analgesics market report

Alarming rise in prevalence of chronic diseases, such as cancer, cardiovascular diseases, and arthritis, advancements in pharmaceutical industry

PORTLAND, OREGON, UNITED STATES, July 27, 2022 /EINPresswire.com/ -- Surge in incidences of chronic diseases such as tuberculosis (TB), cancer, cardiovascular diseases, and arthritis drives the growth of the global analgesics market. At the same time, rise in number of clinical studies for evaluating the safety and efficiency of a wide range of therapeutic drugs has supplemented the market growth yet more. However, technological development in the pharmaceutical industry to manufacture advanced analgesic drugs is expected to provide lucrative opportunities in the industry.

According to a new report published by Allied Market Research, titled, “Analgesics Market," The analgesics market size was valued at $26.7 billion in 2020, and is estimated to reach $50.7 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.

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Frequent pain and aches experienced by the ageing population, increasing incidences of cardiovascular disease (CVD), cancer, & arthritis, and rising investments in R&D by the public & private sectors, with key focus on the classes of compounds to formulate new therapeutics, are the major factors boosting the market growth. However, factors such as uncontrolled prescriptions of opioids and drug abuse, leading to approximately 28,000 deaths in the U.S. every year, and insufficient regulatory guidelines, especially against opioid analgesics, are likely to impede the market growth. Furthermore, the increase in popularity of personalized medicine is expected to provide numerous growth opportunities for the analgesics market in the near future.

In the current business scenario, there is increase in the incidences of chronic diseases, such as tuberculosis (TB), cancer, cardiovascular diseases, and arthritis, and rise in OTC analgesics market growth. In addition, there is a substantial rise in the number of patients due to infectious diseases, such as gastrointestinal, respiratory, and neurology. Increase in these diseases increases the demand for painkillers, which is expected to further drive the growth of the analgesics market. Moreeover, the increase in demand for over the counter (OTC) drug, is one of the factor responsible for the growth of OTC analgesics market

Covid-19 scenario-

The outbreak of the pandemic gave way to increasing demand for analgesic drugs such as paracetamol, thereby impacting the global analgesics market positively.

This trend is pretty likely to continue till the pandemic is completely over.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global analgesics market share. The COVID-19 pandemic has stressed healthcare systems in the world and increased the need for advanced hospitals. Implementation of the spread of COVID-19 infection increased the demand for analgesic drug such as paracetamol, and drive the growth of the market.

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North America garnered the major share in 2020-

By region, the market across North America had the lion's share in 2020, generating nearly one-third of the global analgesics market, owing to increase in demand for non-opioids drugs, presence of key players, and development in R&D activities in the healthcare sector in the province. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 7.3% by 2030. This is due to rise in awareness about the use of analgesic drugs, growth in healthcare expenditures, and surge in adoption of analgesic products.

Key players in the industry-

Novartis AG
Eli Lily and Company
Glaxosmithkline PLC
Pfizer Inc.
Sanofi
Bayer AG
Johnson & Johnson
Bristol Myer's Squibb
Reckitt Benckiser
Endo Pharmaceuticals

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We also Offers Regional and Country Reports-

Japan Analgesics Market
South Korea Analgesics Market
Singapore Analgesics Market
China Analgesics Market
Indonesia Analgesics Market
Australia Analgesics Market
Taiwan Analgesics Market

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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

David Correa
Allied Analytics LLP
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