An Incisive, In-depth Analysis on the Analgesics Market
This study offers a comprehensive, 360 degree analysis on the Analgesics market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Analgesics market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Market Value and Forecast
The global analgesics market is expected to expand at a CAGR of 5.0% over the forecast period 2018–2028. The global analgesics market is expected to be dominated by North America with 49.0% revenue share in 2018.
Geographically, the global analgesics market is expected to be dominated by North America due to increasing burden of pain management and adoption of premium-priced opioids. The growing number of surgeries and prevalence of cancer coupled with penetration of effective pain management medications are the other factors expected to fuel the growth of the analgesics market in the region.
By country, the U.S. is expected to be the most lucrative analgesics market followed by China. According to the National Institute of Health (NIH) and Centers for Disease Control and Prevention (CDC), more than 30% of Americans are living with some form of chronic or severe pain. The reimbursement scenario for pain management medications in the U.S. is further expected to fuel the growth of the analgesics market. Higher penetration of analgesics drugs for pain management coupled with higher treatment seeking rate is expected to drive the growth of the U.S. analgesics market over the forecast period. China is expected to be second large market for analgesics due to increasing number of surgical procedures as well as prevalence of cancer and neuropathic pain. Usually, non-steroidal anti-inflammatory drugs (NSAIDs) are used in China for pain management, but from the last decade the adoption of opioids for pain management has increased at a significant rate. Besides, extended efforts are been made by various analgesics manufacturers to increase their market footprints by undergoing collaborations, partnerships, mergers and acquisitions with local analgesics drug manufacturers, e.g., Purdue Pharma L.P. and Mundipharma International extended their opioid product portfolio in China in 2014 and 2018, respectively.
In terms of revenue share, Canada, Germany and France stand at the third, fourth and fifth place, respectively, in the analgesics market. By region, Western Europe is expected to be the second large analgesics market due to high penetration of analgesics for pain management. Asia Pacific is expected to witness fastest CAGR of 8.0% (2018-2028) owing to increasing adoption of advanced pain care drugs, government initiatives to spread awareness and various welfare schemes. Less availability and affordability of high efficacy drugs, such as opioid analgesics, is expected to hamper the growth of analgesics market in Asia Pacific. The Middle East and Africa is the least lucrative analgesics market due to low adoption of pain management medications. Latin America is experiencing a steady growth, but is expected to be less lucrative analgesics market due to undertreatment of pain.
Favourable reimbursement scenario in North America and Western Europe for pain management, particularly for patients with cancer pain and inpatient pain, is expected to drive the growth of the analgesics market in the regions over the forecast period.
The North America analgesics market size is expected to represent a high incremental opportunity of US$ 1,476.5 in 2018 over 2017
Various non-opioid analgesics to treat moderate to chronic pain are under the development phase due to increased abusive consumption of opioid drugs for non-medical purpose
Various manufacturers are developing opioids with abuse deterrence properties to reduce the abusive consumption of opioids for non-medical purpose, which is expected to contribute to the growth of the analgesics market.
Asia Pacific is expected to the fast-growing analgesics market due to growing pain treatment seeking rate.
Various analgesics manufacturers are focusing on to expand their market footprints by undergoing collaborations, mergers & acquisitions, partnerships with local analgesics manufacturers, e.g., Grunenthal and Mundipharma have entered into a license and distribution agreement, under which Mundipharma will promote and distribute Grunenthal’s tramal (tramadol) in China from May 1, 2018.
Factors and Trends Impacting the Growth of the Market
The number of cancer cases is increasing and so is the prevalence of cancer pain, which is expected to drive the demand for analgesics over the forecast period.
During 1999–2015, abusive consumption of opioid analgesics for non-medical purpose resulted in more than 183,000 deaths in the U.S.
Various opioid manufacturing companies withdrew their products and stopped the promotion of opioids, e.g. Endo International plc voluntarily stopped promoting opioid products to the U.S. healthcare professionals and eliminated the company’s entire U.S. pain product sales force. Endo also voluntarily withdrew Opana ER from the analgesics market. Purdue Pharma L.P. restructured and significantly reduced their commercial operation, and announced that their sales representatives will no longer promote opioids to prescribers.
Undertreatment of cancer pain is a major challenge in the Asian countries, where the percentage of patients with negative pain management index (PMI), which represents the degree of undertreatment of pain, ranged from 27.0% to 79.0%. Whereas, the U.S. (39.1–3%) and Europe (19.1–26.6%) have lower mean negative PMI.
This Future Market Insights (FMI) report examines the ‘Global Analgesics Market’ for the period 2018–2028. The primary objective of the report is to offer updates and information related to market opportunities in the global analgesics market.
The Analgesics Market is Segmented Based on:
This report covers the global analgesics market performance in terms of revenue contribution from various segments. The global analgesics market report begins with an overview and its definitions. The market viewpoints section underlines macro-economic factors influencing the growth of the global analgesics market along with detailing the opportunity analysis of the market. This is then followed by the key market drivers, restraints and trends.
