As per FMI’s findings, the global Analgesics Market is projected to experience a robust compound annual growth rate (CAGR) of 4.2% spanning the period from 2023 to 2033. Anticipated market worth in the analgesics industry is set to surge from US$ 87.3 million in 2023 to an impressive US$ 132.0 million by 2033.
The prevalence of acute and chronic conditions like heart disease, cancer, diabetes, stroke, and arthritis, along with infectious ailments such as gastrointestinal, respiratory, and neurological disorders, is on the rise. Consequently, there is a growing demand for painkillers to address the increasing incidence of these diseases.
One of the primary drivers of this heightened demand for analgesics is the expanding geriatric population. Notably, leading pharmaceutical companies are actively engaged in the production and distribution of analgesics, and there is a parallel increase in consumer healthcare spending.
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Clinical trials will continue to be conducted to evaluate the safety and efficacy of a wide range of therapeutic drugs, increasing the analgesics market. Furthermore, analgesics market trends are primarily driven by the growing number of elderly people, cardiovascular diseases, cancer, and arthritis.
This is driven by technological advancements in the pharmaceutical industry that allow advanced analgesic drugs to be manufactured, which will create remunerative opportunities for the analgesics market forecast period.
Key Takeaways from the Analgesics Market Study
- The global analgesics market expanded at 6% CAGR over 2017-2022.
- The U.S. dominates the North American analgesics market with a total share of 5 in 2022 and is projected to continue exhibiting high demand registering a CAGR of 3.5%.
- Surgical pain holds a revenue share of 3% in 2023 and is projected to continue accounting for over half of sales in the market by 2033.
- By drug type, the demand for opioids is projected to increase at a CAGR of 8% during the forecast period.
- Based on distribution channels, hospital pharmacies led the analgesics market with more than 1 market share with a CAGR of 5.4% in 2023.
- The analgesics market is expected to increase at a notable CAGR of 4.2%.
Competitive Landscape for the Analgesics Market
In the development of non-opioid or non-addictive pain management formulations, key players are focusing on novel and innovative approaches. Manufacturers are expanding their markets, launching new products, and receiving approvals to further strengthen their position in the market.
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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, and others, the market is growing and establishing a strong global presence.
Recent Developments in the Analgesics Market
- Heron Therapeutics Inc. launched ZYNRELEF in July 2021. It is an extended-release product designed for soft tissue or periarticular application and provides analgesia for up to 72 hours following a bunionectomy, inguinal herniorrhaphy, or total knee replacement.
- In January 2020, Novartis AG completed its acquisition of The Medical Company. This acquisition provided Novartis AG with new opportunities to treat disability and prevent death.
- It was announced in May 2020 that Assertio Therapeutics, Inc. merged with Zyla Life Sciences. This merger created a growing pharmaceutical company with neurology, inflammation, and pain products.
- By expanding safe medication disposal kiosks to an additional 900 Walgreens stores in October 2017, Pfizer Inc., AmerisourceBergen, Blue Cross Blue Shield Association, and Prime Therapeutics will join Walgreens (one of the nation’s largest drugstore chains) to fight the national opioid abuse crisis.
- Sun Pharma launched a pain relief spray called Volini Maxx in August 2018.
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Analgesics Market Segmentation by Category
By Drug Class:
- Opioids
- NSAIDs
- Local Anesthetics
- Acetaminophen
By Indication:
- Surgical Pain
- Cancer Pain
- Neuropathic Pain
By Route of Administration:
- Oral
- Parenteral
- Transdermal
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Store
- Clinics
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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