Global Narcotics Analgesics Market Is Estimated To Witness High Growth Owing To Increasing Demand for Pain Management
The global narcotics analgesics market is estimated to be valued at USD 27 billion in 2022 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2035, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Narcotics analgesics are a class of drugs used for the management of moderate to severe pain. These drugs act on the central nervous system to reduce the perception of pain. They are widely used in various medical conditions, such as cancer pain, post-surgical pain, and chronic pain. The increasing prevalence of chronic diseases, such as cancer and arthritis, is expected to drive the demand for narcotics analgesics. Additionally, the growing elderly population and the rising incidence of injuries and accidents are further contributing to the market growth.
Market Dynamics:
Driver 1: Increasing Prevalence of Chronic Diseases
The rising prevalence of chronic diseases, such as cancer, arthritis, and neurological disorders, is driving the demand for narcotics analgesics. These conditions often involve moderate to severe pain, which requires effective pain management. Narcotics analgesics are highly effective in providing relief from pain associated with these conditions.
Driver 2: Growing Elderly Population
The global population is aging rapidly, resulting in an increased prevalence of chronic diseases and conditions that require effective pain management. The elderly population is more prone to pain due to age-related degenerative changes and various age-related diseases. This growing elderly population is expected to fuel the demand for narcotics analgesics.
SWOT Analysis:
Strengths:
1. Strong pharmaceutical pipeline
2. Increasing adoption of opioids for pain management
Weaknesses:
1. Risk of abuse and addiction
2. Side effects and adverse reactions associated with narcotics analgesics
Opportunities:
1. Development of novel pain management therapies
2. Growing demand in emerging markets
Threats:
1. Stringent regulations and controls on narcotics analgesics
2. Rise in illegal trading and misuse of narcotics analgesics
D) Key Takeaways:
In terms of market growth, the Global Narcotics Analgesics Market Size is expected to witness high growth, exhibiting a CAGR of 5% over the forecast period, due to the increasing demand for pain management in various medical conditions.
Regionally, North America is expected to dominate the market due to the high prevalence of chronic diseases, well-established healthcare infrastructure, and a large elderly population. Asia Pacific is expected to be the fastest-growing region due to the improving healthcare infrastructure and increasing awareness about pain management.
Key players operating in the global narcotics analgesics market include Pfizer Inc., Teva Pharmaceuticals, Allergan plc, BioDelivery Sciences International, Inc., Endo Pharmaceuticals, Inc., Akron, Inc., UCB, Inc., Endo Pharmaceuticals Inc., Sun Pharmaceutical Industries Ltd., Boehringer Ingelheim GmbH, and Janssen Pharmaceuticals, Inc. These key players are focusing on research and development activities to develop innovative pain management therapies and expand their market presence.
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