The painkillers market is on track to achieve a significant valuation of USD 70.0 billion by the end of 2023 and is expected to expand at a steady CAGR of 3.7% to reach approximately USD 100.9 billion by 2033. According to recent research by Future Market Insights, opioids continue to dominate the market, holding a substantial 53.4% share in 2022.
With the opioid crisis highlighting the urgent need for safer pain management alternatives, manufacturers are increasingly focusing on developing non-opioid drugs. These novel drugs feature extended-release delivery mechanisms designed to provide prolonged postoperative pain relief without the risks associated with opioid dependence and abuse.
The development of non-opioid extended-release pain medications represents a critical advancement in the fight against the opioid epidemic, offering patients safer and effective pain relief options. This shift towards non-opioid alternatives is expected to be a key driver of growth in the painkillers market over the forecast period from 2023 to 2033.
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In the end, developing non-opioid extended-release medications is essential to addressing the opioid issue and providing patients with a safer option. Consequently, this development will drive the painkiller market as a whole throughout the estimated period of 2023 to 2033.
Key Takeaways:
- The global painkiller market is estimated at US$70.0 billion in 2023 and is projected to reach US$100.9 billion by 2033, reflecting a steady CAGR of 3.7%.
- Opioids currently dominate the market, holding a share of approximately 53.4% in 2022. However, the market is expected to see a rise in demand for alternative pain management solutions.
Competitive Landscape:
Key market players in the painkillers market launch their products. This promotional strategy is expected to be highly impactful to enter into the market.
A few of the recent instances include
- In March 2023, Perrigo Company plc received final approval for its Abbreviated New Drug Application from the “FDA” for ibuprofen Tablets and acetaminophen, 250 mg/125 mg.
- In January 2023, Procter & Gamble (P&G) India added new Vicks ZzzQuil NATURA to its existing portfolio of Vicks in India.
Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in the Painkillers market, which are available in the full report.
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Key Companies Profiled:
- AbbVie Inc. (Allergan plc)
- Bristol Myers Squibb Co.
- Sanofi S.A.
- Boehringer Ingelheim International GmbH
- Pfizer Inc.
- Zydus Lifesciences Ltd. (Cadila Pharmaceuticals)
- GSK plc.
- Abbott Laboratories, Inc.
- Novartis AG
- Johnson & Johnson (Janssen Pharmaceuticals, Inc.)
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceuticals Ltd.
- Mallinckrodt Pharmaceuticals
- Endo Pharmaceuticals Inc.
- Bayer AG
- F. Hoffmann-La Roche Ltd.
- Procter & Gamble
- AstraZeneca
- Cardinal Health
- Perrigo Company Plc.
- Bausch Health Companies Inc.
- Viatris
- Amneal Pharmaceuticals
- Purdue Pharmaceuticals L.P.
Key Market Segments Covered in Painkillers Industry Research:
By Drug Class:
- Opioids
- Tramadol
- Oxycodone
- Hydrocodone
- Other Opioids
- NSAIDs
- Local Anesthetics
- Acetaminophen
By Product:
- OTC Products
- Prescription Drugs
By Indication:
- Surgical Pain
- Cancer Pain
- Neuropathic Pain
- Musculoskeletal and Joint Pain
- Others
By Route of Administration:
- Injectable
- Oral
- Rectal
- Topical
- Transdermal
- Others
By Distribution Channel:
- Hospital Pharmacies
- Specialty Clinics
- Long Term Care Centers
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltic Countries
- Middle East and Africa
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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 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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