Analgesics Market to Reach USD 56.86 Million by 2030, States a New Report by Next Move Strategy Consulting
The analgesics market is mainly driven by the rising incidences of chronic diseases such as cancer and arthritis. Further, the rapid development in the pharmaceutical industry has contributed to the global analgesics market growth.
New York, Feb. 09, 2023 (GLOBE NEWSWIRE) — According to the report published by Next Move Strategy Consulting, the Global Analgesics Market is estimated to be USD 35.03 million in 2021 and is projected to reach USD 56.86 million by 2030, at a CAGR of 4.9% from 2022 to 2030. The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight the changing market dynamics. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine fastest-growing and highest revenue-generating segments.
Equipping a detailed analysis of each and every aspect of the analgesics industry in 173 pages along with 126 tables and 94 figures, the report aims to provide a helpful source of information for leading players, investors, and startups to take necessary steps to achieve sustainable growth and competitive advantage.
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|Market Size in 2021||USD 35.03 Million|
|Market Size in 2030||USD 56.86 Million|
|No. of Pages||173|
|Segments covered||Type and Route of Administration|
|Drivers||Increasing chronic and infectious diseases among people|
|Increasing number of medical surgeries boost the market growth|
|Elevating awareness about palliative care and pain management propels the growth of the market|
|Opportunities||Increasing number of strategic collaborations and advancements in medical drug development|
The report provides an extensive analysis of changing market trends of the global analgesics market based on drivers, restraints, and opportunities. The increasing number of chronic diseases is one of the major factors driving the analgesics market growth during the forecast period. Increasing awareness about palliative care and pain management is another factor driving the market growth. However, changing regulatory landscape in the medical drugs industry restrains the market growth.
Lead Analyst for Analgesics Market at Next Move Strategy Consulting stated, “Advancement in drug development is expected to create opportunities for the analgesics market in the coming years.”
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North America accounted for the highest market share in 2021, and is estimated to maintain its dominance throughout the forecast period. Factors such as the rising geriatric population suffering from joint pain has increased the demand for pain treatment therapies, which in turn drive the analgesics market growth.
On the other hand, the Asia-Pacific region is projected to register a steady growth rate throughout the forecast period; this can be attributed to the increasing prevalence of arthritis, several other bone-related conditions, and diabetic neuropathy, leading to pain. In addition, there is an increasing prevalence of several kinds of fever that increases the use of paracetamol, which in turn drives the analgesics market growth.
The research offers an analysis of each region and its countries based on segments and their sub-segments to outline steps to be taken to consolidate presence in the analgesics industry. This analysis is also helpful in determining the highest-revenue generating and fastest-growing segments and taking the next steps accordingly.
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The report offers a detailed analysis of leading market players of the analgesics industry. Leading players analyzed in the research include Abbott Laboratories, Bayer AG, Glaxosmithkline plc, Johnson and Johnson, Pfizer Inc, Novartis AG, Teva Pharmaceuticals, Sanofi SA, ABBVIE INC., and Sun Pharma. The report provides a detailed analysis of each market player based on business performance, top strategies and developments, and sales in terms of volume.
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