Analgesic Market To Reach USD 91.5 Billion By 2032, Says DataHorizzon Research
Comprehensive study on analgesic market. High emphasis on research and development to create new analgesic formulations for the end-user.
Fort Collins, Colorado, Oct. 10, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the analgesic market size was valued at USD 44.2 Billion in 2022 and is expected to reach USD 91.5 Billion by 2032 with a CAGR of 7.6%.
The changes in eating habits and lifestyle have led to various chronic disorders such as arthritis, cancer, and cardiovascular diseases. The growing number of patients has increased the demand for analgesic drugs. Furthermore, pharmaceutical companies conduct continuous product developments to perform effective pain management practices for several disorders. Thus, there is a growing demand for such drugs, owing to which companies are heavily investing in R&D. In addition, the analgesic industry emphasizes on development, manufacturing, and distribution of pain-relieving medications. However, there are several types of analgesics including, opioids, acetaminophen, muscle relaxants, and others.
The analgesic market is vast and competitive with several players engaged in managing a vast analgesic product portfolio. The drivers that influence its growth include the high prevalence of chronic conditions, regulatory reforms, and consumer preferences. Additionally, pharmaceutical companies are investing in research and development to design effective and safe analgesic medications. The key players in the analgesic market is focusing on novel and innovative ways to develop non-opioid drugs for pain management. They pursue various strategies, new drug development, and research methodologies to develop these drugs.
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The global analgesic market has been segmented into drug class, application, route of administration, distribution channel, and region. The oral route of administration accounts for the largest share in 2022 and is expected to maintain a high dominance in the forecast period. Based on application, the surgical and trauma segment registered a huge growth in 2022. By region, North America held a substantial share in the past few years owing to the frequent use of analgesics for pain management.
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Analgesic Market Report Highlights:
- The global analgesic market growth is anticipated at a CAGR of 7.6% by 2032.
- Analgesics are popular in post-surgical pain relief medication. Also, there is an increase in patients suffering from acute, chronic diseases such as diabetes, cancer, arthritis, and gastrointestinal ailments.
- Based on the distribution channel, retail pharmacies accounted for a significant share in 2022 and are projected to maintain a high trajectory in the following years.
- Neuropathic analgesics is the fast-growing application segment owing to the population’s high incidences of neuropathic pain.
- Retail pharmacies have registered significant growth in 2022, owing to the high penetration and availability of OTC analgesics.
- Some prominent players in the market report include Pfizer Inc., Abbott, GlaxoSmithKline plc, Novartis AG, Merck-Myers Squibb Company, Johnson & Johnson Services, Sanofi, Bayer AG, Astellas Pharma Inc., and Bausch Health.
Industry Trends and Insights:
- The USFDA granted Teikoku Pharma’s dexmedetomidine transdermal system, which reduces opioid dependency for post-surgical pain in patients.
- Elite Pharmaceuticals Inc. filed a new product under the opiate analgesics category, which also received a US FDA clearance.
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Analgesic Market Segmentation:
- By Drug Type: Opioids, non-opioids, compound medication.
- By Application: Musculoskeletal, cancer, surgical and trauma, migraine, others.
- By Route of Administration: Oral, Parenteral, Transdermal, Others
- By Distribution Channel: Hospital, retail, online pharmacies.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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