Global Analgesics Market is expected to grow at a CAGR of 4.40% during the forecast period from 2020-2027
A new research report published by Fior Markets with the title Analgesics Market by Type (Fentanyl, Morphine, Hydomorphone, Remifentanil, Sufentanil), Application (Neurosurgery, Endotracheal Intubation Operation, Outpatient Surgery, Postoperative Analgesia), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global analgesics market is expected to grow from USD 21.23 billion in 2019 to USD 30.45 billion by 2027, at a CAGR of 4.40% during the forecast period from 2020-2027. North America region led the global analgesics market and valued at USD 9.45 billion in 2019. The rising prescription rate of analgesics by physicians to treat the pains of chronic diseases such as cardiovascular diseases, cancer, and diabetics. In addition to this, rising customer preference for analgesics for faster pain relief, boosting the market growth. On the other hand, the Asia Pacific region is projected to grow at the highest CAGR of 5.6% over the forecast period. Increasing availability of over the counter (OTC) analgesics across the region, is likely to drive the sales of these drugs. India has the highest usage of painkillers. For instance, more than 25 million tablets of Crocin, a GSK’s analgesics drug, are sold each day in India.
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Key players in the global analgesics market are GlaxoSmithKline plc, Macfarlan Smith Ltd., Abbott Laboratories, Mylan N.V., Arevipharma GmbH, and Bayer AG, among others. Key companies are mainly focusing on adopting key strategies such as merger and acquisition, partnerships, and joint ventures to widen the customer base and to increase the product portfolio. For instance, in April 2018, Mylan NV announced the acquisition of development and marketing rights for Meloxicam, a non-narcotic analgesic, or a non-opioid painkiller of Prayog Labs LLC.
The type segment includes fentanyl, morphine, hydomorphone, remifentanil, sufentanil, and others. Fentanyl is projected to grow at the highest CAGR of 5.60% over the forecast period. Increasing usage of fentanyl in the anesthesia, in combination with the other drugs, is likely to drive the growth for this segment. Application segment classified into neurosurgery, endotracheal intubation operation, outpatient surgery, postoperative analgesia, and others. Neurosurgery accounted for the major market share of 42.23% in the year 2019. The rise in the usage of analgesics to reduce the pain after the neurosurgery is boosting the growth of this segment. Also, high usage of these drugs during the anesthesia, fueling the growth analgesics for the neurosurgery application.
The increasing aging population in the world, which led to rising chronic diseases, is one of the primary factors propelling the market growth. In addition to this, the rising prescription of analgesics by the physicians for pain relief such as cancer and other types of disease, fueling market growth. Furthermore, the wide availability of over the counter drugs is likely to propel the market growth over the forecast period. However, higher usage of analgesics can lead to adverse effects on the body, which could hinder the market growth in upcoming years.
About the report:
The global Analgesics market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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