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Global Analgesics Market to Reach USD 59.5 Billion by 2026, Aided by the Rising Geriatric Population

According to a new report by EMR titled, 'Global Analgesics Market Report and Forecast 2021-2026', the global market for analgesics reached a value of USD 47 billion in 2020. The market is further expected to grow at a CAGR of 4% in the forecast period of 2021-2026 to reach a value of USD 59.5 billion by 2026.

The global analgesics industry is strengthened by the rising geriatric population worldwide. By 2050, the population of people over 60 years of age is expected to expand to make a generous total of 2100 million, accounting for about 21% of the total global population. Older people are most susceptible to suffer from chronic and lifestyle diseases, further aiding the sales of analgesics in the coming years.

GlaxoSmithKline PLC (NYSE: GSK) is a British pharmaceutical MNC headquartered in Brentford, London. In March 2020, the company got approval from FDA for over-the-counter use of Advil Dual Action with Acetaminophen in the United States. Advil Dual Action provides relief for several symptoms and is the first formulation that combines two powerful ingredients, i.e., ibuprofen and acetaminophen, for OTC pain relief that works in many ways. The introduction of this product is expected to aid the market growth in the forecast period.

Market Analysis by Type, Drug Class, ROA, Pain Type, Application, and Region:

  • The analgesics industry, on the basis of type, is bifurcated into prescription analgesics and OTC analgesics.
  • Based on drug class, the industry is divided into opioids, NSAID, and others.
  • On the basis of ROA, the market is segmented into oral, parenteral, topical, transdermal, and rectal.
  • By pain type, the market is segregated into musculoskeletal pain, surgical and trauma pain, cancer pain, neuropathic pain, migraine, obstetrical pain, fibromyalgia, pain due to burns, dental/facial pain, paediatric pain, and others.
  • On the basis of application, the market is bifurcated into internal analgesics and external analgesics.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The global market for analgesics is being driven by the increase in the emerging cases of chronic pain in the older population of ages over 60 years.
  • The market is further accelerated by the rise in the investments made in research and development activities to further develop existing compounds into novel analgesics, having improved efficiency and lower side effects.
  • The industry for analgesics is further aided by the initiatives of several governments to offer guidance and promote awareness regarding the safe use of OTC analgesics among the patients.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for analgesics for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) market for the types, drug classes, ROA, pain types, applications, and regional markets of analgesics.
  • It gives an in-depth look at the price trends in the global market for analgesics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Bayer AG, GlaxoSmithKline PLC, Pfizer Inc., Sanofi, and others are the key players in the global analgesics market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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