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Written by Elena Anderson » Updated on: October 11th, 2024
According to the latest report by IMARC Group, titled "Analgesics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the analgesics market. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global analgesics market size reached US$ 54.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 77.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.9% during 2024-2032.
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Analgesics Market Trends:
The global analgesics market is primarily driven by the rising prevalence of chronic pain conditions, increasing demand for over-the-counter (OTC) pain relief medications, and the growing aging population. Analgesics, commonly known as painkillers, are medications used to relieve pain without causing loss of consciousness. The increasing incidence of conditions such as arthritis, cancer, neuropathic pain, and postoperative pain is fueling the demand for these medications across the globe. The aging population, in particular, is a significant contributor to market growth, as elderly individuals are more prone to chronic conditions that require ongoing pain management.
Additionally, the rising demand for OTC analgesics, such as nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen, due to their convenience and ease of accessibility, is boosting market expansion. Furthermore, innovations in drug delivery methods, such as topical gels, patches, and extended-release formulations, have enhanced the effectiveness and patient compliance of analgesic treatments. However, the opioid crisis and the increasing awareness of the risks associated with opioid analgesics have led to a shift toward non-opioid alternatives, further shaping the dynamics of the market.
Leading Key Players Operating in the Analgesics Industry:
Analgesics Market Scope & Growth Analysis:
The scope of the global analgesics market encompasses a wide range of drug classes, including NSAIDs, opioids, acetaminophen, and combination drugs, used in various therapeutic areas. Market analysis suggests that the demand for non-opioid analgesics is expected to grow significantly due to the rising awareness of opioid addiction and regulatory efforts to curb opioid misuse. The development of novel pain management therapies, including biologics and personalized medicine, is also influencing the market, with a growing focus on more targeted and effective treatments.
In addition to prescription medications, the market for OTC analgesics remains strong, driven by consumer demand for self-medication for minor aches and pains. Geographically, the market is expanding, particularly in emerging economies, where improving healthcare infrastructure and increasing access to medications are driving growth. The competitive landscape is marked by ongoing research and development activities, mergers, and acquisitions, as pharmaceutical companies aim to diversify their pain management portfolios.
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Analgesics Market Report Segmentation:
By Type:
Prescription accounts for the majority of the market share.
By Drug Class:
Opioids holds the largest share of the industry.
By Route of Administration:
Oral represents the leading market segment.
By Pain Type:
Oral represents the leading market segment.
By Application:
Regional Insights:
North America leads the market, accounting for the largest analgesics market share.
Key highlights of the report:
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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IMARC Group
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