(MENAFN- EIN Presswire) analgesics market Allied
PORTLAND, OREGON, UNITED STATES, April 24, 2023 /einpresswire.com / -- Analgesics are a type of medication that is used to relieve pain. They work by blocking the transmission of pain signals to the brain or by reducing inflammation that is causing the pain. Analgesics can be either prescription or over-the-counter drugs and are available in various forms such as tablets, capsules, creams, and patches. Some common types of analgesics include acetaminophen, nonsteroidal anti-inflammatory drugs (NSAIDs), and opioids. It is important to use analgesics only as directed and to talk to a healthcare provider if pain persists or worsens.
According to the report, the global analgesics industry was estimated at $26.7 billion in 2020, and is anticipated to hit $50.7 billion by 2030, registering a CAGR of 6.6% from 2021 to 2030.
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The analgesics market can be segmented based on several factors, including:
Product Type: Analgesics can be segmented based on the type of medication, such as acetaminophen, NSAIDs, opioids, and others.
Mode of Administration: Analgesics can also be segmented based on how they are administered, such as oral, topical, intravenous, or transdermal.
Application: Analgesics can be segmented based on their intended use, such as for pain relief in arthritis, migraine headaches, menstrual cramps, postoperative pain, and others.
Distribution Channel: Analgesics can be segmented based on the channel through which they are sold, such as hospitals, retail pharmacies, online pharmacies, and others.
Geography: The analgesics market can be segmented based on geographic regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Covid-19 scenario-
The outbreak of the pandemic gave way to increasing demand for analgesic drugs such as paracetamol, thereby impacting the global analgesics market positively.
This trend is pretty likely to continue till the pandemic is completely over.
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There are several factors that impact the analgesics market, including:
Increase in Chronic Pain: The rise in the incidence of chronic pain conditions, such as arthritis, cancer, and neuropathic pain, has led to an increase in demand for analgesics.
Aging Population: The aging population is more likely to suffer from chronic pain, leading to a higher demand for analgesics.
Technological Advancements: Advances in drug delivery technologies and pain management therapies have led to the development of more effective analgesics.
Regulatory Environment: Stringent regulations surrounding the approval and sale of analgesics have a significant impact on the market.
Opioid Crisis: The opioid epidemic has led to increased scrutiny of opioid medications, leading to changes in prescribing practices and a shift towards non-opioid analgesics.
Healthcare Infrastructure: The availability of healthcare infrastructure, including hospitals, clinics, and pharmacies, can affect the demand and distribution of analgesics.
Economic Factors: Economic factors such as GDP, healthcare spending, and insurance coverage can also impact the demand for and access to analgesics.
North America garnered the major share in 2020-
By region, the market across North America had the lion's share in 2020, generating nearly one-third of the global analgesics market, owing to increase in demand for non-opioids drugs, presence of key players, and development in R&D activities in the healthcare sector in the province. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 7.3% by 2030. This is due to rise in awareness about the use of analgesic drugs, growth in healthcare expenditures, and surge in adoption of analgesic products.
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The top 10 companies in the global analgesics market are:
Johnson & Johnson
Pfizer Inc.
Novartis International AG
GlaxoSmithKline plc
Sanofi S.A.
Merck & Co., Inc.
AbbVie Inc.
Eli Lilly and Company
Teva Pharmaceutical Industries Ltd.
Endo International plc
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