Analgesics Market to Reflect Impressive Growth Rate by 2024
Posted: Apr 25, 2019
Analgesics, or painkillers, are used to reduce and treat aches and pains. Internal and external analgesics are used to combat pain resulting from inflammation, cancer treatments, physiological injury, neuropathic conditions, surgeries, wounds, and phantom aches. The most prominent therapeutic classes of analgesics are local anesthesia, nonsteroidal anti-inflammatory drugs (NSAIDs), and opioids. The growing incidence of cancer worldwide and the rise in chronic diseases are mainly responsible for the consistent growth of the global Analgesics Market.
The research publication offers clients a comprehensive summary of the global analgesics market and elucidates the various factors driving and hampering its growth during the forecast period. The report also evaluates the chief players competing in the global market for analgesics and profiles them on the basis of a number of key attributes, such as company and business overview, recent developments, product portfolio, business strategies, and financial strength.
The increasing therapeutic benefits offered by analgesics, in addition to effective and fast relief from pain, have significantly driven the demand for analgesics over the years. The development of innovative drugs and rising awareness about these treatment options have also supported the analgesics market. Moreover, the rise in recurring aches and pains owing to an increase in the prevalence of cancer, cardiovascular disease, arthritis, and other chronic and acute diseases has propelled the demand for analgesics.
Other key factors positively impacting the global analgesics market include the growing prevalence of pain worldwide, the rise in effective treatment options, a surge in the aging population, and the growing acceptance of analgesics by a wider target audience.
Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Bayer AG, F. Hoffmann-La Roche Ltd., Pfizer Inc., Endo Pharmaceuticals, Reckitt Benckiser plc, Bristol-Myers Squibb, Sanofi, Johnson & Johnson, Novartis AG, and GlaxoSmithKline PLC are some of the major companies actively participating in the global analgesics market. In the quest of increasing their share in the analgesics market, an increasing number of firms have been adopting acquisitions as their main development strategy.
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The global analgesics market has been categorized into Europe, North America, Asia Pacific, and Rest of the World based on geography. North America is presently the leading market for analgesics and is projected to retain its dominant position through 2024. Recent regulatory changes in the U.S., accompanied by new marketing strategies by analgesics companies, have greatly benefited this regional market. After declining sales owing to frequent recalls, the analgesics market in the U.S., in particular, has been stabilizing on account of the return of prominent brands, the rising occurrence of aches and pains, the rise in the average age of the population, and an alarming rate of obesity. These demographic and lifestyle developments have significantly propelled the North America analgesics market.
The Europe analgesics market is also anticipated to expand in the coming years owing to the rapid commercialization of new drugs and an increasing geriatric population. Although analgesics form one of the largest product areas in over-the-counter drugs, this segment has been negatively affected by the growing trend of improving health instead of merely treating symptoms. An increasing number of consumers in the U.K., for instance, have restricted their consumption of analgesics with this trend in mind, thereby negatively impacting the sales of analgesics.
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In contrast, consumers in several Asia Pacific countries seem relatively less concerned over the possible side-effects of analgesics. A higher willingness to self-medicate instead of visiting a trained physician for mild pain and fever is a trend that is common in a number of countries, more prominently in India. Moreover, the immensely stressful lifestyles in most urban parts of the region have resulted in consumers looking for quick and easy solutions to combat pain. This, combined with the surge in purchasing power, has enabled the demand for as well as sales of analgesics to remain steady over the years.
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