DUBAI, UAE, Dec. 16, 2021 /PRNewswire/ -- As per a thorough
research by FMI, the Global Analgesics Market is
poised to top US$ 77.3 Bn in
2021. Increasing demand for opioid drugs for pain
management in the countries such as China, India,
the U.S., and Japan is
facilitating the growth in the market.
Increasing need for palliative care and rising prevalence of
neuropathic, inflammatory, and chronic pain is bolstering the
demand for pain management solutions. Driven by this, the
analgesics market is anticipated to surpass US$ 133.5 Bn
by 2031.
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Analgesics drugs such as methadone, codeine, acetaminophen, and
others provide effective solutions to aforementioned ailments.
Hence, increasing palliative care has assisted the market to
account for nearly 93% of the pain management sales in 2021.
Further, rising government initiatives for providing better
prevention and management of chronic pain are favoring the growth
in the market. Also, growing prevalence of physiological injuries,
phantom aches, and surgeries across China and India are accelerating the sales.
As per FMI, the analgesics market is poised to expand at 5.6%
CAGR over the forecast period 2021-2031 in comparison to the 4.4%
CAGR registered over the past half-decade.
Based on drug type, the nonsteroidal anti-inflammatory drugs
(NSAIDs) segment is projected to register swift growth, expanding
at 4.1% CAGR between 2021 and 2031. Growing emphasis on prevention
of diversion in prescription opioid medications is a primary factor
driving the growth in the segment.
"Increasing research and development (R&D) activities for
the formulation of opioid drugs with abuse-deterrent properties and
non-addictive analgesic drugs to curb the addiction associated with
opioid medications is expected to favor the growth in the
market," says a FMI analyst.
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Key Takeaways from Analgesics Market
Study
- The U.S. is estimated to continue dominating the North America market, accounting for nearly
86.5% of the regional demand share in 2021.
- Germany is anticipated to
emerge as the most remunerative market in Europe, contributing nearly 23.2% of the sales
through 2031.
- China is expected to account
for 54.3% of the share in East
Asia, expanding at a robust CAGR of 9.3% over the assessment
period.
- Japan analgesics market is
projected to register a swift growth, expanding at a CAGR of 6.6%
between 2021 and 2031.
- Surgical pain is forecast to account for the lion's share in
the indication segment, accounting for around 53.3% of the sales in
2021.
Key Drivers
- Growing number of cancer treatments and rising
commercialization of non-abusive drugs across the U.S.,
Japan, Germany, China, and others are spurring the sales in
the NSAID segment.
- Rising concerns of facial and body aesthetics are increasing
aesthetic surgical procedures such as eyelid surgeries, breast
implantation, and abdominoplasty, spurring analgesics sales across
the surgical pain segment.
Key Restraints
- Side effects associated with opioid drugs such as clouded
thinking, nausea, drowsiness, constipation, and psychological &
physical addiction are hindering the sales across the opioid drug
segment.
- Stringent government regulations regarding manufacturing,
storage, marketing, and selling analgesic drugs are restraining the
growth in the market.
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Competitive Landscape
Prominent companies in the global market are focusing of
introducing novel non-opioid drugs to gain competitive edge. Some
of the other players are focusing on entering in mergers,
acquisitions, collaboration, and agreement with other manufacturers
to expand their product portfolio and strengthen their global foot
print. For instance,
- In July 2020, Teva
Pharmaceuticals, an Israeli multinational pharmaceutical
company announced expanding its operations in Japan by focusing on commercializing a
selection of complex generics and specialty assets to meet
patients' medical needs. This will assist the company to expand its
customer base in Japan.
- In May 2020, Assertio
Therapeutics, Inc., an American specialty pharmaceutical company,
entering into a merger agreement with a produces and
distributes pharmaceutical products, Zyla Life Sciences to
create a synergistic portfolio of neurology, inflammation, and
non-opioid pain products. The merger will assist both the companies
to expand their product portfolio and increase their market
share.
Some of the key players operating in the market profiled by
FMI are:
- Pfizer Inc.
- Sun Pharmaceutical Industries, Inc.
- Sanofi SA
- AbbVie Inc. (Allergan plc)
- Teva Pharmaceuticals
- Boehringer Ingelheim International GmbH
- Janssen Pharmaceuticals, Inc. [Johnson & Johnson]
- Endo Pharmaceuticals Inc.
- Purdue Pharmaceuticals L.P.
- Assertio Therapeutics, Inc.
- Mallinckrodt Pharmaceuticals
- Bayer AG
- GlaxoSmithKline plc.
- Bausch Health Companies Inc.
- Novartis AG
- Others
More Valuable Insights on
Analgesics Market
The recent study by FMI provides a detailed analysis of the
global analgesics market, providing credible insights into key
factors driving the market over the assessment period. The study
also disclosed growth projections on in analgesics market with
detailed segmentation:
By Drug Class
- Opioids
-
- Morphine
- Codiene
- Fentanyl
- Meperidine
- Methadone
- Tramadol
- Oxycodone
- Dextromethorphan
- Buprenorphine
- Others
- NSAIDs
- Local Anesthetics
- Acetaminophen
By Indication
- Surgical pain
- Cancer Pain
- Neuropathic pain
- Others
By Route of Administration
- Oral
- parenteral
- transdermal
- Others
By Distribution Channel
- Hospital pharmacies
- Retail pharmacies
- Drug Stores
- Online pharmacies
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Key Questions Covered in the Report
- The report offers insight into analgesics market demand outlook
for the forecast period 2021-2031
- The market study also highlights projected sales growth for
analgesics market between 2021 and 2031
- Analgesics market survey identifies key growth drivers,
restraints, and other forces impacting prevailing trends and
evaluation of current market size and forecast and technological
advancements within the industry
- Analgesics market share analysis, covering key companies within
the industry and coverage of strategies such as mergers &
acquisitions, joint ventures, collaborations or partnerships, and
others
About Future Market Insights (FMI)
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broad range of industries to ensure that our clients prepare for
the evolving needs of their consumers.
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