Analgesics Market Poised to Reach USD 143.65 Billion by 2034 at a 4.6% of CAGR

Analgesics Market
Analgesics Market

The global analgesics market is projected to achieve robust growth over the next decade, with revenues expected to reach USD 91.62 billion by 2024. With a steady compound annual growth rate (CAGR) of 4.6%, the market is anticipated to reach a valuation of approximately USD 143.65 billion by 2034.

This growth is attributed to the increasing demand for pain management solutions across various healthcare sectors. As the need for effective pain relief medications rises, the analgesics market continues to expand its share within the broader drugs and medication industry.

The rising prevalence of chronic pain conditions and the continuous advancements in pain management therapies are driving this growth. As the demand for effective pain relief solutions escalates, the analgesics market is witnessing an upward trend, underscoring its expanding role in the pharmaceutical industry.

Market Highlights:

  • Current Valuation: The analgesics market is forecasted to generate revenue of US$ 91.62 billion in 2024.
  • Future Outlook: The market is anticipated to reach a valuation of about US$ 143.65 billion by 2034.
  • Growth Rate: The industry is projected to grow at a CAGR of 4.6% throughout the forecast period.

The continued innovation in analgesic formulations and increased focus on addressing diverse pain management needs are key factors contributing to the market’s promising trajectory. The sector’s growth reflects the ongoing efforts to enhance patient care and develop more effective pain relief options.

Competitive Landscape for Analgesics Market

Key players are focusing on novel and innovative approaches for the development of non-opioid or non-addictive formulations for pain management. Leading companies are strengthening their product portfolio and global footprint through acquisitions.

The strategy of expansion, new product launches, and approvals by key manufacturers is further strengthening their market presence. Besides these, mergers and acquisitions have emerged as key growth strategies adopted by market players.

Recent Developments in the Global Analgesics Market

  • ZYNRELEF was launched in July 2021 by Heron Therapeutics Inc., based in the United States. Designed to provide postsurgical analgesia for up to 72 hours after a bunionectomy, inguinal herniorrhaphy, or total knee replacement, it is an extended-release product for soft tissue or periarticular application.
  • In October 2017, Pfizer Inc., and other leading healthcare organizations AmerisourceBergen, Blue Cross Blue Shield Association, and Prime Therapeutics joined Walgreens (the United States’ largest drugstore chain) to combat the national opioid abuse crisis by expanding the availability of safe medication disposal kiosks to an additional 900 Walgreens stores.
  • In May 2020, Assertio Therapeutics, Inc., based in California, merged with Zyla Life Sciences, based in Pennsylvania. The merger created a growing commercial pharmaceutical company with neurology, inflammation, and pain products.

A Old Full  Report Analysis Click Here 

Key Segments Covered by Analgesics Industry Survey Report

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
  • Other Sales Channels

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa (MEA)

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 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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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