According to a new report published by Allied Market Research, titled Analgesics Market, the market size for analgesics was estimated at US$26.7 billion in 2020 and is estimated to reach US$50.7 billion by 2030 and by 2021- 2021 with a CAGR of 6.6% will grow in 2030.
The rise in the incidence of chronic diseases such as tuberculosis (TB), cancer, cardiovascular diseases and arthritis is driving the growth of the global analgesics market. At the same time, the increasing number of clinical trials evaluating the safety and efficacy of a wide range of therapeutic drugs has further added to the market growth. However, technological development in the pharmaceutical industry to manufacture advanced analgesics is expected to bring lucrative opportunities in the industry.
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In the current business scenario, chronic diseases such as tuberculosis (TB), cancer, cardiovascular diseases and arthritis are increasing and the OTC analgesics market growth is increasing. In addition, there is a significant increase in patient numbers due to infectious diseases such as gastrointestinal, respiratory and neurology. The increase in these diseases increases the demand for pain relievers, which is expected to further fuel the growth of the analgesics market. Furthermore, the increasing demand for over-the-counter (OTC) drugs is one of the factors responsible for the growth of the OTC analgesics market.
The outbreak of the pandemic gave way to an increasing demand for analgesics such as paracetamol, thereby positively impacting the global analgesics market.
This trend is likely to continue until the pandemic is fully over.
The COVID-19 outbreak is expected to have a positive impact on the growth of the global Analgesics market share. The COVID-19 pandemic has strained healthcare systems worldwide, driving the need for advanced…