Analgesics Market Rising Range of Applications Propelling Industry at A CAGR of 8.0% 6.6% by 2030

According to the report, the global analgesics industry was estimated at $26.7 billion in 2020, and is anticipated to hit $50.7 billion by 2030, registering a CAGR of 6.6% from 2021 to 2030.

The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

• The non-opioids drugs segment to dominate by 2030
• The oral segment to maintain the lion’s share
• The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 7.3% by 2030.

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Major Factors Driving the Growth of Analgesics Market:

Rising Prevalence of Chronic Pain:

• The increasing prevalence of chronic pain conditions, such as arthritis, back pain, and cancer pain, is a major driver of the analgesics market.
• This rising prevalence is attributed to aging populations, sedentary lifestyles, and the increasing burden of chronic diseases.

Growing Demand for Pain Management:

• Increased awareness about the importance of pain management and the availability of various analgesics are driving patient demand for pain relief.
• This demand is further fuelled by:
  • Public health campaigns promoting proper pain management practices.
  • Patient advocacy groups supporting access to pain relief medication.
  • Healthcare professionals prescribing analgesics to address chronic and acute pain.

Technological Advancements:

• Continuous advancements in drug delivery systems, targeted pain relief mechanisms, and non-opioid analgesics are driving market growth.
• These advancements offer more effective and safer pain relief options for diverse patient needs.

Market Segmentation:

By Type

• Non opioids
• Opioids

By Route of Administration

• Rectal
• Transdermal
• Topical
• Oral
• Intravenous

By Region:

• North America (U.S., Canada, Mexico)
• Europe (United Kingdom, Germany, Spain, Sweden, France, Russia, Denmark, Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Indonesia, Rest of Asia-Pacific)
• LAMEA (Saudi Arabia, UAE, Morocco, Kenya, Nigeria, Brazil, Venezuela, Chile, Rest of LAMEA)

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Regional Growth Dynamics:

By region, the market across North America had the lion’s share in 2020, generating nearly one-third of the global analgesics market, owing to increase in demand for non-opioids drugs, presence of key players, and development in R&D activities in the healthcare sector in the province. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 7.3% by 2030. This is due to rise in awareness about the use of analgesic drugs, growth in healthcare expenditures, and surge in adoption of analgesic products.

Key players in the industry:

• Novartis AG
• Eli Lily and Company
• Glaxosmithkline PLC
• Pfizer Inc.
• Sanofi
• Bayer AG
• Johnson & Johnson
• Bristol Myer’s Squibb
• Reckitt Benckiser
• Endo Pharmaceuticals

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Key Questions Answered in the Intelligent Study

What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?

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