In a groundbreaking revelation, Future Market Insights (FMI) has unveiled a promising trajectory for the Global Analgesics Industry, forecasting a remarkable compound annual growth rate (CAGR) of 4.2% from 2023 to 2033. The industry’s projected market worth is set to soar from USD 87.3 million in 2023 to an outstanding USD 132.0 million by 2033.
The global landscape is currently witnessing a significant upsurge in the prevalence of various acute and chronic conditions, including heart disease, cancer, diabetes, stroke, arthritis, and infectious ailments such as gastrointestinal, respiratory, and neurological disorders. Responding to the escalating incidence of these diseases, there is a burgeoning demand for advanced pain management solutions, thereby propelling the growth of the analgesics industry.
A pivotal factor contributing to this heightened demand is the expanding geriatric population worldwide. As the aging demographic increases, the need for effective pain relief becomes more pronounced. Significantly, leading pharmaceutical companies are playing a pivotal role in meeting this demand, actively engaging in the production and distribution of innovative analgesic solutions.
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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 Global Analgesics Industry. 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 Global Analgesics Industry forecast period.
Key Takeaways from the Global Analgesics Industry Study
- The Global Analgesics Industry 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 Global Analgesics Industry
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 Global Analgesics Industry
- 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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Global Analgesics Industry 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 is 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 team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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