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The analgesics market size was valued at USD 35.03 million in 2021 and is expected to reach USD 56.86 million by 2030, at a CAGR of 4.9% during 2022–2030.
The increasing number of various acute and chronic diseases such as cancer, arthritis, and cardiovascular diseases is one of the major factors driving the growth of the analgesics market. According to Globocan 2020 report, published by International Agency for Research on Cancer (IARC), cancer cases across the globe has risen to 19.
New York, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Analgesics Market by Type and by Route of Administration – Global Opportunity Analysis and Industry Forecast 2022–2030" - https://www.reportlinker.com/p06379285/?utm_source=GNW
3 million, which drives the growth of the analgesics market. In addition, growing geriatric population has also increased the demand for analgesics drugs.
However, factors such as drug abuse, growing use of biologics for the treatment of inflammatory pain, and stringent regulatory policies are hampering the market growth to some extent. On the contrary, increasing demand for personalized medicine and development of new pain-relieving drugs are expected to create significant growth opportunities for the market players.
Segment Overview
The analgesics industry has been segmented based on type, route of administration, and geography.
• On the basis of type, the market is categorized into opioids and non-opioids.
• On the basis of route of administration, the market is classified into oral, intravenous, rectal, transdermal, and topical.
• Region-wise, the market is classified into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
The North America market is projected to hold the dominant share by 2030
North America holds the lion’s share of the global analgesics market share at present and is expected to continue its dominance during the forecast period. This can be attributed to factors such as growing burden of pain management and rising adoption of opioids. In addition, factors such as increasing prevalence of cancer, surging number of surgeries, and rising research and development (R&D) activities in the pharmaceutical sector are also expected to drive the over-the-counter analgesics market growth in this region.
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Key Market Players
The emerging and efficient key players in the analgesics market include the following:
• Abbott Laboratories
• Bayer AG
• Glaxosmithkline plc
• Johnson and Johnson
• Pfizer, Inc
• Novartis AG
• Teva Pharmaceuticals
• Sanofi SA
• ABBVIE INC
• Sun Pharmaceutical Industries, Inc.
Recent Developments
June 2022
AbbVie announced that FDA has approved Skyrizi (risankizumab-rzaa) as the first interleukin-23 (IL-23) inhibitor to treat adults with moderately to severely active Crohn’s disease (CD).
May 2022
Pfizer Inc. acquired Biohaven Pharmaceutical Holding Company Ltd. This acquisition was done for production of NURTEC ODT for acute treatment and episodic prevention of migraine in adults.
November 2021
Sun Pharma launched Molnupiravir. Molnupiravir 200mg Capsule was to treat adults with COVID-19 who do not require supplemental oxygen and who are at increased risk of developing severe COVID-19.
September 2021
Novartis announced that the US Food and Drug Administration (FDA) had granted fast-track designation for LNA043 for the treatment of osteoarthritis of the knee. LNA043 was developed as a potential first in class disease modifying treatment for osteoarthritis (OA).
January 2021
Abbott launched the NeuroSphere myPath digital health app designed to track and report pain relief in chronic pain patients with physicians prior to device implant.
Read the full report: https://www.reportlinker.com/p06379285/?utm_source=GNW
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