Analgesics Market Expected to Reach $50.7 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Analgesics Market," The analgesics market size was valued at $26.7 billion in 2020, and is estimated to reach $50.7 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030. Currently, non-opioids occupy the major share of the market and are expected to continue to be the highest revenue-generating segment during the forecast period. The developed economies, namely North America and Europe, are likely to remain leading revenue-generating economies, and collectively accounted for over half of the overall market share in the global analgesics market in 2020.

In the current business scenario, there is increase in the incidences of chronic diseases, such as tuberculosis (TB), cancer, cardiovascular diseases, and arthritis, and rise in OTC analgesics market growth. In addition, there is a substantial rise in the number of patients due to infectious diseases, such as gastrointestinal, respiratory, and neurology. Increase in these diseases increases the demand for painkillers, which is expected to further drive the growth of the analgesics market. Moreeover, the increase in demand for over the counter (OTC) drug, is one of the factor responsible for the growth of OTC analgesics market

The global analgesics market analysis is expected to attain substantial growth in the near future, owing to growing geriatric population coupled with increase in incidences of cardiovascular disease, cancer, and arthritis. Frequent pain and aches experienced by the ageing population are the other favorable factors that drive the market growth. In addition, rise in investments in R&D activities in analgesics industry, with key focus on the classes of compounds to formulate new therapeutics, is expected to drive the market growth during the analgesics market forecast period. However, factors such as uncontrolled prescriptions of opioids and drug abuse, leading to approximately 28,000 deaths in the U.S. every year, and insufficient regulatory guidelines, especially against opioid analgesics, are likely to impede the market growth. Thus, increase in popularity of personalized medicine, and surge in demand for analgesics industry is expected to provide numerous growth opportunities for the analgesics market in the near future.

The oral analgesics segment generated the highest revenue and is anticipated to maintain this trend during the forecast period. This is mainly attributed to the higher use of oral analgesics as compared to intravenous and topical analgesics. Economical cost, ease of availability, and high popularity of oral analgesics are the key factors responsible for the dominance of this segment.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global analgesics market share. The COVID-19 pandemic has stressed healthcare systems in the world and increased the need for advanced hospitals. Implementation of the spread of COVID-19 infection increased the demand for analgesic drug such as paracetamol, and drive the growth of the market.  

Key Findings of Study

• This report offers a detailed quantitative analysis of the current & future market trends from 2021 to 2030 to identify the prevailing opportunities.
• The market estimations provided in this report are based on comprehensive analysis of the key developments in the industry.
• The global analgesics market is comprehensively analyzed with respect to types and geography.
• In-depth analysis based on geography facilitates to analyze the regional trends to assist in strategic business planning.
• The developmental strategies adopted by key manufacturers are enlisted in the report to understand the competitive scenario of the market