New York, March 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Analgesics Global Market Report 2022" - https://www.reportlinker.com/p06245016/?utm_source=GNW
The global analgesics market is expected to grow from $104.72 billion in 2021 to $110.08 billion in 2022 at a compound annual growth rate (CAGR) of 5.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $127.15 billion in 2026 at a CAGR of 3.7%.
The analgesics market consists of sales of analgesic drugs and related services. Analgesics also known as pain killers are used to treat mild or severe pain, including musculoskeletal pain, surgical, trauma pain, cancer pain or other type of pains. Examples of analgesics includes codeine, hydrocodone, oxycodone and methadone
The different types of analgesics are non-opioids and opioids.Non-opioid analgesics are pain relievers available over-the-counter (OTC) and by prescription.
They are rapidly being promoted as a desirable, safe, and productive first-line therapeutic alternative to opioid drugs in a range of clinical settings for mild to severe acute and chronic pain.The different types of drugs include prescription analgesics, OTC analgesics and involves various routes of administration such as oral, intravenous, rectal, transdermal, topical.
It is used in internal analgesics, external analgesics and distributed through various channels such as hospital pharmacies, retail pharmacies, drug stores.
North America is the largest region in the analgesics market in 2021.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Significant rise in prevalence of chronic diseases is driving the analgesics Market.Analgesic drugs, also known as painkillers, are used to treat and reduce chronic or severe pain in the body resulting from various medical conditions.
According U.S. Centers for Disease Control and Prevention National Center for Health Statistics briefing published in 2019, around 20% of the USA population suffer from chronic pain in the USA. Also, there has been an increase in prevalence of diseases like cancer which increases the number of people suffering from chronic pain.
The growth of analgesics market is restricted by the increasing use of biologics for the treatment of inflammatory and neuropathic pain.Biologics are drugs produced from living organisms and include a number of components derived from human, animals or microorganisms.
These drugs may contain protein, modified human hormones, or cells that produce substances that suppress or activate parts of the immune system.Biologics can provide greater efficacy compared to analgesics, which provide effective pain relief to only 50% of the patients, and is thus widely used nowadays.
Rising demand for biologics can adversely impact the growth of the Analgesics market. For instance, Pfizer and Lilly were granted approval by the FDA for developing Tanezumab, a biologics medicine.
Companies in the analgesics market are increasingly focusing on acquisition as a strategy for growth.Leading analgesic drug manufacturers are acquiring smaller companies to gain competitive advantage and strengthen their market position.
These acquisitions are helping companies to expand geographically and gain specialized expertise in research and development of new products.For instance, Analgesic Solutions, LLC was acquired by WCG in the 2019.
WCG intends to make use of superior R&D capability of Analgesic Solutions, LLC to grow and position itself as a market leader in the Analgesic Market.
The US Food and Drug Administration (FDA) and the UK’s Medicines and Healthcare products Regulatory Agency are some of the regulatory bodies that regulate the Analgesic Market.For instance, FDA has provided guidelines on manufacturing process of analgesics, and safety measures regarding use of both opioid and non- opioid analgesics.
FDA also regulates and monitors misuse and abuse of opioid analgesics.Opioid analgesics are prohibited to be sold without proper medical prescription.
Similarly, the Medicines and Healthcare products Regulatory Agency in the UK safeguards the public interest through effective regulation of analgesics drugs.
In April 2019, WCG, a US-based pharmaceuticals company acquired Analgesic Solutions, LLC for an undisclosed amount.WCG’s newest acquisition aims to improve test sensitivity in clinical trials, through advising, novel tools, data science, technology, and specialised training.
Analgesic Solutions, LLC is a US based pharmaceutical company that specializes in the development of new pain medications.
The countries covered in the analgesics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06245016/?utm_source=GNW
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