A new market study published by Global Industry Analysts Inc., "Analgesics - Global Market Trajectory & Analytics", reports fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.
Pain management continues to be one of the most sought-after treatment options for patients within the healthcare arena that underscores the critical significance of analgesics. Analgesics are drugs meant for pain control primarily. The drugs work on the CNS and peripheral nervous system for reducing or blocking pain sensitivity. There are also analgesics which work by preventing creation of pain mediating chemicals in the body. Widely used for treatment of mild to acute pain attributed to several medical conditions, injuries, surgeries and terminal disorders, analgesics have ruled the pain management domain for the past several decades. These medications have provided medical practitioners with an effective option to alleviate pain and help improve quality of life for patients. One of the important growth factors for the market for analgesics worldwide is the aging population. Significant incidence of severe pain disorders, treatment options that are effective, and favorable regulations are the key driving forces of the market. Further, increasing prevalence of chronic diseases has also fostered the use of pain management therapeutics. Increasing innovation in the area, owing to increased research investment by drug development companies, for advancing combinations of compounds for developing new and more effective analgesics with enhanced efficacy as well as fewer side effects, is another prominent factor contributing towards market growth.
Amid the COVID-19 crisis, the global market for Analgesics estimated at US$48.8B in 2022, is projected to reach a revised size of US$59.2B by 2026, growing at a CAGR of 4.7% over the analysis period. Prescription, one of the segments analyzed in the report, is projected to grow at a 4.4% CAGR to reach US$37.7B by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the OTC segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 38.2% share of the global Analgesics market.
The Analgesics market in the U.S. is estimated at US$15.9B in 2022. The country currently accounts for a 32.76% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$8.2B in 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$8.8B by the close of the analysis period.
Growth in these markets are benefiting from increasing incidence of diseases like cancer, arthritis, CVD, and also other acute and chronic diseases which causes severe pain. Cancer pain, neuropathic pain, post-operative pain, and lower back pain represent the important market segments. Increasing incidence of cancer globally is poised to be a key driving force for market growth. Further, increasing prevalence of chronic diseases has also fostered the use of pain management therapeutics. Increasing innovation in the area, owing to increased research investment by drug development companies, for advancing combination of compounds for developing new and more effective analgesics with enhanced efficacy as well as fewer side effects, is another prominent factor contributing towards market growth.