Analgesics Global Market Report 2023
Major players in the analgesics market are Bayer Healthcare, Pfizer, Sanofi, Johnson & Johnson, Novartis AG, GlaxoSmithKline PLC, Reckitt Benckiser (RB), Endo Pharmaceuticals, Bristol-Myers Squibb and Eli Lilly and Company.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Analgesics Global Market Report 2023" - https://www.reportlinker.com/p06245016/?utm_source=GNW
The global analgesics market will grow from $111.15 billion in 2022 to $115.13 billion in 2023 at a compound annual growth rate (CAGR) of 3.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The analgesics market is expected to grow to $127.80 billion in 2027 at a CAGR of 2.6%.
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.
Analgesics are the pain killers that are used to treat mild or severe pain, including musculoskeletal pain, surgical, trauma pain, cancer pain, or another type of pain. Examples of analgesics include codeine, hydrocodone, oxycodone, and methadone.
North America is the largest region in the analgesics market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the analgesics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The different types of analgesics are non-opioids and opioids.Non-opioid analgesics are pain relievers available over-the-counter (OTC) and by prescription.
They are rapidly being promoted as a desirable, safe, and productive first-line therapeutic alternative to opioid drugs in a range of clinical settings for mild to severe acute and chronic pain.The different types of drugs include prescription analgesics, and OTC analgesics and involve various routes of administration such as oral, intravenous, rectal, transdermal, and topical.
It is used in internal analgesics, and external analgesics and distributed through various channels such as hospital pharmacies, retail pharmacies, and drug stores.
A significant rise in the prevalence of chronic diseases is driving the analgesics Market.Analgesic drugs, also known as painkillers, are used to treat and reduce chronic or severe pain in the body resulting from various medical conditions.
For instance, in September 2022, according to a report shared by WHO, a Switzerland-based health organization, chronic diseases which is sometimes referred to as noncommunicable diseases (NCDs), are conditions that develop over an extended period of time as a result of a combination of genetic, physiological, environmental, and behavioural variables.Noncommunicable diseases (NCDs) account for 41 million annual fatalities, or 74% of all fatalities worldwide.
Before the age of 70, 17 million individuals per year pass away from an NCD. These untimely deaths account for 86% of the deaths in low- and middle-income nations. 77% of NCD-related deaths occur in low- and middle-income nations. Therefore, significant rise in the prevalence of chronic disease is driving the growth of the analgesics market.
The growth of the analgesics market is restricted by the increasing use of biologics for the treatment of inflammatory and neuropathic pain.Biologics are drugs produced from living organisms and include several components derived from humans, animals, or microorganisms.
These drugs may contain protein, modified human hormones, or cells that produce substances that suppress or activate parts of the immune system.Biologics can provide greater efficacy compared to analgesics, which provide effective pain relief to only 50% of the patients, and is thus widely used nowadays.
Rising demand for biologics can adversely impact the growth of the Analgesics market. For instance, Pfizer and Lilly were granted approval by the FDA for developing Tanezumab, a biologics medicine.
Companies in the analgesics market are increasingly focusing on acquisition as a strategy for growth.Leading analgesic drug manufacturers are acquiring smaller companies to gain a competitive advantage and strengthen their market position.
These acquisitions are helping companies to expand geographically and gain specialized expertise in the research and development of new products.For instance, Analgesic Solutions, LLC was acquired by WCG.
WCG intends to make use of the superior R&D capability of Analgesic Solutions, LLC to grow and position itself as a market leader in the Analgesic Market.
The US Food and Drug Administration (FDA) and the UK’s Medicines and Healthcare products Regulatory Agency are some of the regulatory bodies that regulate the Analgesic Market.For instance, FDA has provided guidelines on the manufacturing process of analgesics, and safety measures regarding the use of both opioid and non-opioid analgesics.
FDA also regulates and monitors the misuse and abuse of opioid analgesics.Opioid analgesics are prohibited to be sold without a proper medical prescription.
Similarly, the Medicines and Healthcare products Regulatory Agency in the UK safeguards the public interest through effective regulation of analgesic drugs.
WCG, a US-based pharmaceuticals company acquired Analgesic Solutions, LLC for an undisclosed amount.WCG’s newest acquisition aims to improve test sensitivity in clinical trials, through advising, novel tools, data science, technology, and specialized training.
Analgesic Solutions, LLC is a US-based pharmaceutical company that specializes in the development of new pain medications.
The countries covered in the analgesics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The analgesics market research report is one of a series of new reports 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.
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