Global Analgesics Market is valued at USD 52.14 Billion in 2021 and is expected to reach USD 74.35 Billion by 2028 with a CAGR of 5.2% over the forecast period.
Increasing prevalence of chronic diseases, rising geriatric population, and a growing number of clinical studies are some of the major factors driving the growth of the Global Analgesics Market.
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Scope of Global Analgesics Market Report: –
Analgesics, also known as painkillers, are used to reduce and treat pain in the body. Analgesics are theoretically particular from sedatives, which momentarily lessen, and in certain occasions, dispose of, sensation, analgesia and anesthesia are neurophysiologically covered and subsequently different medications make both pain-relieving and sedative impacts. Analgesics are drugs implied for pain control fundamentally. The drugs work on the CNS and peripheral nervous system for decreasing or impeding pain sensitivity. There are likewise analgesics that work by preventing the creation of pain interceding synthetic substances in the body. Generally utilized for the therapy of mild to acute pain credited to several medical conditions, wounds, medical procedures and terminal issues, analgesics have controlled the pain management for beyond quite a few years. These prescriptions have given clinical experts with an effective option to reduce pain and help progress quality of life for patients.
Key Players of Global Analgesics Market Report: –
- Novartis AG
- GlaxoSmithKline PLC
- Pfizer Inc.
- Reckitt Benckiser
- Endo Pharmaceuticals
- Eli Lily and Company
- Bristol Myer’s Squibb
- Johnson & Johnson
- Bayer AG
Global Analgesics Market Segmentation: –
By Distribution Channel:
- Retail Pharmacies
- Drug Store
- Hospital Pharmacies
By Route of Administration:
By Drug Type:
- OTC Analgesics
- Prescription Analgesics
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News- The FDA has Taken Steps to Promote the Development of Opioids-Free Alternatives for Acute Pain Management
On February 9th, 2022; the US Food and Drug Administration taken new steps aimed at promoting the development of opioids addiction options for managing acute pain and reducing opioids exposure, and preventing new addictions. The agency issued draft guidelines to provide recommendations to companies that developed non-opioid analgesics for acute pain lasting up to 30 days, specifically in response to certain types of tissue injuries, such as trauma or surgery.
Vapogenix, Developing Non-Opioids Pain Alternatives, Meeting with Investors, Partners during JP Morgan Healthcare Conference Week
On January 7th, 2020; Vapogenix, a clinical-stage organization developed another class of effective non-opioids, without lidocaine analgesics, reported its management team will hold collaborating and investor meetings. Vapogenix is centered around changing the dependence on opioids for the treatment of a wide range of topical pain. The organization’s remarkable portfolio of analgesics are novel, protected formulations of volatile anesthetics (VAs) for patients experiencing acute and chronic pain from wounds, skin ulcers, consumption, and provocative skin and joint disease.
Increasing Prevalence of Chronic Diseases, Rising Geriatric Population, and Growing Number of Clinical Studies are Some of the Major Factors Driving the Market Growth
One of the major factors driving the growth of the global analgesics market is the increasing prevalence of chronic diseases. Analgesic drugs are utilized to treat and reduce chronic or extreme pain caused by an assortment of clinical issues. Also, the prevalence of infections like cancer has expanded, expanding the quantity of individuals who suffer from chronic pain. Chronic disease has risk factors such as unhealthy diet, tobacco use, and physical inactivity. And moderate risk factors, such as elevated blood lipids, diabetes, hypertension, and overweight / obesity. Therefore, these factors are increasing the prevalence of chronic diseases further drive the global analgesics market. For example; according to the National Health Council (NIH), chronic diseases influence around 133 million Americans, addressing over 40% of the absolute populace of this country. By 2020, that number is projected to develop to an expected 157 million, with 81 million having various conditions.
In addition, the rising geriatric population is also boosting the growth of the global analgesics market. The elderly population suffers from chronic diseases such as heart disease, cancer, arthritis, chronic pain, and aches and pains. The maturing lung is dependent upon natural changes which make it more vulnerable to infection. In addition, the elderly population suffers from the disease due to diastolic dysfunction and age-related blood vessel stiffness which further increases the business demand. Therefore, the increasing geriatric population is expected to fuel the market growth over the forecast period. For instance; according to United Nation; in 2019, about 703 million people aged 65 in the world. The number of geriatric people is projected to double to 1.5 billion by 2050. Thus, at a significant rate of population aging, the frequency of analgesics in the aging population will increase in the near future.
Moreover, the growing number of clinical studies is another factor supplementing the market growth. The increase in the number of clinical studies to evaluate the safety and efficacy of a wide range of therapeutic drugs drives the growth of the analgesic market. In April 2019, WCG, a US-based drugs organization acquired Analgesic Solutions, LLC. WCG’s freshest obtaining means to further develop test sensitivity in clinical preliminaries, through advising, data science, novel tools, innovation, and specific training. Analgesic Solutions, LLC is a US-based drug organization that works on the improvement of new pain medications.
However, the high cost associated with analgesics is may hinder the growth of the global analgesics market. In spite of that, an increasing number of strategic collaborations, and a rising number of research and development activities can offer more opportunities in the global analgesics market.
North America is Expected to Dominate the Global Analgesics Market
Geographically, North America is expected to dominate the global analgesics market within the forecast period due to the increasing prevalence of chronic and acute pain patients, rising demand for analgesic products, and development in R&D activities in the healthcare sector in this region. The increasing prevalence of chronic and acute pain patients is one of the major factors driving the growth of the market. For example; according to U.S. Centers for Disease Control and Prevention National Center for Health Statistics; in 2019, around 20% of the USA populace experiences chronic pain in the USA.
The Asia Pacific is expected to be the fastest-growing region in the global analgesics market due to the increasing geriatric population and growing development of healthcare infrastructure in this region. For example; according to United Nations Population Fund; by 2050, one of every four individuals in Asia and the Pacific will be over 60 years of age.
On Special Requirement Analgesics Market Report is also available for the below region:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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Our Market Research Solution Provides You Answer to Below Mentioned Question:
- Which are the driving factors responsible for the growth of the market?
- Which are the roadblock factors of this market?
- What are the new opportunities, by which market will grow in coming years?
- What are the trends of this market?
- Which are the main factors responsible for new product launches?
- How big are the global & regional markets in terms of revenue, sales, and production?
- How far will the market grow in the forecast period in terms of revenue, sales, and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?
- Which region has more opportunities?
Key Benefits of Global Analgesics Market Report: –
- Global Analgesics Market report covers in-depth historical and forecasts analysis
- Global Analgesics Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country levels.
- Global Analgesics Market report helps to identify opportunities in the marketplace.
- Global Analgesics Market report covers extensive analysis of emerging trends and the competitive landscape.
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