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

Global Analgesics Market Size and Trends

Global analgesics market is estimated to be valued at USD 51.10 Bn in 2024 and is expected to reach USD 79.51 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

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Growing preference for minimally invasive pain management techniques is can drive the analgesics market growth. Younger demographics and an increasing aging population susceptible to chronic pain disorders are attributing to this preference for pain therapies that rely more on medications than surgical interventions. The launch of innovative drug delivery systems for analgesics along with advancement in formulation technologies aiding higher bioavailability is supported by increasing R&D spending of leading pharmaceutical players. Due to growing global awareness and focus on pain management, the analgesics market can witness growth in the near future.

Rising Burden of Chronic Pain

 Rising prevalence of chronic pain significantly impact people’s quality of life and national healthcare budgets. Chronic pain is a debilitating condition associated with a variety of diseases and medical ailments such as arthritis, back pain, surgery recovery, diabetes, cancer, and others. As life expectancy increases worldwide and non-communicable diseases become more common, more people are suffering from chronic pain which persists for weeks or months. According to the latest estimates, nearly 20% of the global population suffers from chronic pain on a regular basis. Rising aging population in several developed nations can lead to increase in chronic pain cases, thus, putting immense strain on individuals as well as healthcare systems. This growing burden of chronic pain boosts demand for effective pain management medications like opioids, NSAIDs, and other analgesic drugs to relieve pain and improve functionality. Pharmaceutical companies are ramping up research and development of novel formulations and drug delivery systems to address this long-term pain cases more effectively.

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Rising Healthcare Expenditure on Pain Management

Persistent pain takes a huge economic toll globally in terms of lost work productivity and increased healthcare spending on medications, treatments, and physician visits. Providing effective pain relief is important from a humanitarian perspective to enhance patients' quality of life. It also makes economic sense for nations aiming to optimize healthcare resources and productivity levels within the population. Majority of chronic pain sufferers regularly visit multiple physicians and undergo multiple types of treatments from lifestyle therapies to invasive procedures. However, medication continues to be the mainstay of chronic pain management for most patients worldwide. Growing healthcare expenditure on pain management reflects this increasing dependence on analgesic drugs. Rising incomes have raised affordability and willingness to pay for therapeutic options to treat and manage pain conditions. With mounting economic burden of unresolved chronic pain, governments and private insurers are allocating bigger budgets towards pain relief programs and analgesic prescriptions. This boosts demand for pain-related drugs including both generic and patented brands.