The Global Analgesics Market is Trending with Increasing Target Disease Prevalence

The Global Analgesics Market is Trending with Increasing Target Disease Prevalence

The global analgesics market revolves around pain-relieving drugs that provide relief from mild to severe pain. Oral analgesics are amongst the most commonly used over-the-counter drugs for pain management in conditions like headaches, musculoskeletal pain, postoperative pain, and menstrual pain. They provide relief by interacting with peripheral pain receptors or targets in the central nervous system.

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 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 companies are majorly focused on developing novel drug formulations and strengthening their distribution networks across different regions.

Key Takeaways

Key players operating in the global analgesics market are focusing on expanding their product portfolios and geographic footprints to capitalize on the high-growth prospects. F. Hoffmann-La Roche Ltd., Mylan N.V., and Teva Pharmaceutical Industries Ltd. currently hold a major share of the market.

The global analgesics market size is witnessing high growth due to the rising geriatric population and increased prevalence of target diseases requiring pain management. According to estimates, over 20% of the global population is likely to be aged 65 years and above by 2050. This is expected to drive widespread adoption of analgesics.

Moreover, analgesics manufacturers are pursuing geographic expansion opportunities in developing nations to meet their growing needs. For example, in July 2022, Glenmark Pharmaceuticals received approval to market its fixed-dose combination analgesic drug in Nepal. Such initiatives are aiding the overall expansion of the market.

Market Key Trends

One of the key trends driving growth in the global analgesics market is the rising demand for combination analgesics with two or more active ingredients. Combination analgesics are preferred over conventional single-entity analgesics as they provide enhanced therapeutic efficacy through synergistic action. They help relieve mild-to-severe pain more effectively and prevent its recurrence by acting via different pain-relieving mechanisms. This reduces the pill burden on patients as well. Going forward, advancing R&D in the field of combinational drug delivery is expected to promote innovation and widespread adoption of combination analgesics.

Porter’s Analysis

Threat of new entrants: Analgesics market requires large investments in R&D and manufacturing facilities, making threat of new entrants low.

Bargaining power of buyers: Large buyers like hospitals can negotiate lower prices but individual consumers have less bargaining power.

Bargaining power of suppliers :

Analgesics Market Challenges and Opportunities is influenced by the fact that the majority of active ingredients used in analgesics are supplied by a few prominent players, giving them higher bargaining power.

Threat of new substitutes: Alternate therapies like supplements, yoga are gaining popularity but not strong enough to replace analgesics drugs.

Competitive rivalry: Being a mature market, competition is intense between existing players leading to pricing pressures and new product innovations.

Geographical Regions

North America accounts for over 35% of global analgesics market value owing to high healthcare spending and mature pharmaceutical industry in US and Canada.

Asia Pacific region is poised to witness fastest growth during forecast period driven by rising incomes, increasing access to healthcare and growing elderly population in China and India leading to higher demand for pain relief drugs.