Analgesics Market - Forecast(2019 - 2024)

Analgesics Market Overview:

As documented by the National Institute of Health in 2016, 20% of adults in the U.S. suffer from chronic pain and eight percent had high-impact chronic pain.^[1] A report covering proceedings of the last decade from National Center for Health Statistics states that one in every four Americans has suffered from pain that lasts longer than a day.^[2] With increasing instances of arthritis and acute chronic diseases, pain management has become a major area of concern with healthcare professionals across the globe. Owing to these developments, demand for analgesics and painkillers (a drug used to achieve analgesia, or relief from pain) is gaining momentum. The global analgesic market size is estimated to be $26.462.5 billion as of 2018. With catapulting incidences of inflammation, physiological injury, cancer treatments, neuropathic conditions, surgeries, wounds, and phantom aches amalgamated with escalating geriatric population, global market demand for analgesics is estimated to progress at a CAGR of 2.34% during the forecast period 2019-2025.

Analgesics Market Outlook:

By type, the analgesic therapeutics market is broadly segmented into opioids (those containing opium) and non-opioids (those without opium).In terms of how the treatment is injected, the market is classified into oral injection, intravenous injection, rectal injection, transdermal injection, and topical injection. Further inspection of revenue generated from the different segments indicates oral injection to be the fastest growing segment progressing at a CAGR of 2.41% going through 2025. The oral type is gaining commercial momentum with higher sales owing to approval of countless over-the-counter (OTC) analgesics drugs which do not require any prescriptions. Oral analgesics are easily accessible at pharmaceuticals, in various form such as capsules and tablets, across the globe.

APAC, with 38.8% share of the global analgesics market demand in 2018, is slated to become the most lucrative zone for the analgesics medication industry. The sheer affluence of this region can be attributable to various factors such as –

·         Crocin, manufactured by GlaxoSmithKline Asia Private Limited (GSKAP), is the leading analgesics brand in India with the product available in liquid as well as solid form. It falls under the non-prescription (OTC) category with more than two million tablets sold each day in India, and with about 20 tablets per second. This alone is a mega influencer in the APAC’s analgesics market, aided considerably by prevalence of a self-medication trend among individuals.

·         Taking note of the densely populated economy of China, ChinaPower states that the Chinese population is growing older at a faster rate as compared to other parts of the world.^[3]  China’s one-child policy, coupled with rapid developments in health care, has led to an increase in life expectancy and a decrease in the birth rate, consequently increasing the old age population that is dependent on the analgesic drug market.

Analgesics Market Trends and Growth Drivers:

1.    ·         Epidemic growth in incidences of acute chronic ailments such as heart disease, cancer, diabetes, stroke, and arthritis is a major factor  behind increasing demand for the analgesics drugs market. According to its Department of Health, about 40% of adults in New York State suffer from a chronic disease and 23% of the state’s hospitalization is due to chronic diseases.^[4] Chronic disease markets such as these are steadily fuelling growth of the analgesics market.

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3.    ·         Development of pain management guidelines with suggestions to employ opioids in the form of drugs, by elite organizations, is propelling the analgesics market through clinical acceptance. For instance, the World Health Organization (WHO) recommends a three-level ladder approach to pain management, which includes the use of drugs with opioid contents.^[5]

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5.    ·         Favorable compensation situation in North America and Western Europe for pain management, for patients with cancer pain, is estimated to determine positive growth for the analgesics market. For example, the Pain Management Best Practices Inter-Agency Task Force was set up by the U.S. Department of Health & Human Services (HHS) in August 2017 to detect breaches or irregularities in best practices for pain management, recommend updates and recommendations to address identified gaps or inconsistencies and, as appropriate, submit updates to concerned federal agencies and the public. With federal bodies taking charge of pain management, influx of investment is expected into the analgesic market.

7.    ·         Every day, an estimated 90 Americans die of an opioid overdose from prescription opioids, which is a major factor upsetting the market.^[6] In September 2016, Endo Pharmaceuticals voluntarily ceased endorsing opioid products to healthcare professionals and eradicated its entire line of pain products. Endo also voluntarily withdrew one of their drugs from the U.S. market, in compliance with FDA regulations moderating the risks of opioid abuse. Several manufacturers are now directing production towards commercializing opioids with abuse deterrence properties, to reduce the abusive consumption of opioids for non-medical purposes, which is a disruptive trend projected towards recovering the losses sustained by the analgesics market due to abuse of opioids.

Analgesics Market Players Perspective:

Some key players operating in the analgesics market are Bayer AG, Novartis AG, GlaxoSmithKline PLC, Pfizer Inc., Johnson & Johnson, Reckitt Benckiser (RB), Endo Pharmaceuticals, Bristol-Myers Squibb, Eli Lilly and Company, and Sanofi.

Analgesics Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the analgesics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in analgesics market, and their specific advantages to the market.

The Analgesics Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

•           North America: The U.S., Canada, Mexico

•           South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

•           Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark

•           APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

•           Middle East and Africa: Israel, South Africa, Saudi Arabia

Key Questions Addressed in the Analgesics Market Report

1.         Is the market for analgesics market growing? How long will it continue to grow and at what rate?

2.         Which type of segment presents the major growth opportunities?

3.         Is there a possibility for change in the market structure over time? 

4.         Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?

5.         Do the key vendors look for partnerships to expand their businesses with respect to geography or product?

6.         What are the short-term, long-term, and medium-term growth drivers for the market?

7.         What are the short-term, medium-term, and long-term challenges for the market?

8.         What are the short-term, medium-term, and long-term opportunities for the market

9.         Who are the top players/companies of the market?

10.       What are the recent innovations in the market?

11.       How many patents have been filed by the leading players?

12.       What are the types of patents filed by the leading players?

13.       What is our Vision 2030 analgesics market?

A few focus points of this Research are given below:

•           Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies

•           Provide an overview of the product portfolio, including product planning, development, and positioning

•           Discuss the role of technology companies in partnerships

•           Explore the regional sales activities

•           Analyze the market size and giving the forecast for current and future Analgesics Market during the forecast 2019–2025

•           Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures.

[1] https://nccih.nih.gov/research/results/spotlight/Prevalence-of-Chronic-Pain

[2] https://report.nih.gov/nihfactsheets/viewfactsheet.aspx?csid=57

[3] https://chinapower.csis.org/aging-problem/

[4] https://www.health.ny.gov/diseases/chronic/

[5] https://www.who.int/cancer/palliative/painladder/en/

[6] https://www.hhs.gov/blog/2017/11/01/advancing-the-practice-of-pain-management-under-the-hhs-opioid-strategy.html