The global painkillers market is on track to achieve a valuation of approximately USD 70.0 billion by the end of 2023, with an anticipated expansion at a compound annual growth rate (CAGR) of 3.7%, reaching an estimated USD 100.9 billion by 2033. This promising growth trajectory highlights the increasing demand and evolving landscape of pain management solutions, as reported by Future Market Insights.
Opioids continue to dominate the market, holding a significant share of around 53.4% in 2022. This substantial market share underscores the prevalent role of opioids in pain management despite ongoing discussions about their use and associated risks. As the global population ages and the prevalence of chronic pain conditions rises, the need for effective pain relief solutions remains a critical focus within the healthcare sector.
Future Market Insights’ study provides valuable insights into the painkillers market, revealing key trends and projections that will shape the industry’s future. The ongoing development of new and improved pain management therapies is expected to drive market growth and address the evolving needs of patients worldwide.
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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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