Analgesics Market to Reach $35.5 Billion by 2015, According to New Report by Global Industry Analysts, Inc.
Aging population and rising therapeutic benefits of drugs continue to boost the market for analgesics. Driven by growing demand for pain relief medications, the market is projected to reach $35.5 billion by 2015.
San Jose, CA (PRWEB) November 11, 2008 -- An aging baby boomer population, subsequent rise in geriatric population, and rising therapeutic benefits of pain treatment drugs (internal) are major factors driving growth in the worldwide analgesics market. Expanding number of surgical procedures, and longer life of patients suffering from chronic illnesses such as cancer and AIDS further contribute to the increased demand for analgesics. Absence of new product launches and increasing demand for new treatment modalities offer enormous potential in a market that is characterized by the presence of a large number of patent-expired products.
United States and Europe dominate the global analgesics market with combined share exceeding 60%, as stated in a recent report by Global Industry Analysts, Inc. Worldwide market for external analgesics has witnessed a turnaround, catalyzed by the introduction of a variety of technologically superior and innovative products. In Asia-Pacific, the external analgesics market is estimated to account for about 10% of the overall sales for 2008.
Internal analgesics represents the largest segment with sales estimated at US$25.7 billion for 2008. The segment comprises medications such as aspirin, acetaminophen and ibuprofen among others. Dynamics of the pain management drugs market witnessed significant changes in recent years. The failure of several drugs, considered initially as promisingly curative including recent unsuccessful COX-2 inhibitors, prompted manufacturers and researchers to undertake more research programs. There is a lucrative market for effective analgesics, which do not cause any adverse side effects.
Leading players profiled in the report include Bayer Consumer Care, Bristol-Myers Squibb Company, Johnson & Johnson, Novartis International AG, Pfizer Inc., Reckitt Benckiser Group Plc, Sanofi Aventis, and Wyeth.
The report titled "Analgesics: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, product profile, players, competition, recent developments, mergers, acquisitions, and other strategic industry activities. Analysis is presented for major geographical markets such as United States, Japan, France, Germany, the UK, Italy, Spain, Asia-Pacific, and Latin America. The market is analyzed across two major product segments, namely Internal Analgesics (Aspirin, Acetaminophen, Ibuprofen and Others), and External Analgesics.
For more details about this research report, please visit http://www.strategyr.com/Analgesics_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press @ StrategyR.com
Web Site http://www.StrategyR.com/
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