Global Analgesics Market Expected to Rise at 4% CAGR during 2019-2024
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group, titled “Analgesics Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global analgesics market size reached US$ 44.3 Billion in 2018. Analgesics are a type of drugs designed to relieve or control pain. Most of these drugs act on the body’s peripheral and central nervous systems to reduce or block sensitivity to pain. However, some of the analgesics work by preventing the formation of certain chemicals in the body that mediate pain. These painkillers are prescription-only medicines that are used strictly under doctor’s instruction and recommendation. They are used to treat moderate to severe pain including backache, neck pain, pre-menstrual and menstrual pain, and muscle pain.
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Analgesics Market Trends:
According to the estimates by the World
Health Organization (WHO), the population aged 60 years and older will
outnumber children younger than five years by 2020. Since many studies have
suggested that chronic pain is more common amongst the aged population, the
growing proportion of older people will act as a significant factor
contributing to the sales of analgesics. Apart from this, healthcare companies
are investing in R&D activities to advance the combination of existing
compounds to develop novel analgesics with improved efficacy and lesser side
effects. Moreover, the United States Food and Drug Administration (USFDA) has
launched a national education campaign to provide guidance to patients and
create awareness about the safe use of OTC analgesics. This has led to a rise
in the demand for these medicines, thereby providing positive thrust to the
market in the region. Looking forward, the market is projected to reach a value
of US$ 56.8 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024.
Analgesics Market Segmentation:
·
Based on the drug type, the market has been
segregated into prescription and OTC analgesics. Prescription analgesics
currently represent the most popular drug type across the globe.
·
On the basis of the drug class, the market
has been categorized as opioids, NSAIDs and others. Amongst these, opioids
represent the leading segment, accounting for the majority of the total market
share.
·
The market has also been segmented based on
the route of administration into oral, parenteral, topical, transdermal and
rectal. At present, oral drugs dominate the market, holding the largest share.
·
On the basis of the pain type, the report
finds that musculoskeletal pain represents the leading segment. Other types of
pain include surgical and trauma pain, cancer pain, neuropathic pain, migraine,
obstetrical pain, fibromyalgia, pain due to burns, dental/facial pain and
pediatric pain.
·
Based on the application, the market has been
classified into internal and external analgesics. Internal analgesics are the
largest application segment and currently lead the global market.
·
Region-wise, North America exhibits a clear
dominance in the market. Other major regions include Europe, Asia Pacific,
Middle East and Africa, and Latin America.
·
The competitive landscape of the market has
also been analyzed with some of the key players being Bayer AG, Novartis AG,
GlaxoSmithKline PLC, Pfizer Inc., Johnson & Johnson, Reckitt Benckiser
(RB), Endo Pharmaceuticals, Bristol-Myers Squibb, Eli Lilly and Company, and
Sanofi.
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Created on Jul 29th 2019 06:57. Viewed 354 times.