Dublin, Feb. 16, 2021 (GLOBE NEWSWIRE) -- The "Analgesics Global Market Report 2020-30: COVID-19 Implications and Growth" report has been added to ResearchAndMarkets.com's offering.
The global analgesics market is expected to grow from $68.2 billion in 2019 to $78.1 billion in 2020 at a compound annual growth rate (CAGR) of 14.7%.
This growth is mainly due to the COVID-19 outbreak and the neuroinvasive nature of the virus. The CNS is more prone to the viral infection. The virus affects the senses of smell and taste and therefore it is important to curb the interaction between the viral protein and the human receptor, and this factor is driving the demand for CNS drugs. The market is then expected to grow at a CAGR of 5.5% from 2021 and reach $91 billion in 2023.
The analgesics market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for Analgesics and is expected to continue to be the largest market during the forecast period.
Significant rise in 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. According to a study conducted by Institute of Medicine of The National Academies in 2017, around 100 million people were suffering from chronic pain in the USA. Similarly, as of 2017, one in five people were suffering from chronic pain in Europe. Also, there has been an increase in prevalence of diseases like cancer which increases the number of people suffering from chronic pain.
The growth of 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 a number of components derived from human, 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. In 2017, 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 competitive advantage and strengthen their market position. These acquisitions are helping companies to expand geographically and gain specialized expertise in research and development of new products. For instance, Analgesic Solutions, LLC was acquired by WCG in the 2019. WCG intends to make use of superior R&D capability of Analgesic Solutions, LLC to grow and position itself as a market leader in the Analgesic Market. Similarly, in 2018, Aurobindo Pharma had acquired Sandoz for $900 million.
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 manufacturing process of analgesics, and safety measures regarding use of both opioid and non- opioid analgesics. FDA also regulates and monitors misuse and abuse of opioid analgesics. Opioid analgesics are prohibited to be sold without proper medical prescription. Similarly, the Medicines and Healthcare products Regulatory Agency in the UK safeguards the public interest through effective regulation of analgesics drugs.
In September 2018, Aurobindo Pharma acquired the US business unit of Sandoz, a division of Novartis, for $900 million. This acquisition would help Aurobindo Pharma to widen its product portfolio in analgesics market. This acquisition would provide Aurobindo Pharma access to three drug manufacturing facilities of Sandoz, thus boosting its production capacity. Moreover, this acquisition would help Aurobindo Pharma to penetrate the US market. Sandoz was founded in 2003 and is headquartered in Holzkirchen, Germany.
Major players in the market are Bayer Healthcare, Pfizer, Sanofi, Johnson & Johnson and Novartis AG.
Key Topics Covered:
1. Executive Summary
2. Analgesics Market Characteristics
3. Analgesics Market Size And Growth
3.1. Global Analgesics Historic Market, 2015-2019, $ Billion
3.2. Global Analgesics Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion
4. Analgesics Market Segmentation
4.1. Global Analgesics Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Analgesics Market, Segmentation By Distribution Channel, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.3. Global Analgesics Market, Segmentation By Route of Administration, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.4. Global Analgesics Market, Segmentation By Drug Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.5. Global Analgesics Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Analgesics Market Regional And Country Analysis
5.1. Global Analgesics Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Analgesics Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Johnson & Johnson
Reckitt Benckiser (RB)
Eli Lilly and Company
Innovative Med Concepts LLC
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