Analgesics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global analgesics market was worth US$ 44.3 Billion in 2018. Pain currently represents a major global health challenge. Worldwide, it has been estimated that 1 out of every 5 adults suffers from pain and that another 1 in in every 10 adults are diagnosed with chronic pain each year. Analgesics (also known as painkillers or pain relievers) are drugs that are taken to relieve pain. They may be taken to relieve pain that arises from a wide range of conditions, such as appendicitis, surgery, infection, headaches, mensuration, cancer, pain syndromes, sprains, strains, toothache, etc. The two major categories of analgesics that are used to treat pain include Opioids and NSAIDs. Majority of the analgesics are taken orally. They may, however, also be taken through other delivery routes such as parenteral, topical, transdermal, rectal, etc.
The global analgesics market is expected to exhibit moderate growth over the next five years. A major factor catalyzing this demand is the strong growth in the geriatric population. In 2017, between 950 Million-1000 Million people were over the age of 60. We expect these numbers to reach 2100 Million by 2050 accounting for 21% of the total global population. The rising older population is expected to increase the incidence of pain arising from a number of chronic and lifestyle diseases. The market for analgesics is also expected to be catalyzed by a strong drug pipeline and high unmet needs. We expect a number of new drugs to be launched in the coming years. Other major factors catalyzing the analgesics market include changing lifestyles, rising prevalence of obesity and overweight, rising prevalence of chronic diseases, etc. Looking forward, the global analgesics market is expected to reach a revenue of US$ 56.8 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024.
Based on the drug type, the market has been segmented into prescription analgesics and OTC analgesics. Prescription analgesics currently dominate the market, holding the largest share.
Based on the drug class, the market has been segmented into opioids, NSAIDs and others. Opioids currently represents the biggest segment.
Based on the route of administration, the market has been segmented into oral, parenteral, topical, transdermal and rectal. Currently, oral dominates the market, holding the largest share.
Based on the pain type, the market has been segmented into musculoskeletal pain, surgical and trauma pain, cancer pain, neuropathic pain, migraine, obstetrical pain, fibromyalgia, pain due to burns, dental/facial pain, paediatric pain and others. Musculoskeletal pain currently represents the biggest segment.
Based on the application, the market has been segmented into internal analgesics and external analgesics. Internal analgesics currently represent the biggest segment.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America currently represents the biggest market.
The competitive landscape of the market has also been examined with some of the key players being Bayer AG, Novartis AG, GlaxoSmithKline PLC, Pfizer Inc., Johnson & Johnson, Reckitt Benckiser (RB), Endo Pharmaceuticals, Bristol-Myers Squibb, Eli Lilly and Company, Sanofi, etc.
Key Questions Answered in This Report:
How has the global analgesics market performed so far and how will it perform in the coming years?
What are the key regional markets in the global analgesics industry?
What is the breakup of the global analgesics market on the basis of drug type?
What is the breakup of the global analgesics market on the basis of drug class?
What is the breakup of the global analgesics market on the basis of route of administration?
What is the breakup of the global analgesics market on the basis of pain type?
What is the breakup of the global analgesics market on the basis of application?
What are the various stages in the value chain of the global analgesics market?
What are the key driving factors and challenges in the global analgesics market?
What is the structure of the global analgesics market and who are the key players?
What is the degree of competition in the global analgesics market?
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