by The global analgesics market is engaged in the development and manufacturing of pain relieving medication. Analgesics help reduce pain in patients suffering from postoperative pain, arthritis pain, muscular ache, or headache among others. They act by interacting with the pain receptors in the central nervous system. Some commonly used analgesics include paracetamol, ibuprofen, aspirin, and opioids. Advances in technology have enabled the development of novel delivery mechanisms and longer acting formulations that can effectively manage chronic pain.
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, and Cipla Inc. Major players are focusing on developing new formulations such as pills, patches, and gels to improve medication adherence and manage chronic pain more effectively.
New opportunities lie in targeting specific pain types like neuropathic pain and cancer pain through advanced formulation designs. Technological advancements in pain management devices like nerve stimulators and targeted drug delivery systems offer non-addictive pain relief solutions.
Market Drivers
The Global Analgesics Market growth is expected to be substantial owing to the rising geriatric population suffering from arthritis and other joint pains and the increasing prevalence of postoperative and cancer pain worldwide.
According to the International Association for the Study of Pain, 20% of adults globally suffer from pain. Growing awareness about managing pain effectively and minimizing opioid usage will further drive the analgesics market during the forecast period.
Current Challenges in Global Analgesics Market
The global analgesics market is facing various challenges currently which includes patent expiries, pricing pressures from generic drugs, stringent regulations hampering new product launches and emerging alternatives for pain management. Patent expiries of blockbuster drugs is allowing the entry of generic versions resulting in more competition and lower prices. The healthcare systems worldwide are striving to control rising healthcare costs putting downward pressure on drug prices.
The Global Analgesics Market Challenges And Opportunities include a stricter regulatory environment for ensuring drug safety before approval, which is delaying new products to market. Alternatives like cannabinoids, kratom, and medical marijuana are emerging as options for pain patients, potentially challenging analgesics sales in the future. Over-the-counter products are also emerging as competition, thus manufacturers need to focus on innovation to sustain growth..
SWOT Analysis
Strength: Wide range of product portfolio and large geographical reach for major players; Growing aging population and rising incidence of chronic pain driving increased demand
Weakness: Patent expiries of major drugs allowing generics; Regulatory compliance and lengthy approval process
Opportunity: Emerging markets like Asia Pacific and Latin America offering growth potential; New product pipelines and formulation innovations
Threats: Alternatives like cannabinoids gaining acceptance; Pricing pressures from payers and price control policies
Geographical Regions with Highest Market Share
North America currently captures around half of the global analgesics market share in terms of value due to growing prevalence of chronic pain disorders like back pain, arthritis and presence of leading manufacturers. Europe is second largest region driven by rising geriatric population and demand for OTC products.
Fastest Growing Geographical Region
Asia Pacific region is expected to witness fastest growth during forecast period owing to rising incomes, access to healthcare facilities, growing awareness about pain management and increasing population. Large patient pool, untapped opportunities and gradual acceptance of alternative therapies are factors driving market growth in countries like India, China and South Korea. International players are also focusing on expanding presence in emerging APAC economies.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
