Revenue in the United States analgesics market is expected to grow to $5.9 billion in 2023, experiencing a CAGR of 2.2 percent during the forecast period, reports data analysis company, Statista.
Pain represents a major global health challenge. More than 30 percent of Americans live with some form of chronic or severe pain, the Centers for Disease Control and Prevention says. Approximately one out of every five adults suffer from pain, and another one in 10 adults is diagnosed with chronic pain, according to worldwide estimates.
The analgesics market is made up of over-the-counter natural and synthetic non-opioid analgesics in the form of pills, capsules, gels and ointments. These drugs, also known as painkillers, act upon the peripheral and central nervous systems and are used to reduce and treat aches and pains resulting from inflammation, cancer treatments, physiological injury, wounds, surgeries and neuropathic conditions.
In the United States, this market does not include prescription medicines, anesthetics and homeopathic remedies, although some European countries sometimes consider opioid analgesics as a part of this segment. For example, in Germany, Austria and Switzerland, opioid analgesics are included if they do not require prescription and are not limited by the narcotics law.
The market segment generated $5.2 billion in 2018, accounting for 24 percent of the United States over-the-counter pharmaceuticals revenue that year. Worldwide, the analgesics market is projected to increase by two percent, growing from $26.2 billion in 2018 to 28.9 billion by 2023. The United States is currently the most lucrative analgesics market, followed by China, Canada, Germany and France.
Increases in cardiovascular disease, cancer and arthritis, as well as the recurring aches and pain experienced by a growing geriatric population are some of the major factors controlling the moderate growth seen in the analgesics segment, according to market research and advisory company, Allied Market Research.
Key players in this segment include Bayer AG, Novartis AG, GlaxoSmithKline PLC, Pfizer Inc., Johnson & Johnson, Reckitt Benckiser (RB), Endo Pharmaceuticals, Bristol-Myers Squibb, Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., F. Hoffman-La Roche Ltd., Novartis AG and Sanofi. Top selling analgesics are Voltarern, Aspirin, Thomapyrin, Ibuprofen, Dolormin and Paramecetamol.