by The global analgesics market is a vital component of pain management. Analgesics provide relief from mild to moderate acute or chronic pain through various mechanisms involving the central and peripheral nervous systems. Key products within the analgesics market include non-steroidal anti-inflammatory drugs (NSAIDs) which reduce pain and inflammation via cyclooxygenase (COX) enzyme inhibition, and opioid analgesics which work on the body’s opioid receptors to relieve pain.
The Global analgesics Market is estimated to be valued at US$ 51.10 Billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players: F. Hoffmann-La Roche Ltd., Mylan N.V., Teva Pharmaceutical Industries Ltd., Sanofi, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc., AstraZeneca are some of the prominent players in the global analgesics market. These players are focusing on launching new analgesics drugs and strengthening their distribution networks globally.
Growing demand: The growing Global Analgesics Market demand is driven by the rising prevalence of lifestyle diseases such as osteoarthritis and low back pain. The increasing geriatric population suffering from arthritis and joint pain is a major driver of the analgesics market.
Global expansion: Key analgesics companies are expanding their presence in developing regions of Asia Pacific, Latin America, and Middle East & Africa to tap the high growth opportunities in these untapped markets. Companies are investing in R&D, collaborations and acquisitions for global expansion.
Market Key Trends
One of the key trends in the analgesics market is the shift towards combination drugs. Earlier most NSAIDs and opioids were available as stand-alone drugs. Now many companies are launching combination drugs containing NSAIDs or opioids with other compounds like paracetamol, caffeine, and different classes of drugs. This allows reduced dosage, improved efficacy and minimizes side effects. For instance, GSK’s Voltaren Arthritis Pain launched in 2020 is a diclofenac sodium and paracetamol combination. The combination drug trend is expected to continue driving revenues in the analgesics market.
Porter’s Analysis
Threat of new entrants: The Global Analgesics Market Challenges And Opportunities include a moderate threat of new entrants due to the high R&D costs involved in developing new molecules and drug products.
Bargaining power of buyers: There exists moderate bargaining power among buyers in the form of private label products and availability of generic alternatives.
Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many raw material suppliers in the market.
Threat of new substitutes: Substitutes have low threat as analgesics have limited substitutes for pain relief.
Competitive rivalry: High competitive rivalry exists among established players to sustain market share.
Geographical Regions
North America dominates the global analgesics market with the highest value share currently owing to large healthcare expenditure and product availability.
Asia Pacific is poised to be the fastest growing region during the forecast period due to rising healthcare infrastructure, growing disposable incomes, and increasing incidence of chronic pain indications.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
