Research Support Specialist, USA
The global analgesics market size is expected to reach USD 34.05 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 4.3% from 2021 to 2028. The market growth is attributed to the rising demand for gels and ointments from consumers in the U.S. and the U.K. Moreover, the increasing demand for anti-platelet tablets from consumers in Japan is anticipated to boost the market growth over the forecast period.
Product innovations by the Germany-based Bayer AG to procure aspirin tablets at a lower cost are refueling the market growth. Moreover, the growing preference for over-the-counter analgesics across the globe is a prominent trend expected to boost the market growth. However, the time-consuming drug approval process in developing economies is hindering the market growth. The increasing demand to procure cost-effective analgesic tablets is expected to provide growth opportunities for the market.
The pandemic has strongly affected the global economy. The coronavirus pandemic reflected the weakness of the value chain system. The supply chain of the market for analgesics strongly reflected positive growth during the pandemic era. Local drug stores, hospital pharmacies, and retail pharmacies are improving the sales statistics during the pandemic era owing to the rising demand for paracetamol to recover from the fever symptoms after the vaccination activity.
The in the form of pills, capsules, gels, and ointments type segment will register the highest growth rate over the forecast period. This can be credited to the growing demand for pain-relieving ointments, such as T B act and Neosporin, from the consumers in Asia Pacific. Pills and capsules are majorly used to recover from chronic pain. The increasing demand for natural and synthetic agents is expected to fuel the growth during the forecast period. The rising popularity of hemorrhoid cream to soothe the pain, itching, and inflammation across the globe is anticipated to refuel the market growth.
The offline distribution channel segment captured the largest share of more than 70.0% in 2020. This can be attributed to the growing demand for analgesic pills and tablets from emerging countries, such as China and India. The offline segment consists of local drug stores, hospital pharmacies, and retail pharmacies. The ease of hard cash transaction services and trustworthy relationships with domestic consumers are the major factors expected to propel the market growth during the forecast period.
Asia Pacific is projected to register the highest CAGR of 6.0% from 2021 to 2028. This can be attributed to the growing demand for paracetamol from emerging economies, such as China and India. The emerging trend in Japan to adopt the non-prescription pain-reliever cream for muscle strain is propelling the market growth. The growing adoption of premium anti-inflammatory drugs in India to reduce redness and swelling is estimated to fuel the market growth over the forecast period.
The report “Analgesics Market Size, Share & Trends Analysis Report By Type (Over-the-Counter Analgesics, In the Form of Pills, Capsules, Gels and Ointments), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global analgesics market on the basis of type, distribution channel, and region:
Analgesics Type Outlook (Revenue, USD Million, 2017 - 2028)
Analgesics Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Analgesics Regional Outlook (Revenue, USD Million, 2017 - 2028)