The Global Analgesics Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Chronic Pain

The global analgesics market has been growing at a strong pace backed by the rising geriatric population and the increasing prevalence of chronic diseases such as cancer, arthritis and migraines that lead to chronic pain. Analgesics help in pain management and provide relief from both acute and chronic pain conditions. They work by blocking pain signals to the brain or altering how the brain perceives pain. Oral analgesics such as paracetamol, NSAIDs, and opioids are widely used for mild to moderate pain relief. While injectable opioids are used for more severe pain management.

The global analgesics market is estimated to be valued at US$ 51.10 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.

The Global Analgesics Market growth is driven by increasing awareness about pain management, rising disposable incomes in developing countries, the growing burden of chronic diseases, and heavy marketing by pharmaceutical companies.

Key Takeaways
Key players operating in the global analgesics market are F. Hoffmann-La Roche Ltd., Mylan N.V., Teva Pharmaceutical Industries Ltd., Sanofi, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc., AstraZeneca, Johnson & Johnson Private Limited, Hikma Pharmaceuticals PLC, Dr. Reddy’s Laboratories Ltd., Fresenius Kabi AG, Aurobindo Pharma, Bausch Health Companies Inc., Amneal Pharmaceuticals LLC., Apotex Inc., Eli Lilly and Company, Cipla Inc., Lupin.

In terms of opportunities, the market is expected to witness high demand for abuse-deterrent opioid formulations and combination therapies to manage multiple symptoms simultaneously. Also, there is a scope for innovative product launches targeted towards specific therapeutic areas with high unmet needs such as neuropathic pain.

Major analgesic companies are expanding their global footprint by setting up new manufacturing plants and marketing offices across emerging countries such as India and China which offer a large patient pool and are among the fastest growing pharmaceutical markets. Companies are also focusing on strategic mergers and acquisitions to strengthen their product portfolio and commercial infrastructure.

Market Drivers:
- Rising prevalence of chronic pain disorders: Growing geriatric population, increasing incidence of cancer, arthritis, back pain and migraine are driving the demand for chronic pain therapeutics. It is estimated that over 1.5 billion people suffer from chronic pain globally.

Market Restrains:
- Side effects and risks of opioid abuse: Oral and injectable opioid analgesics are associated with risks of addiction, dependence and misuse which hinder their widespread adoption. Regulatory challenges and strict prescription policies have resulted in declining opioid prescriptions in certain countries.

Segment Analysis
The global analgesics market is dominated by OTC pain medicines sub segment which constitutes around 60% of the overall market share. This is because OTC pain medicines such as paracetamol, ibuprofen and aspirin are readily available and can be used to treat minor pain conditions without prescription.

The Global Analgesics Market Challenges And Opportunities encompass various aspects, including the safety of these drugs for self-medication of pain associated with conditions like headache, cold, menstrual cramps, and joint pain. Another major sub-segment is prescription pain drugs, which account for about 35% share and include opioids as well as NSAIDs, used for relief from more severe pain associated with injuries, arthritis, surgery, cancer, etc. The remaining share consists of neuropathic pain drugs used to treat nerve pain conditions.

Global Analysis
On the basis of region, North America currently accounts for the largest share in global analgesics market owing to high healthcare expenditure, rising geriatric population prone to arthritis and other pain conditions, and growing cases of post-surgery pain in the region. However, Asia Pacific region is projected to witness the fastest growth during the forecast period due to rapidly growing pharmaceutical industry in India and China, raising awareness on pain management, increasing patient pool of chronic pain patients coupled with growing healthcare infrastructure in developing countries of the region. Meanwhile, Europe holds the second position in terms of regional market share due to supportive government initiatives and increasing R&D activities related to pain management drugs in the region.

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Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)