Analgesics market projected to reach $75.73 billion by 2032, driven by demand for non-opioid solutions.

From GlobeNewswire: 2024-12-11 08:41:00

The global Analgesics Market was valued at USD 47.32 billion in 2023, projected to reach USD 75.73 billion by 2032 with a 5.39% CAGR. Factors driving growth include rising chronic pain conditions, demand for OTC pain relief, and self-medication trends, especially in developed economies. Non-opioid analgesics dominate the market due to accessibility and cost efficiency, with NSAIDs and acetaminophen being popular choices for pain relief. The market is witnessing a shift towards non-opioid analgesics, with a focus on safe pain management and the rise of online pharmacies expanding market reach. Combination analgesics and transdermal administration are key trends driving market expansion, leading to investment in novel formulations and delivery methods by pharmaceutical companies and research institutions. Major players in the market include Bayer AG, Pfizer Inc., and Novartis AG. North America holds the largest market share, while Europe shows stable growth driven by the geriatric population and increased healthcare expenditure. The Asia-Pacific region is seeing a shift towards non-opioid pain management solutions due to stricter regulations on opioid use. Countries like China and India are driving growth in analgesics demand, with advancements in healthcare technology and online pharmacies playing a key role in expanding services and accessibility.

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