Global Analgesics Market Report 2023: Sector is Expected to Reach $67.4 Billion by 2028 at a CAGR of 4.49% – ResearchAndMarkets.com

Global Analgesics Market Report 2023: Sector is Expected to Reach $67.4 Billion by 2028 at a CAGR of 4.49% – ResearchAndMarkets.com




Global Analgesics Market Report 2023: Sector is Expected to Reach $67.4 Billion by 2028 at a CAGR of 4.49% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Analgesics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.

The global analgesics market size reached US$ 51.8 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 67.4 Billion by 2028, exhibiting a CAGR of 4.49% during 2022-2028.

Companies Mentioned

  • Bayer AG
  • Novartis International AG
  • GlaxoSmithKline PLC
  • Pfizer Inc.
  • Johnson & Johnson Pvt. Ltd.
  • Reckitt Benckiser (RB) Group PLC
  • Endo Pharmaceuticals PLC
  • Bristol-Myers Squibb Company
  • Eli Lilly and Company
  • Sanofi SA

Analgesics, also known as painkillers or pain relievers, are drugs that help in relieving pain without affecting consciousness, altering sensory perception, or blocking nerve impulse conduction. These drugs include paracetamol (known as acetaminophen or simply APAP in North America), nonsteroidal anti-inflammatory drugs (NSAIDs) such as the salicylates, and opioid drugs such as morphine and oxycodone.

Analgesics are used for treating pain resulting from physiological injuries, surgeries, phantom aches, inflammation, neuropathic conditions and cancer treatments. Nowadays, rising internet penetration has enabled various e-commerce platforms to collaborate with pharmaceutical manufacturers to deliver drugs like analgesics at the doorstep of consumers.

The primary factor catalyzing the demand for analgesics is the increasing geriatric population. In 2017, between 950-1000 million people were over the age of 60. However, by 2050, these numbers are expected to reach 2100 million, accounting for around 21% of the total global population. As older adults are more vulnerable to chronic and lifestyles diseases, it will significantly contribute to the sales of analgesics.

Apart from this, many leading pharmaceutical companies are continually focusing on clinical advancements in both the delivery and design of analgesic drugs.

They are also developing safer opioids with improved side effect profiles and effective pain relief. Moreover, the presence of a strong drug pipeline with efficacious drugs waiting for approvals by the United States Food and Drug Administration (USFDA) is further expected to enhance the use of analgesics across the globe.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global analgesics market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type, drug class, route of administration, pain type and application.

Breakup by Type:

  • Prescription
  • Over the counter (OTC)

Prescription analgesics currently represent the most popular drug type across the globe.

Breakup by Drug Class:

  • Opioids
  • NSAID
  • Others

Based on the drug class, opioids dominate the market as they are widely used in cancer pain management and end-stage diseases in which palliative care is required.

Breakup by Route of Administration:

  • Oral
  • Parenteral
  • Topical
  • Transdermal
  • Rectal

Amongst these, oral is the most common route of administration (ROA) since it is considered to be one of the safest ROA and requires minimal to no medical assistance.

Breakup by Pain Type:

  • Musculoskeletal
  • Surgical and Trauma
  • Cancer
  • Neuropathic
  • Migraine
  • Obstetrical
  • Fibromyalgia
  • Pain due to Burns
  • Dental/Facial
  • Pediatric
  • Others

At present, musculoskeletal pain accounts for the majority of the global market share. It is most often caused by an injury to the bones, joints, muscles, tendons, ligaments, or nerves.

Breakup by Application:

  • Internal
  • External

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, North America enjoys the leading position in the market. This can be attributed to the rising penetration of generics, coupled with the growing healthcare expenditure in the region.

Key Questions Answered in This Report

1. What was the size of the global analgesics market in 2022?

2. What is the expected growth rate of the global analgesics market during 2023-2028?

3. What has been the impact of COVID-19 on the global analgesics market?

4. What are the key factors driving the global analgesics market?

5. What is the breakup of the global analgesics market based on the type?

6. What is the breakup of the global analgesics market based on the drug class?

7. What is the breakup of the global analgesics market based on the route of administration?

8. What is the breakup of the global analgesics market based on the pain type?

9. What is the breakup of the global analgesics market based on the application?

10. What are the key regions in the global analgesics market?

11. Who are the key players/companies in the global analgesics market?

For more information about this report visit https://www.researchandmarkets.com/r/xh9gyp

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