As per Future Market Insights’ revised industry analysis, the global analgesics market was valued at over US$ 73.6 Bn in 2020, and is expected to exhibit a CAGR of 5.6% over the forecast period (2021-2031).
Analgesics encompasses a class of drugs that are designed to relieve pain. Different classes of analgesic drugs include opioids, NSAIDs, local anesthetics, and acetaminophen. Analgesics can be administered by various routes such as oral, IV, rectal, topical, and others.
Increasing number of patients suffering from chronic conditions such as cancer, chronic pulmonary obstructive disease (COPD), as well as increase in post-operative pain management prescription medications and various trauma conditions leading to pain are expected to boost the analgesics market.
Various companies are prioritizing strategic collaborations for the development of non-opioid-based analgesics and an integrated approach towards pain management, prevention of diversion of prescription opioid medications, and the signs of potential abuse or addiction associated with opioid medications.
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According to WHO, worldwide, about 0.5 million deaths are attributable to drug use. More than 70% of these deaths are related to opioids, with more than 30% of those deaths caused by overdose. This is a key challenge to the market.
Pfizer is developing non-opioid drugs in partnership with Eli Lilly, and in 2017 Pfizer announced its plans to donate 1 million doses of Naloxone hydrochloride injections to direct relief over four years (up to 250,000 doses per year). This initiative helped to promote the use of non-opioid analgesics for pain management.
Key Takeaways from Market Study
- By drug class opioids are expected to hold 49.3% market value share by the end of 2031, primarily because of their efficacy in intense pain relief.
- Based on indication, surgical pain is leading with over 45.9% market share in 2020, owing to rising number of surgical procedures conducted globally.
- Based on route of administration, oral route holds a dominant share of 37.9% in the global analgesics market.
- Hospital pharmacies dominated analgesics market with a share of 32.8% in 2020.
- By region, Europe is slated to be the second-largest leading market with a value share of 25.0% by the end of the forecast period.
Competitive Landscape
Acquisitions, mergers, expansion strategies, and product launches are often adopted by manufacturers to gain competitive edge. Some of them are focusing on the development of novel formulations of non-opioid drugs. Besides this, expansion in high potential market will remain key strategy among market players to strengthen their footprint.
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