GLOBAL ANALGESICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The risk of addiction with opioid analgesics can hamper the global analgesics market growth. Opioid analgesics are highly effective at reducing severe pain but these carry the risk of developing dependence and addiction with long term use. According to the report published by National Institutes of Health in 2022, every day more than 130 people die in the U.S. after overdosing on opioids. The easy availability of cheap synthetic opioids like fentanyl has worsened the crisis. Many people who got introduced to opioids through prescription drugs started misusing them for their euphoric effects which led to a crisis in terms of overdose deaths and addiction issues across countries. This opioid crisis has damaged public perceptions about the safety of prescription painkillers. Now doctors are more cautious in prescribing opioid analgesics even for short term severe pain management out of fear of addiction risk. These increasingly favor non-opioid options like NSAIDs or other adjunct medications. As per the World Drug Report 2021 published by United Nations Office on Drugs and Crime, following years of rises, the quantities of opiates seized globally seem to have stabilized or declined in recent years. International cooperation helped restrict diversion of pharmaceutical opioids from legal to illegal markets but uncertainties still persist.

Market Opportunities: Development of Long-acting Analgesics

The development of long-acting analgesics has the potential to drive the global analgesics market growth. Currently, many available pain relief medications only provide temporary relief and need to be taken multiple times per day. This can put a burden on patients who struggle with around-the-clock pain management. Long-acting analgesics that only require dosing a few times per week or even once per month would provide a more convenient option for these patients. It could improve compliance to treatment regimens and quality of life by reducing medication intake frequency. Pharmaceutical corporations stand to gain from these longer-lasting medications by having to provide doses less frequently. As the world's population ages, there is an increasing need for more environmentally friendly solutions.  As per the Department of Economic and Social Affairs of the United Nations, the number of people aged 65 years or over is projected to double to more than 1.5 billion in 2050. Older individuals are more prone to chronic pain conditions that require long-term management. As per WHO, 19% of global population suffers from chronic pain. Long-acting analgesics could help address this growing need for reliable pain relief over extended periods. Their convenience might also help reduce burden on healthcare systems through fewer required doctor visits or hospitalizations related to inadequate pain control. The development of long-acting analgesics has the potential to transform the analgesics market. This presents a significant opportunity for drug developers to develop novel solutions aimed at extending duration of pain relief.