Global Analgesics Market: Overview
Analgesics, or painkillers, are used to reduce and treat aches and pains. Internal and external analgesics are used to combat pain resulting from inflammation, cancer treatments, physiological injury, neuropathic conditions, surgeries, wounds, and phantom aches. The most prominent therapeutic classes of analgesics are local anesthesia, nonsteroidal anti-inflammatory drugs (NSAIDs), and opioids. The growing incidence of cancer worldwide and the rise in chronic diseases are mainly responsible for the consistent growth of the global analgesics market.
The research publication offers clients a comprehensive summary of the global analgesics market and elucidates the various factors driving and hampering its growth during the forecast period. The report also evaluates the chief players competing in the global market for analgesics and profiles them on the basis of a number of key attributes, such as company and business overview, recent developments, product portfolio, business strategies, and financial strength.
Global Analgesics Market: Key Trends and Competitive Landscape
The increasing therapeutic benefits offered by analgesics, in addition to effective and fast relief from pain, have significantly driven the demand for analgesics over the years. The development of innovative drugs and rising awareness about these treatment options have also supported the analgesics market. Moreover, the rise in recurring aches and pains owing to an increase in the prevalence of cancer, cardiovascular disease, arthritis, and other chronic and acute diseases has propelled the demand for analgesics. Other key factors positively impacting the global analgesics market include the growing prevalence of pain worldwide, the rise in effective treatment options, a surge in the aging population, and the growing acceptance of analgesics by a wider target audience.
Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Bayer AG, F. Hoffmann-La Roche Ltd., Pfizer Inc., Endo Pharmaceuticals, Reckitt Benckiser plc, Bristol-Myers Squibb, Sanofi, Johnson & Johnson, Novartis AG, and GlaxoSmithKline PLC are some of the major companies actively participating in the global analgesics market. In the quest of increasing their share in the analgesics market, an increasing number of firms have been adopting acquisitions as their main development strategy.
Global Analgesics Market: Region-wise Outlook
The global analgesics market has been categorized into Europe, North America, Asia Pacific, and Rest of the World based on geography. North America is presently the leading market for analgesics and is projected to retain its dominant position through 2024. Recent regulatory changes in the U.S., accompanied by new marketing strategies by analgesics companies, have greatly benefited this regional market. After declining sales owing to frequent recalls, the analgesics market in the U.S., in particular, has been stabilizing on account of the return of prominent brands, the rising occurrence of aches and pains, the rise in the average age of the population, and an alarming rate of obesity. These demographic and lifestyle developments have significantly propelled the North America analgesics market.
The Europe analgesics market is also anticipated to expand in the coming years owing to the rapid commercialization of new drugs and an increasing geriatric population. Although analgesics form one of the largest product areas in over-the-counter drugs, this segment has been negatively affected by the growing trend of improving health instead of merely treating symptoms. An increasing number of consumers in the U.K., for instance, have restricted their consumption of analgesics with this trend in mind, thereby negatively impacting the sales of analgesics.
In contrast, consumers in several Asia Pacific countries seem relatively less concerned over the possible side-effects of analgesics. A higher willingness to self-medicate instead of visiting a trained physician for mild pain and fever is a trend that is common in a number of countries, more prominently in India. Moreover, the immensely stressful lifestyles in most urban parts of the region have resulted in consumers looking for quick and easy solutions to combat pain. This, combined with the surge in purchasing power, has enabled the demand for as well as sales of analgesics to remain steady over the years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.