The global analgesics market offers a wide range of pain-relieving medications and products including aspirin, paracetamol, non-steroidal anti-inflammatory drugs (NSAIDs) and opioid pain relievers. Analgesics work by acting on the central nervous system or on specific pain sensors to relieve both acute pain caused by strain or injury as well as chronic pain from conditions like back pain, arthritis, cancer or surgery. Advantages of analgesics include fast relief from mild to moderate pain, availability in various forms like tablets, capsules, liquids and topical gels. The growing geriatric population suffering from arthritis and similar pain conditions has boosted the demand for effective yet safe analgesics.
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.
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.
The growing demand for pain management drugs due to rising chronic pain cases around the world is boosting the Global Analgesics Market Size. Additionally, the increasing expenditure on healthcare and availability of generic painkillers are fueling market growth.
The market is witnessing expansion in developing regions due to changing lifestyles, growth inmedical tourism and rising awareness about pain management. Several market players are focusing on strengthening their presence in Latin America, Asia Pacific and Middle East & Africa through mergers, acquisitions and new product launches.
Market drivers
The increasing population undergoing various surgeries along with longer life expectancy rates has significantly raised the incidence of chronic pain disorders globally. According to the latest WHO estimates, 1.5-2% of the global population lives with chronic pain spanning a period of 6 months or more. This has increased the uptake of prescription and over-the-counter analgesic drugs thus driving the market growth. Other chronic diseases apart from chronic pain also necessitate pain management thereby driving the demand for various analgesic medications.
Impact of geopolitical situation on Global Analgesics Market growth
The current geopolitical situation has had varying impacts on the growth of the global analgesics market. Rising geopolitical tensions have exacerbated global supply chain issues and contributed to higher inflation. This has made it increasingly difficult for manufacturers to source raw materials and maintain steady production levels. At the same time, continuing economic uncertainty stemming from the pandemic and war in Ukraine has caused healthcare budgets to tighten in many parts of the world. However, in certain regions directly affected by conflicts or facing substantial refugee crises, demand for basic pain relief medications has risen sharply. Overall, while cost pressures and supply constraints present challenges, ongoing conflicts that increase needs for medical care in some areas may balance out negatives to some degree in the forecast period. As geopolitical risks remain elevated, manufacturers must diversify sourcing, develop flexibility into production planning, and monitor changing demand dynamics across volatile markets to navigate ongoing disruptions and capture emerging opportunities.
Geographical regions with highest value concentration in Global Analgesics Market
North America currently accounts for the largest share of the global analgesics market in terms of value. The presence of major market players, high healthcare spending, and growing prevalence of chronic pain conditions have made the U.S. the dominant revenue generator regionally as well as globally. Europe follows North America with a significant market presence owing to universal healthcare access and rising use of pain medications amid an aging population. The regional market is led by countries such as Germany, France, and the U.K. Asia Pacific is emerging as the third largest market for analgesics globally due to improving access to healthcare, rising incomes, and a massive patient pool in highly populated nations like China and India.
Geographical region forecast to experience fastest growth in Global Analgesics Market
The Asia Pacific region excluding Japan is poised to witness the fastest growth in the global analgesics market during the forecast period from 2024 to 2031. This can be attributed to ongoing economic development, growing public awareness about pain management, increasing healthcare investments, expanding coverage of insurance schemes, rising geriatric population, and rising rates of lifestyle diseases in fast developing Asian countries. Additionally, presence of many generic drug manufacturers and lower production costs have boosted the availability of lower priced analgesics to meet rising demand in the region. China and India are predicted to experience the highest CAGRs on the back of their large patient bases and improving healthcare infrastructure and services.
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