The global painkiller market is set to achieve a significant milestone with an expected valuation of USD 70.0 billion by the end of 2023. Looking ahead, the market is anticipated to expand at a compound annual growth rate (CAGR) of 3.7%, reaching an approximate valuation of USD 100.9 billion by 2033. These findings are based on a recent study conducted by Future Market Insights, highlighting the dynamic growth trajectory of the painkillers market.
Key insights from the study reveal that opioids are the dominant segment within the global painkillers market, commanding a substantial share of approximately 53.4% in 2022. This underscores the significant reliance on opioid-based pain management solutions in addressing chronic and acute pain conditions.
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In the end, developing non-opioid extended-release medications is essential to addressing the opioid issue and providing patients with a safer option. Consequently, this development will drive the painkiller market as a whole throughout the estimated period of 2023 to 2033.
Key Takeaways:
- The global painkiller market is estimated at US$70.0 billion in 2023 and is projected to reach US$100.9 billion by 2033, reflecting a steady CAGR of 3.7%.
- Opioids currently dominate the market, holding a share of approximately 53.4% in 2022. However, the market is expected to see a rise in demand for alternative pain management solutions.
Competitive Landscape:
Key market players in the painkillers market launch their products. This promotional strategy is expected to be highly impactful to enter into the market.
A few of the recent instances include
- In March 2023, Perrigo Company plc received final approval for its Abbreviated New Drug Application from the “FDA” for ibuprofen Tablets and acetaminophen, 250 mg/125 mg.
- In January 2023, Procter & Gamble (P&G) India added new Vicks ZzzQuil NATURA to its existing portfolio of Vicks in India.
Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in the Painkillers market, which are available in the full report.
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Key Companies Profiled:
- AbbVie Inc. (Allergan plc)
- Bristol Myers Squibb Co.
- Sanofi S.A.
- Boehringer Ingelheim International GmbH
- Pfizer Inc.
- Zydus Lifesciences Ltd. (Cadila Pharmaceuticals)
- GSK plc.
- Abbott Laboratories, Inc.
- Novartis AG
- Johnson & Johnson (Janssen Pharmaceuticals, Inc.)
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceuticals Ltd.
- Mallinckrodt Pharmaceuticals
- Endo Pharmaceuticals Inc.
- Bayer AG
- F. Hoffmann-La Roche Ltd.
- Procter & Gamble
- AstraZeneca
- Cardinal Health
- Perrigo Company Plc.
- Bausch Health Companies Inc.
- Viatris
- Amneal Pharmaceuticals
- Purdue Pharmaceuticals L.P.
Key Market Segments Covered in Painkillers Industry Research:
By Drug Class:
- Opioids
- Tramadol
- Oxycodone
- Hydrocodone
- Other Opioids
- NSAIDs
- Local Anesthetics
- Acetaminophen
By Product:
- OTC Products
- Prescription Drugs
By Indication:
- Surgical Pain
- Cancer Pain
- Neuropathic Pain
- Musculoskeletal and Joint Pain
- Others
By Route of Administration:
- Injectable
- Oral
- Rectal
- Topical
- Transdermal
- Others
By Distribution Channel:
- Hospital Pharmacies
- Specialty Clinics
- Long Term Care Centers
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltic Countries
- Middle East and Africa
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