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Analgesics Market to Grow Expeditiously: to Reach USD 50.7 Billion by 2030, 6.6% CAGR
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Key Takeaways:
Growing Demand: The analgesics market has been experiencing a steady increase in demand globally. This is primarily driven by factors such as a rise in chronic diseases, an aging population, and an increase in surgical procedures.
Over-the-Counter Dominance: Over-the-counter (OTC) analgesics, including nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen, account for a significant portion of the analgesics market. These medications are easily accessible and provide relief for mild to moderate pain without the need for a prescription.
Prescription Analgesics: Stronger analgesics, such as opioids, are available by prescription and are typically used for severe pain management.
However, due to concerns about addiction and misuse, there has been increased scrutiny and regulation around the prescription and use of opioids.
Regional Variations: The analgesics market exhibits regional variations in terms of product preferences, availability, and regulations. Factors such as cultural practices, healthcare infrastructure, and regulatory frameworks influence the market dynamics in different regions.
Market Drivers:
Increasing Prevalence of Chronic Pain: Chronic pain conditions, such as arthritis, back pain, and neuropathic pain, are on the rise globally. The aging population, sedentary lifestyles, and the prevalence of chronic diseases contribute to the increased incidence of chronic pain. As a result, there is a higher demand for analgesics to manage these conditions.
Growing Surgical Procedures: The number of surgical procedures performed worldwide continues to increase. Surgeries often entail post-operative pain, requiring effective analgesics for pain management during the recovery period. The rising number of surgical interventions, including orthopedic, dental, and cosmetic surgeries, drives the demand for analgesics.
Market Segmentation:
Product Type:
a. Nonsteroidal Anti-inflammatory Drugs (NSAIDs): This category includes medications like ibuprofen, naproxen, and aspirin, which provide pain relief and reduce inflammation.
b. Acetaminophen: Also known as paracetamol, acetaminophen is commonly used for mild to moderate pain and fever reduction.
c. Opioids: Strong analgesics, such as morphine, oxycodone, and hydrocodone, are available by prescription for severe pain management.
d. Others: This category includes topical analgesics, combination products, and emerging analgesic therapies.
Distribution Channel:
a. Over-the-Counter (OTC): Analgesics available without a prescription in pharmacies, drugstores, and supermarkets.
b. Prescription-Based: Stronger analgesics that require a prescription from a healthcare professional and are dispensed by pharmacies.
Pain Type:
a. Neuropathic Pain: Pain caused by damage or dysfunction of the nervous system, such as diabetic neuropathy or post-herpetic neuralgia.
b. Musculoskeletal Pain: Pain related to muscles, joints, tendons, ligaments, and bones, such as arthritis, back pain, or sports injuries.
c. Postoperative Pain: Pain experienced after surgical procedures.
d. Cancer Pain: Pain associated with cancer and its treatments.
e. Others: Other pain conditions, such as headaches, migraines, dental pain, and menstrual pain.
End User:
a. Hospitals and Clinics: Analgesics used in hospitals, surgical centers, and outpatient clinics.
b. Homecare: Analgesics used by patients at home for self-medication and pain management.
c. Ambulatory Surgical Centers: Analgesics used in same-day surgical centers.
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Regional Growth Dynamics:
By region, the market across North America had the lion's share in 2020, generating nearly one-third of the global analgesics market, owing to increase in demand for non-opioids drugs, presence of key players, and development in R&D activities in the healthcare sector in the province. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 7.3% by 2030. This is due to rise in awareness about the use of analgesic drugs, growth in healthcare expenditures, and surge in adoption of analgesic products.
Competitive Landscape:
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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