Analgesics Market Size, Share, Trends And Global Forecast 2024-2033

The analgesics market size has grown steadily in recent years. It will grow from $106.57 billion in 2023 to $110.76 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to alternative therapies impact, safety and efficacy studies, pain prevalence, marketing and promotion, economic factors.

The analgesics market size is expected to see steady growth in the next few years. It will grow to $128.18 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to pain management alternatives, market competition, consumer health awareness, demographic shifts, rising chronic diseases. Major trends in the forecast period include personalized medicine, non-opioid alternatives, cannabinoids usage, targeted pain management, accessibility and affordability.

Market Overview -

Analgesics are the pain killers that are used to treat mild or severe pain, including musculoskeletal pain, surgical, trauma pain, cancer pain, or another type of pain. Examples of analgesics include codeine, hydrocodone, oxycodone, and methadone.

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Elevated Prevalence Of Chronic Diseases Fuels Growth In The Analgesics Market
A significant rise in the prevalence of chronic diseases is driving the analgesics Market. Analgesic drugs, also known as painkillers, are used to treat and reduce chronic or severe pain in the body resulting from various medical conditions. For instance, in September 2022, according to a report shared by WHO, a Switzerland-based health organization, chronic diseases which is sometimes referred to as noncommunicable diseases (NCDs), are conditions that develop over an extended period of time as a result of a combination of genetic, physiological, environmental, and behavioral variables. Noncommunicable diseases (NCDs) account for 41 million annual fatalities, or 74% of all fatalities worldwide. Before the age of 70, 17 million individuals per year pass away from an NCD. These untimely deaths account for 86% of the deaths in low- and middle-income nations. 77% of NCD-related deaths occur in low- and middle-income nations. Therefore, significant rise in the prevalence of chronic disease is driving the growth of the analgesics market.

Competitive Landscape -

Major companies operating in the analgesics market report are Pfizer Inc., Johnson & Johnson Services Inc., Medley Pharmaceuticals Limited, AbbVie Inc., Bayer HealthCare Pharmaceuticals LLC, Novartis International AG, Sanofi SA, Bristol-Myers Squibb Co., AstraZeneca Plc., Abbott Laboratories, GlaxoSmithKline plc, Takeda Pharmaceutical company Limited, Eli Lilly and Company, Becton Dickinson and Company, Reckitt Benckiser Group plc, Viatris Inc., Teva Pharmaceuticals Industries Ltd., Boston Scientific Corporation, Sun Pharmaceutical Industries Limited, Purdue Pharma L.P, Cipla Limited, Allergan Inc., Endo International plc, Amneal Pharmaceuticals LLC, Mallinckrodt Pharmaceuticals Ltd., Chattem Inc., Hisamitsu Pharmaceutical Co.Inc., GW Pharmaceuticals, Verve Health Care Ltd., Alder BioPharmaceuticals Inc., Achelios Therapeutics Inc., WEX Pharmaceuticals Inc., Zynerba Pharmaceuticals, McNeil Consumer & Specialty Medical Products, Innovative Med Concepts LLC

Strategic Investments In The Analgesics Market

Companies in the analgesics market are increasingly focusing on investment as a strategy for growth. Leading analgesic drug manufacturers are investing in clinical-stage companies to gain a competitive advantage and strengthen their market position. These investments are helping companies to expand geographically and gain specialized expertise in the research and development of new products. For instance, in January 2022, Concentric Analgesics, Inc., a US-based clinical-stage biopharmaceutical company, announced the completion of a $20 million convertible note financing from a combination of new and existing investors. The financing will be used to initiate registration-enabling Phase 3 studies for Vocacapsaicin, the company's Phase 3-ready lead product candidate. The financing will be used to further fund Phase 3 development activities for Vocacapsaicin, Concentric Analgesics' lead therapeutic candidate for post-surgical pain. The completion of the financing is an important development for Concentric Analgesics, as it enables the company to continue to advance Vocacapsaicin into Phase 3 development and serves as an important first step towards fully funding the program through NDA submission.

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Key Segments -

The analgesics market covered in this report is segmented -

1) By Type: Non-opioids, Opioids
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Drug Stores
3) By Application: Internal Analgesics, External Analgesics

Sub-Segments-

By Route of Administration: Oral, Intravenous, Rectal, Transdermal, Topical
By Drug Type: Prescription Analgesics, OTC Analgesics

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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