Painkillers Market Poised for Steady Growth to Reach USD 100.9 Billion by 2033 at a 3.7% of CAGR

The painkillers market is set for steady growth, with an expected valuation of USD 70.0 billion by the end of 2023. According to a recent study by Future Market Insights, the market is projected to expand at a Compound Annual Growth Rate (CAGR) of 3.7%, reaching approximately USD 100.9 billion by 2033.

Opioids are currently leading the market, holding a significant share of about 53.4% in 2022. This dominance is attributed to their widespread use in managing severe pain conditions. The increasing prevalence of chronic pain, growing geriatric population, and rising number of surgical procedures are key factors driving the demand for painkillers globally.

The market’s expansion is further supported by advancements in pain management therapies and the development of new, effective pain relief medications. The ongoing focus on improving patient outcomes and quality of life is also contributing to the market’s growth.

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In the end, developing non-opioid extended-release medications is essential to addressing the opioid issue and providing patients with a safer option. Consequently, this development will drive the painkiller market as a whole throughout the estimated period of 2023 to 2033.

Key Takeaways:

• The global painkiller market is estimated at US$70.0 billion in 2023 and is projected to reach US$100.9 billion by 2033, reflecting a steady CAGR of 3.7%.
• Opioids currently dominate the market, holding a share of approximately 53.4% in 2022. However, the market is expected to see a rise in demand for alternative pain management solutions.

Competitive Landscape:

Key market players in the painkillers market launch their products. This promotional strategy is expected to be highly impactful to enter into the market.

A few of the recent instances include

• In March 2023, Perrigo Company plc received final approval for its Abbreviated New Drug Application from the “FDA” for ibuprofen Tablets and acetaminophen, 250 mg/125 mg.
• In January 2023, Procter & Gamble (P&G) India added new Vicks ZzzQuil NATURA to its existing portfolio of Vicks in India.

Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in the Painkillers market, which are available in the full report.

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Key Companies Profiled:

• AbbVie Inc. (Allergan plc)
• Bristol Myers Squibb Co.
• Sanofi S.A.
• Boehringer Ingelheim International GmbH
• Pfizer Inc.
• Zydus Lifesciences Ltd. (Cadila Pharmaceuticals)
• GSK plc.
• Abbott Laboratories, Inc.
• Novartis AG
• Johnson & Johnson (Janssen Pharmaceuticals, Inc.)
• Sun Pharmaceutical Industries Ltd.
• Teva Pharmaceuticals Ltd.
• Mallinckrodt Pharmaceuticals
• Endo Pharmaceuticals Inc.
• Bayer AG
• F. Hoffmann-La Roche Ltd.
• Procter & Gamble
• AstraZeneca
• Cardinal Health
• Perrigo Company Plc.
• Bausch Health Companies Inc.
• Viatris
• Amneal Pharmaceuticals
• Purdue Pharmaceuticals L.P.

Key Market Segments Covered in Painkillers Industry Research:

By Drug Class:

• Opioids
  • Tramadol
  • Oxycodone
  • Hydrocodone
  • Other Opioids
• NSAIDs
• Local Anesthetics
• Acetaminophen

By Product:

• OTC Products
• Prescription Drugs

By Indication:

• Surgical Pain
• Cancer Pain
• Neuropathic Pain
• Musculoskeletal and Joint Pain
• Others

By Route of Administration:

• Injectable
• Oral
• Rectal
• Topical
• Transdermal
• Others

By Distribution Channel:

• Hospital Pharmacies
• Specialty Clinics
• Long Term Care Centers
• Retail Pharmacies
• Drug Stores
• Online Pharmacies

By Region:

• North America
• Latin America
• East Asia
• South Asia & Pacific
• Western Europe
• Eastern Europe
• Central Asia
• Russia & Belarus
• Balkan & Baltic Countries
• Middle East and Africa

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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