Global Analgesics Market to Reach $59.2 Billion by 2026

Pain management continues to be one of the most sought-after treatment options for patients within the healthcare arena that underscores the critical significance of analgesics. Analgesics are drugs meant for pain control primarily. The drugs work on the CNS and peripheral nervous system for reducing or blocking pain sensitivity. There are also analgesics which work by preventing creation of pain mediating chemicals in the body. Widely used for treatment of mild to acute pain attributed to several medical conditions, injuries, surgeries and terminal disorders, analgesics have ruled the pain management domain for the past several decades. These medications have provided medical practitioners with an effective option to alleviate pain and help improve quality of life for patients. Amid the COVID-19 crisis, the global market for Analgesics estimated at US$45.1 Billion in the year 2020, is projected to reach a revised size of US$59.2 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. Prescription, one of the segments analyzed in the report, is projected to grow at a 4.4% CAGR to reach US$37.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the OTC segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 38.2% share of the global Analgesics market.

The U.S. Market is Estimated at $15.2 Billion in 2021, While China is Forecast to Reach $8.2 Billion by 2026

The Analgesics market in the U.S. is estimated at US$15.2 Billion in the year 2021. The country currently accounts for a 32.76% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$8.2 Billion in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$8.8 Billion by the close of the analysis period.

Growth in these markets are benefiting from increasing incidence of diseases like cancer, arthritis, CVD, and also other acute and chronic diseases which causes severe pain. Cancer pain, neuropathic pain, post-operative pain, and lower back pain represent the important market segments. Increasing incidence of cancer globally is poised to be a key driving force for market growth. Further, increasing prevalence of chronic diseases has also fostered the use of pain management therapeutics. Increasing innovation in the area, owing to increased research investment by drug development companies, for advancing combination of compounds for developing new and more effective analgesics with enhanced efficacy as well as fewer side effects, is another prominent factor contributing towards market growth.

Opioids Segment to Reach $18.4 Billion by 2026

Opioid analgesic drugs represent the gold standard in pain relieving treatment of critically ill patients across disease segments, including COVID-19. Fentanyl, morphine, and hydromorphone are among the most commonly used IV opioid analgesic drugs in the ICU settings for COVID as well as non-COVID patients. Global Opioids segment is estimated at US$14.9 Billion in 2020, and is projected to reach US$18.4 Billion by 2026 reflecting a compounded annual growth rate of 3.7% over the analysis period. United States constitutes the largest regional market for Opioids segment, accounting for 29.9% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 5.2% over the analysis period, to reach US$2.6 Billion by 2026.