competitive Landscape

Acquisitions, mergers, expansion strategies, and product launches are often adopted by manufacturers to gain competitive edge. Some of them are focusing on the development of novel formulations of non-opioid drugs. Besides this, expansion in high potential market will remain key strategy among market players to strengthen their footprint. For instance:

In July 2020, Teva Pharmaceuticals decided to expand its operations in the Japan market by focusing on specialty assets and a portfolio of select generics to meet patients' medical needs.

In September 2021, Bausch Health Companies Inc. and its gastroenterology business,Salix Will Share RELISTOR® (Methylnaltrexone Bromide) Data At PAINWeek 2021. RELISTOR® (methylnaltrexone bromide) is an opioid antagonist. RELISTOR tablets and RELISTOR injection are indicated for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain.

What Does the Report Cover?

Future Market Insights offers a unique perspective and actionable insights on the Analgesics market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.

The research study is based on the drug class (opioids, NSAIDs, local anaesthetics and acetaminophen), indication (surgical pain, cancer pain, neuropathic pain and others), route of administration (oral, parenteral, transdermal and others), distribution channel (hospital pharmacies, retail pharmacies, drug stores and online pharmacies), across seven key regions of the world.

Key Market Segments Covered in Analgesics Market Research

By Drug Class

Opioids
Morphine
Codiene
Fentanyl
Meperidine
Methadone
Oxycodone
Dextromethorphan
Buprenorphine
Others
NSAIDs
Local Anesthetics
Acetaminophen

By Indication

Surgical pain
Cancer Pain
Neuropathic pain
others

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By Route of Administration

Oral
parenteral
transdermal
others

By Distribution Channel

Hospital pharmacies
Retail pharmacies
Drug Stores
Online pharmacies

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About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

This release was published on openPR.