Analgesics Market Size to Worth Around USD 149.3 Billion by 2030

According to Precedence Research, the global analgesics market size is projected to be worth around USD 149.3 billion by 2030 and growing at a CAGR of 3.9% over the forecast period 2022 to 2030.

Ottawa, Nov. 29, 2022 (GLOBE NEWSWIRE) — The global analgesics market size was reached at USD 109.93 billion in 2022. Analgesics is a substance that produces a sensation that reduces pain without loss of consciousness. It is used to reduce pain and produce analgesia. It is also called a pain reliever or painkiller. It is utilized to induce cooperation with a medical procedure. It is distinct from anesthetics. It provides pain relief in muscle sprains and overuse injuries. Anesthetics temporarily reduce pain. Traditional analgesics are less effective for neuropathic pain. Various analgesics are available over the counter in the market in most countries. Some of them are prescription drugs due to the high chance of misuse and substantial risks.

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Growth Factors 

The global market is majorly driven by increasing incidences of chronic diseases, such as tuberculosis (TB), cancer, and cardiovascular diseases. In line with this, rising cases of infectious diseases such as gastrointestinal, respiratory, and neurology significantly contribute to market growth across the globe. Furthermore, all these diseases accelerate the demand for painkillers. Apart from this, growing investments from private & government organizations for pharmaceutical manufacturing positively influence market growth. Moreover, escalating research and development activities for developing analgesic products catalyze market growth. Besides, an increase in the number of clinical studies for analyzing the efficiency of therapeutic drugs strengthens the market growth.

Additionally, the rising geriatric population and growing cases of cardiovascular diseases, cancer, and arthritis propel the market growth. Rapid technological advancements in the pharmaceutical industry create a positive outlook for the market. The increasing demand for over-the-counter drugs and high healthcare expenditure significantly contribute to market growth. The market players are focusing on integrating abuse-deterrent properties in opioid analgesics. The growing prevalence of neuropathic and chronic pain positively influences market growth. The introduction of non-opioid analgesics creates a positive outlook for the market.  

The demand for painkillers is increasing with the rising prevalence of chronic diseases. Rapid technological upgradation in the pharmaceutical industry creates a positive outlook for the market. The emergence of large manufacturing companies that produce analgesics drives market growth. Physical pain is another factor driving the analgesic demand. The high prevalence of physical pain strengthens market growth worldwide.  

The COVID-19 pandemic adversely impacted the world. The impact of the pandemic was negative worldwide. Governments worldwide were forced to establish lockdowns in their countries to control the coronavirus. This further interrupted the global supply system for all goods and services. The demand for healthcare services increased during the pandemic. The pandemic led to a surge in demand for pain medications, which positively influenced the analgesics market growth.  

Key Takeaways:

• The North America market has captured 42.3% market share in 2021.
• The Asia Pacific region is growing at a CAGR of 7.8% between 2022 to 2030.
• By drug type, the NSAID’s segment is poised to hit at a CAGR of 4.5% between 2022 to 2030.
• By indication, the surgical pain has accounted market share of around 53.5% in 2021. However, the intravenous segment is growing at a CAGR of 7.7% between 2022 to 2030.
• By type, prescription segment has held for 71% market share in 2021.
• By route of administration, the oral segment has accounted for 48% market share in 2021.

What is the regional impact in the analgesics market?

• Based on Region, North America dominated the market and accounted for the largest revenue share. It’s expected to maintain its dominance in the coming years. The presence of key players and increasing demand for painkillers significantly contribute to the market growth across the region. The development of research and development activities in the healthcare industry positively influences the market growth.
• Asia Pacific region is expected to witness a promising CAGR in the coming years. This is due to the high prevalence of chronic diseases. The increasing demand for analgesics and growing healthcare costs catalyze market growth. The rising product approvals create a positive outlook for the market.  

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Scope of the Report

Market Dynamics for Analgesics: 

Market Driver: Increasing Prevalence of Chronic conditions 

The increasing prevalence of chronic diseases such as cardiovascular disorders and cancer significantly contributes to market growth across the globe. In line with this, the rising geriatric population positively influences the market growth. The upsurge in healthcare expenditure catalyzes market growth. Rapid advancements in novel formulations propel market growth. The market players are undertaking initiatives focusing on developing novel approaches and regional expansions.  

Market opportunity: Increasing number of strategic collaborations 

The increasing number of strategic collaborations offers numerous opportunities for market growth. The market players are adopting acquisition strategies to acquire a competitive advantage and strengthen their market position. The large analgesics Market players are purchasing smaller enterprises. This step to expand its regional presence offers lucrative opportunities for market expansion. The growing research and development activities and emerging new players create a positive outlook for the market.  

Market Restraint: Increasing use of biologics 

The increasing use of biologics restricts the analgesics Market growth. It is used to treat inflammatory and neuropathic pain. This is hampering the market expansion across the globe. Biologics are produced from living organisms. It consists of various ingredients taken from humans, animals, and microorganisms. Biologics are used due to their higher efficacy than their counterparts.

Market Challenge: High cost of drug development 

The high costs of drug development challenge market growth. In line with this, developing countries lack of healthcare infrastructure hampers market growth. Furthermore, the shortage of skilled professionals impedes the market growth.  

Report Highlights: 

• Based on drug class, the market is segmented into Opioids, NSAIDs, Local Anesthetics, and Acetaminophen. Opioids dominated the market and accounted for the largest revenue share. This is due to the rising incidence of chronic diseases, including cancer, arthritis, and TB.
• Based on the indication, the market is segmented into Surgical Pain, Cancer Pain, Neuropathic Pain, and Others. Surgical pain dominated the market and accounted for the largest revenue share.
• Based on the route of administration, the oral dominated the market and accounted for the largest revenue share. It offers easy and efficient delivery of analgesics.

Related Reports

• Infusion Pump Market Research Report 2022 to 2030
• Geriatric Medicines Market Research Report 2022 to 2030
• Over the Counter (OTC) Drugs Market Research Report 2022 to 2030
• Pharmaceutical Intermediates Market Research Report 2022 to 2030

Key Developments: 

• In Mar 2020, Eli Lilly and Company partnered with Pfizer to raise their efforts for the FDA approval for a Biologics License Application for its tanezumab 2.5. 
• In Jan 2021, Pfizer teamed up with Premier to offer five essential medications to healthcare practitioners. It will help them fulfill immediate medication demands essential to many patient care interventions. 

Market Segmentation 

By Drug Class

• Opioids
  • Morphine
  • Fentanyl
  • Codiene
  • Methadone
  • Meperidine
  • Oxycodone
  • Tramadol
  • Dextromethorphan
  • Buprenorphine
  • Others
• NSAIDs
• Local Anesthetics
• Acetaminophen

By Indication

• Surgical Pain
• Cancer Pain
• Neuropathic Pain
• Others

By Type

• Prescription
• OTC

By Pain Type

• Musculoskeletal Pain
• Surgical and Trauma Pain
• Cancer Pain
• Neuropathic Pain
• Migraine
• Obstetrical Pain
• Fibromyalgia
• Pain due to Burns
• Dental/Facial Pain
• Paediatric Pain
• Others

By Application

• Internal Analgesics
• External Analgesics 

By Route of Administration

• Oral
• Parenteral
• Transdermal
• Others

By Distribution Channel

• Hospital pharmacies
• Retail pharmacies
• Drug Stores
• Online pharmacies

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

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