Rising Cases of Opioid Dependency Surges the Demand for Analgesics; FMI Projects 4.2% CAGR through 2033

According to FMI reports, the global analgesics market can soar at a rate CAGR of 4.2% from 2023-2033. The net worth of the market share of the analgesics industry is predicted to go from US$ 87.3 Mn in 2023 to over US$ 132.0 Mn by 2033.

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People with acute, chronic diseases such as heart disease, cancer, diabetes, stroke, and arthritis, as well as infectious diseases like gastrointestinal, respiratory, and neurological ailments, are becoming increasingly common. Painkiller demand is on the rise as these diseases become more prevalent.

The geriatric population increase is a major factor in the increased demand for analgesics, major pharmaceutical companies manufacture and distribute analgesics, and consumer healthcare expenditure is rising.

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.

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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 of8%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.

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.

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Recent Developments in the Analgesics Market

ZYNRELEF was launched by Heron Therapeutics Inc. 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.
A pain relief spray called Volini Maxx was launched by Sun Pharma in August 2018.

Key Players :

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
Others

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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

 

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About FMI:

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.