2025-2034 Growth Prospects of the Analgesics Market: Key Trends and Opportunities Analyzed
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How Significant is the Anticipated Growth Rate of the Analgesics Market from 2025 to 2034?
The size of the analgesics market has experienced consistent growth in recent years. The market is expected to expand from its $109.97 billion valuation in 2024 to reach $113.96 billion in 2025, displaying a compound annual growth rate (CAGR) of 3.6%. Factors contributing to its growth during the historic period include the influence of alternative therapies, safety and efficacy studies, pain prevalence, marketing and promotional activities, and economic factors.
In the coming years, the market size of analgesics is anticipated to experience consistent expansion. The forecast predicts growth to a market value of $129.46 billion by 2029, following a compound annual growth rate (CAGR) of 3.2%. This expected upward trajectory is largely due to factors such as alternatives for pain management, competitive market conditions, increased consumer awareness of health, demographic changes, and a rise in chronic illnesses. The forecast period will also see key trends like the incorporation of personalized medicine, the use of non-opioid options, CBD and cannabinoids, targeted pain management strategies, as well as improved accessibility and affordability.
What External and Internal Drivers Are Contributing to the Growth of the analgesics Market’s Growth?
The increase in occurrence of chronic diseases is contributing to the growth of the analgesics Market. Analgesic medicines, also referred to as painkillers, are utilized for treating and decreasing long-term or intense pain in the body due to numerous health conditions. For example, a report by WHO, a Switzerland-health organization, in September 2022 stated that chronic diseases or Noncommunicable diseases (NCDs) develop over a long period due to a mix of genetic, physical, environmental, and behavioral factors. These NCDs cause 41 million deaths each year, constituting 74% of global fatalities. 17 million people die annually from an NCD before reaching 70 years, with these premature deaths making up 86% of deaths in low-and middle-income countries. 77% of NCD-related deaths take place in low- and middle-income countries. Hence, the sharp increase in the prevalence of chronic diseases is propelling the expansion of the analgesics market.
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Who Are the Dominant Players Pushing the Boundaries of the Analgesics Market?
Major companies operating in the analgesics market include:
• Pfizer Inc._x000D_
• Johnson & Johnson Services Inc._x000D_
• Medley Pharmaceuticals Limited_x000D_
• AbbVie Inc._x000D_
• Bayer HealthCare Pharmaceuticals LLC_x000D_
How Are Market Trends Revolutionizing the Analgesics Industry in Recent Times?
The trend of investing in growth strategies is increasingly prevalent among companies in the analgesics market. Top manufacturers of analgesic drugs are pouring money into firms in the clinical stage to obtain an edge over their competitors and solidify their stance in the market. Such investments are enabling these companies to broaden their geographical reach and increase their specialized knowledge in product research and development. For instance, in January 2022, Concentric Analgesics, Inc., an American clinical-stage biopharmaceutical firm, unveiled that it successfully raised $20 million through convertible note financing from a mix of both new and existing investors. This funding will be utilised to kickstart Phase 3 studies for Vocacapsaicin, the company’s leading product candidate that’s ready for Phase 3. This capital will further support the Phase 3 development activities for Vocacapsaicin, Concentric Analgesics’ primary treatment candidate for post-operative pain. The successful completion of this funding marks a significant milestone for Concentric Analgesics, as it allows for the continuous progression of Vocacapsaicin into Phase 3 development and marks a crucial initial step toward completely financing the program through the NDA submission stage.
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Which Industry Segments Are Leading the Development and Expansion of the Analgesics Market?
The analgesics market covered in this report is segmented –
1) By Type: Non-opioids, Opioids
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Drug Stores
3) By Application: Internal Analgesics, External Analgesics
Subsegments:
1) By Non-Opioids: Nonsteroidal Anti-Inflammatory Drugs (NSAIDs), Acetaminophen (Paracetamol), Salicylates
2) By Opioids: Natural Opioids, Semi-Synthetic Opioids, Synthetic Opioids
Which Geographic Areas Are Influencing the Growth of the Analgesics Market?
North America was the largest region in the analgesics market in 2024. Middle East is expected to be the fastest-growing region in the global analgesics market during the forecast period. The regions covered in the analgesics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Can We Define the Analgesics Market and Its Key Components?
Analgesics are the pain killers that are used to treat mild or severe pain, including musculoskeletal pain, surgical, trauma pain, cancer pain, or another type of pain. Examples of analgesics include codeine, hydrocodone, oxycodone, and methadone.
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