Analgesics Market is expected to grow at a CAGR of 7.5% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Analgesics Market size accounted for USD 35.1 Billion in 2023, growing at a CAGR of 7.5% from 2023 to 2033. Analgesics are a class of drugs primarily designed to relieve pain. They work by affecting the body's perception of pain without addressing its underlying cause. Analgesics can be broadly categorized into non-opioid analgesics (such as nonsteroidal anti-inflammatory drugs or NSAIDs) and opioid analgesics (such as morphine and oxycodone).

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The growing prevalence of chronic pain conditions, such as arthritis, lower back pain, and neuropathic pain, is a significant factor driving the demand for analgesic medications. As the global population ages, there is an increased likelihood of chronic pain associated with age-related conditions. This demographic trend contributes to the sustained demand for analgesics. The increasing number of surgical procedures worldwide contributes to the demand for analgesics for postoperative pain management. Growing awareness among healthcare professionals and patients about the availability and benefits of analgesic medications influences their usage and market growth.

Key Players
Some of the major Analgesics Market players holding high market shares include Endo Pharmaceuticals, Eli Lilly and Company, GlaxoSmithKline plc, and AbbVie Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Abbott Laboratories, Bayer AG, Pfizer, Inc., Reckitt Benckiser Group, Sanofi, Johnson and Johnson MD&D

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Segmental Analysis
Based on type, the Analgesics market is segmented into Nonopioids, Opioids. Non-opioids like paracetamol and ibuprofen are readily available over-the-counter for mild to moderate pain, making them accessible to a larger population compared to prescription-only opioids. Non-opioids generally have a lower risk of addiction, dependence, and side effects compared to opioids, making them the preferred choice for most types of pain. Public health campaigns and stricter regulations on opioid prescribing have led to a shift towards safer pain management options, further boosting the non-opioid market.

Based on the route of administration, the Analgesics market is Oral, Intravenous, Rectal, Transdermal, and Topical. Oral medications are the most convenient and easiest to take, requiring minimal preparation or assistance. This makes them ideal for self-administration, especially for mild pain. Oral medications are generally cheaper compared to other routes of administration, which is a major factor for patients and healthcare systems.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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