Analgesics Global Market Report 2024

Analgesics are medications used to alleviate pain, including conditions such as musculoskeletal pain, surgical pain, trauma-induced pain, and cancer-related pain. Examples of analgesics include codeine, hydrocodone, oxycodone, and methadone.

The main types of analgesics are non-opioids and opioids. Non-opioid analgesics are pain relievers available over-the-counter (OTC) and by prescription. They are increasingly promoted as a desirable, safe, and effective first-line therapeutic option in various clinical settings for managing mild to severe acute and chronic pain. Analgesics come in different forms, including prescription analgesics and over-the-counter (OTC) analgesics, with various routes of administration such as oral, intravenous, rectal, transdermal, and topical. They are used both internally (internal analgesics) and externally (external analgesics) and are distributed through channels such as hospital pharmacies, retail pharmacies, and drug stores.

The analgesics market research report is one of a series of new reports from The Business Research Company that provides analgesics market statistics, including analgesics industry global market size, regional shares, competitors with an analgesics market share, detailed analgesics market segments, market trends, and opportunities, and any further data you may need to thrive in the analgesics industry. This analgesics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The analgesics market size has grown steadily in recent years. It will grow from $106.57 billion in 2023 to $110.76 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed during the historical period in the analgesics market can be attributed to factors such as the impact of alternative therapies, studies on the safety and efficacy of analgesics, the prevalence of pain-related conditions, marketing and promotional efforts, and economic factors influencing the demand for pain relief medications.

The analgesics market size is expected to see steady growth in the next few years. It will grow to $128.18 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The anticipated growth in the forecast period in the analgesics market can be attributed to factors such as the increasing focus on pain management alternatives, intensified market competition, growing consumer health awareness, demographic shifts influencing healthcare needs, and the rising prevalence of chronic diseases. Major trends expected in the forecast period include the adoption of personalized medicine in pain management, the emphasis on non-opioid alternatives, the usage of CBD and cannabinoids, a move towards targeted pain management approaches, and a focus on enhancing accessibility and affordability of pain relief solutions.

The analgesics market is experiencing significant growth, driven by a notable increase in the prevalence of chronic diseases. Chronic diseases, also known as noncommunicable diseases (NCDs), develop over an extended period due to a combination of genetic, physiological, environmental, and behavioral factors. According to a September 2022 report from the World Health Organization (WHO), NCDs account for 74% of global fatalities, totaling 41 million deaths annually. These diseases result in 17 million premature deaths each year before the age of 70, with 86% occurring in low- and middle-income nations. The escalating prevalence of chronic diseases is a key factor fueling the expansion of the analgesics market as these drugs effectively treat and alleviate severe pain associated with various medical conditions.

The growth of the analgesics market is further propelled by an increase in healthcare expenditures. Healthcare expenditures encompass all costs related to health services, family planning, nutrition programs, and emergency assistance. Higher healthcare spending stimulates research and development in the pharmaceutical industry, leading to the innovation of new and improved analgesic drugs. A May 2023 report from the UK's Office for National Statistics reveals a 9.4% nominal and 9.7% real increase in healthcare spending between 2020 and 2021 in the UK. The total healthcare expenditure in 2021 reached $3449 billion (£280.7 billion), equivalent to $5,147 per person (£4,188). This surge in healthcare spending is a driving force behind the growth of the analgesics market.

The expansion of the analgesics market faces constraints due to the rising utilization of biologics for treating inflammatory and neuropathic pain. Biologics, derived from living organisms, often offer greater efficacy compared to analgesics, which only provide effective pain relief to approximately 50% of patients. This shift towards biologics, exemplified by FDA approval for Pfizer and Lilly's Tanezumab, poses a challenge to the analgesics market's growth.

Companies in the analgesics market are strategically investing to foster growth. Leading manufacturers are channeling investments into clinical-stage companies to enhance their market position and gain a competitive edge. In January 2022, Concentric Analgesics, Inc., secured $20 million in convertible note financing to advance the Phase 3 development of Vocacapsaicin, its lead product candidate for post-surgical pain. Such investments allow companies to expand geographically and attain specialized expertise in research and development, strengthening their overall competitiveness.

In October 2021, Pacira BioSciences Inc., a pharmaceutical company based in the United States, finalized the acquisition of Flexion Therapeutics for a total of $630 million. This strategic move is anticipated to facilitate Pacira BioSciences Inc. in broadening its foothold within the realm of non-opioid pain management, allowing the company to offer comprehensive non-opioid solutions throughout the neural pain pathway. Flexion Therapeutics, a biotechnology company based in the United States, specialized in the exploration, development, and commercialization of anti-inflammatory and analgesic drugs.

Major companies operating in the analgesics market report are Pfizer Inc., Johnson & Johnson Services Inc., Medley Pharmaceuticals Limited, AbbVie Inc., Bayer HealthCare Pharmaceuticals LLC, Novartis International AG, Sanofi SA, Bristol-Myers Squibb Co., AstraZeneca Plc., Abbott Laboratories, GlaxoSmithKline PLC, Takeda Pharmaceutical company Limited, Eli Lilly and Company, Becton Dickinson and Company, Reckitt Benckiser Group PLC, Viatris Inc., Teva Pharmaceuticals Industries Ltd., Boston Scientific Corporation, Sun Pharmaceutical Industries Limited, Purdue Pharma L.P, Cipla Limited, Allergan Inc., Endo International PLC, Amneal Pharmaceuticals LLC, Mallinckrodt Pharmaceuticals Ltd., Chattem Inc., Hisamitsu Pharmaceutical Co.Inc., GW Pharmaceuticals, Verve Health Care Ltd., Alder BioPharmaceuticals Inc., Achelios Therapeutics Inc., WEX Pharmaceuticals Inc., Zynerba Pharmaceuticals, McNeil Consumer & Specialty Medical Products, Innovative Med Concepts LLC

North America was the largest region in the analgesics market in 2023. Middle East is expected to be the fastest-growing region in the global analgesics market during the forecast period. The regions covered in the analgesics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the analgesics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The analgesics market consists of sales of codeine, hydrocodone, oxycodone, and methadone. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Analgesics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on analgesics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for analgesics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The analgesics market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Non-opioids; Opioids
• 2) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Drug Stores
• 3) By Application: Internal Analgesics; External Analgesics

Sub-Segments-

• By Route of Administration: Oral; Intravenous; Rectal; Transdermal; Topical
• By Drug Type: Prescription Analgesics; OTC Analgesics
• Companies Mentioned: Pfizer Inc.; Johnson & Johnson Services Inc.; Medley Pharmaceuticals Limited; AbbVie Inc.; Bayer HealthCare Pharmaceuticals LLC
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.