Analgesics Market to register 5.6% CAGR between 2021 and 2031
The latest study by Future Market Insight (FMI) provides insights into the governing factors facilitating the growth in the analgesics market. It also examines scope of expansion across various segments in terms of drug class, indication, route of administration, and distribution channel. The study also uncovers challenges posing threats and highlights prospects for growth in the near future.
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.
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.
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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.
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.
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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.
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.
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
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