The global analgesics market offers pain relieving drugs that are used to reduce or suppress pain signals from the brain. Some of the common types of analgesics available include nonsteroidal anti-inflammatory drugs (NSAIDs), opioids, and other non-opioid painkillers. Analgesics help relieve various kinds of pain such as mild headaches, severe arthritis pain, postoperative pain, back pain and pain associated with cancer. The growing ageing population and rising prevalence of lifestyle diseases such as arthritis, cancer have fueled the demand for Global Analgesics Market Size globally.
The Global Analgesics Market is estimated to be valued at US$ 51.10 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global analgesics market are F. Hoffmann-La Roche Ltd., Mylan N.V., Teva Pharmaceutical Industries Ltd., Sanofi, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc., AstraZeneca, Johnson & Johnson Private Limited, Hikma Pharmaceuticals PLC, Dr. Reddy's Laboratories Ltd., Fresenius Kabi AG, Aurobindo Pharma, Bausch Health Companies Inc., Amneal Pharmaceuticals LLC., Apotex Inc., Eli Lilly and Company, Cipla Inc., Lupin. The demand for prescription as well as over-the-counter pain relief drugs has grown multifold over the past few years owing to an increase in ageing population, a surge in prevalence of lifestyle disorders, spike in road accidents, and rising post-surgery pain cases. Manufacturers are increasingly focusing on development of novel drug delivery mechanisms to offer more effective pain management solutions. This includes development of abuse-deterrent opioids to address issues related to opioid addiction.
Market Trends
Increasing adoption of combination therapies - Combination therapies that comprise two or more active ingredients are being increasingly used for treatment of pain. For instance, combining NSAIDs with acetaminophen offers improved pain relief compared to single agents. This trend is expected to further gain momentum in future.
Expanding opportunities in medical cannabis sector - Medical cannabis or marijuana offers potential therapeutic benefits for various types of chronic pain such as neuropathic pain and cancer pain. Many countries have legalized the use of medical cannabis which is creating new opportunities for players in this sector.
Market Opportunities
Emerging economies in Asia and Latin America - With growing healthcare expenditure, increasing unmet needs and favorable regulatory policies, the analgesics market is witnessing high growth potential in emerging economies of Asia Pacific and Latin America. This provides new opportunities for both global and local manufacturers.
Untapped potential of digital therapeutics - Leveraging digital technologies, novel digital therapeutics or virtual medical devices are being developed that combine pharmacological and non-pharmacological treatments for pain relief. This presents a new avenue for players to offer more effective treatment solutions.
Impact of COVID-19 on the Global Analgesics Market
The COVID-19 pandemic has significantly impacted the global analgesics market. During the initial stages of the pandemic, there was a surge in demand for analgesics like paracetamol and ibuprofen for relieving fever and pain associated with COVID-19 symptoms. However, rising unemployment and loss of income led to cuts in healthcare spending which negatively impacted the analgesics market. Many elective surgeries were also postponed during this period which further reduced demand for post-operative analgesics. Supply chain disruptions caused shortages of key raw materials and packaging materials increasing production costs for analgesics manufacturers.
As the pandemic situation stabilizes, the analgesics market is recovering steadily. Manufacturers are ramping up production capacities and fulfilling backlogged orders. The demand for over-the-counter pain relief drugs remains robust as people prefer self-medication over hospital visits. The approval of COVID-19 vaccines has increased patient willingness for elective surgeries. This is driving demand for analgesics used in postoperative care. Pharmaceutical companies are focusing on innovations to develop more effective drugs combating pain associated with long COVID symptoms. They are also expanding presence in online sales channels to ensure seamless supply. If infections are controlled, the market is expected to reach pre-pandemic levels by 2023. However, the threat of new variants poses uncertainty over the pace of recovery.
Geographical Regions with High Concentration of Global Analgesics Market
North America holds the highest share in the global analgesics market in terms of value. This is owing to the presence of major pharmaceutical companies, high healthcare spending and high pain management needs of the aging population in countries like the US. Increased awareness about pain management therapies and availability of advanced treatment options further support market growth.
Asia Pacific is poised to be the fastest growing region for the global analgesics market. Factors such as improving access to healthcare, rising burden of chronic diseases, growing medical tourism industry and increasing disposable incomes are fueling regional market growth. China and India represent major opportunities due to their huge population sizes and rapid economic development. Government initiatives and investments towards strengthening healthcare infrastructure will continue to create favorable environment for analgesics market in Asia Pacific.
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