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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Analgesics Market Size
The global analgesics market attained a value of USD 71.90 billion in 2023 driven by increasing cases of chronic pain due to the rising old age population past 60 years of age. The market is anticipated to grow at a CAGR of 4.5% during the forecast period of 2024-2032 to attain a value of USD 106.84 billion by 2032.
The global analgesics market is driven by the increasing geriatric population globally. In 2017, the people over the age of 60, were recorded to be 950-1000 million. By the year 2050, these numbers are expected to grow rapidly to reach 2100 million, accounting for about 21% of the overall global population. Due to their susceptibility to chronic and lifestyle diseases, the rising population of older people will substantially contribute to the sales of analgesics. Further, permission by the United States Food and Drug Administration (USFDA) for the utilisation of a strong drug pipeline with efficacious drugs is expected to aid the analgesics market growth in the forecast period.
Analgesics Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
Globally, analgesics market reached a value of USD 71.90 billion in 2023.
The market is projected to expand at a CAGR of 4.5% from 2024 to 2032, growing to USD 106.84 billion by 2032.
The major drivers of the industry such as rising disposable incomes, increasing population, increasing health consciousness, and increasing geriatric population are expected to aid the industry growth.
The rising R&D activities aimed at producing more effective analgesics with lesser side effects is a major trend guiding the growth of the market.
The major regional markets for the product are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The leading types of the product in the industry are prescription and OTC analgesics.
Opioids and NSAID, among others, are the leading drug classes available in the market.
The leading ROA types in the industry are into oral, parenteral, topical, transdermal, and rectal.
The major pain types covered in the report are 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.
The leading applications of the product are internal and external analgesics.
The major players in the industry are Bayer AG, GlaxoSmithKline PLC, Pfizer Inc., Sanofi, and others.
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