When considering the analgesics market, it is split by prescription and over-the-counter (OTC) analgesics. Each segment of the global analgesics market is tracked by prescription and OTC revenue generation.
By drug class, the global analgesics market is segmented as opioids, non-steroidal anti-inflammatory drugs (NSAIDs), local anaesthetics and acetaminophen. The drug class segment is analysed by both prescription analgesics and OTC analgesics. Opioids is expected to remain the dominant segment due to their higher efficacy in pain management. The premium price of opioid also helps it to generate more revenue as compared to other types of analgesics. The adoption of opioid analgesics is higher in North America and Western Europe due to reimbursements and easy availability. Whereas, NSAIDs analgesics are highly adopted in Asia-Pacific, Eastern Europe and Latin America.
By pain type, the global analgesics market is segmented as surgical pain, cancer pain, neuropathic pain and other types of pain. The surgical pain is expected to be the dominant segment in the global analgesics market followed by cancer pain and neuropathic pain, respectively. This segment is also split into prescription analgesics and OTC analgesics.
By distribution channel, the global analgesics market is segmented into hospital pharmacies, retail pharmacies, drug stores, clinics and others. This considers revenue generation by prescription analgesics and OTC analgesics separately.
By region, the global analgesics market has been segmented into North America (the U.S. & Canada), Latin America (Brazil, Mexico, and Rest of Latin America), Western Europe (Germany, France, the U.K., Italy, Spain and Rest of Western Europe), Eastern Europe (Russia, Poland and Rest of Eastern Europe), Asia Pacific excluding China and Japan (India, Australia & New Zealand and Rest of Asia Pacific), China, Japan and Middle East and Africa (GCC Countries, South Africa and Rest of MEA). Each country and region in the report provides revenue generation by prescription analgesics and OTC analgesics within the forecast period.
A detailed analysis has been provided for each region in terms of market size, Y-o-Y growth rate, absolute $ opportunity, and market attractive index. The forecast of the analgesics market by country, drug class, pain type and distribution channel is represented in a tabular form for each region. This section will help to understand the present scenario and opportunity of the analgesics market in major countries by each segment.
In the next section of the report, the ‘Competitive Landscape’ is included to provide report audiences with a dashboard view of the key competitor firms in order to access the key differentiators among the competitor firms. This section is primarily designed to provide clients with an objective and detailed comparative assessment of product offerings and strategies of key providers specific to a market segment. The detailed profiles of players operating in the analgesics market are also provided in the report, which highlight company description, product/segment overview, SWOT analysis, financial information, key developments related to the analgesics market and the strategic overview.
The next section of the report highlights the market outlook for 2018–2028 and sets the forecast within the context of the analgesics market by region.
The above sections – by drug class, pain type and distribution channel – evaluate the historic market analysis and growth prospects of the analgesics market for the period 2018–2028. We have considered 2017 as the base year and provided data for the forecast period.
The final section of the report represents the global scenario of the analgesics market along with y-o-y growth and market forecast till 2028. This section also evaluates the global market opportunity over the forecast period as well as the absolute dollar opportunity for each year. This section will help to understand the overall market growth for analgesics and the opportunity analysis for every year over the forecast period.
To arrive at the market size, bottom-up approach is used to validate the total market size obtained for the analgesics market. The forecast presented in the report provides total revenue of the analgesics market over 2018–2028. FMI uses the triangulation methodology, which is primarily based on experimental techniques such as patient-level data to obtain precise market estimations for the analgesics market and insights on specific country/regions. The country-specific data is again analysed to derive data at a regional level and then at a global level. This methodology ensures high quality and accuracy of information.
The factors considered while developing the estimates of the analgesics market are epidemiology, treatment seeking rate, ratio of population prescribed with different analgesics.
On the other hand, FMI has also analysed the market by considering the revenue from the key players operating in the market. The key players are segmented at a Tier-level with respect to their revenues, product portfolio and geographical presence. This process involves analysis of annual reports of various companies, investor presentations, SEC filings, 10k reports, earning call transcripts and press releases. This task is done to fetch substantial information about the key players, their respective revenues and estimate their respective market share.
The revenue growth of the key market players is analysed over the historical period and qualitative assessment of new product launches and innovations has been made in order to validate and align the resultant market numbers. The market structure is closely studied and analysed at a regional level to map and ascertain incremental $ opportunity for companies, for instance, supply from domestic/regional players, small-scale enterprises or unorganized segments is also taken into consideration to arrive at the final market numbers.
While forecasting the market size for the analgesics market, we have considered the impact of several factors such as per capital healthcare expenditure, disposable income, new analgesics and approvals for new advanced analgesics, penetration of analgesics through various distribution channels, and generic penetration across all regions, among others. However, quantifying the analgesics market across the aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed. In addition, we have taken into consideration the year-on-year growth to understand the predictability of the analgesics market and to identify the right growth opportunities in the global analgesics market