Global Analgesics Market Expected to Reach US$ 56.8 Billion by 2024

According to the latest report by IMARC Group titled, "Analgesics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the market reached a value of US$ 44.3 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 56.8 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024.

Analgesics, also known as pain killers or pain relievers, are drugs created specifically to reduce and treat pain in the body. These drugs act on the central and peripheral nervous systems for relieving pain caused by a wide range of conditions like appendicitis, cancer, fibromyalgia and headaches. They are generally categorized as opioids and NSAIDs (Nonsteroidal anti-inflammatory drugs). Opioids are used for both short- and long-term relief of severe pain, whereas NSAIDs are used for short-term pain relief caused by headache, bruising or arthritis.

A major factor catalyzing the demand for analgesics is the continuous growth in the geriatric population. Due to the rising older people, and the consequent increase in the cases of chronic and lifestyle diseases, there has been a rise in the requirement of pain management drugs. Moreover, the growing number of surgeries and increasing incidence of cardiovascular diseases and arthritis have further fueled the growth of the analgesic market globally. Some of the other factors that are catalyzing the market include the development of innovative drugs, rising awareness of pain-relieving treatments among patients and changing lifestyles.

Market Segmentation:

Breakup by Type:

• Prescription Analgesics
• OTC Analgesics

Breakup by Drug Class:

• Opioids
• NSAID
• Others

Breakup by ROA:

• Oral
• Parenteral
• Topical
• Transdermal
• Rectal

Breakup by Pain Type

• Musculoskeletal Pain
• Surgical and Trauma Pain
• Cancer Pain
• Neuropathic Pain
• Migraine
• Obstetrical Pain
• Fibromyalgia
• Pain due to Burns
• Dental/Facial Pain
• Pediatric Pain
• Others

Breakup by Application

• Internal Analgesics
• External Analgesics

Regional Insights:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Competitive Landscape

The report has also examined the competitive landscape of global analgesics market. Some of the major players in the market are Bayer AG, Novartis AG, GlaxoSmithKline PLC, Pfizer Inc., Johnson & Johnson, Reckitt Benckiser (RB), Endo Pharmaceuticals, Bristol-Myers Squibb, Eli Lilly and Company, Sanofi, etc.

Key highlights of the report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players

Imarc Group is a leading market research and consulting company that offers management strategy and market research worldwide.