Anti-inflammatory drugs help cure various medical conditions involving pain and inflammation. These include arthritis, muscle ache, fever, headache etc. Some common anti-inflammatory drugs include ibuprofen, aspirin, naproxen etc. These are available in tablet, capsule and liquid forms for oral intake. They provide quick relief from pain and swelling.
The global Anti-Inflammatory Drugs Market is estimated to be valued at US$ 118.21 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for pain management is expected to drive the growth of anti-inflammatory drugs market. According to the National Health Interview Survey conducted in the United States in 2020, around 25.3 million Americans suffer from arthritis annually. Arthritis causes severe joint pain and disability. The prevalence of arthritis is increasing rapidly among the geriatric population worldwide. With rising geriatric population prone to arthritis, the demand for pain relief through anti-inflammatory drugs is estimated to rise significantly in the coming years. Effective pain management with anti-inflammatory drugs helps improve the quality of life of arthritis patients. This rising demand from arthritis patients worldwide presents a lucrative opportunity for manufacturers in the anti-inflammatory drugs market during the forecast period.
Porter's Analysis
Threat of new entrants: Low due to stringent regulatory requirements for launching new drugs and high R&D costs.
Bargaining power of buyers: High as anti-inflammatory drugs market is dominated by few global players and buyers can negotiate on price.
Bargaining power of suppliers: Moderate as raw material suppliers have limited bargaining power due to availability of substitutes.
Threat of new substitutes: Moderate as new drug delivery methods and alternative therapies pose threats.
Competitive rivalry: High due to presence of major global players and intense competition to develop novel drugs.
SWOT Analysis
Strength: Wide range of products, strong R&D capabilities, global presence and branding.
Weakness: High R&D costs, generic competition and patent expiries. Regulatory approvals are time taking.
Opportunity: Fast growth in emerging markets, opportunities in osteoarthritis and pain management therapies.
Threats: Increasing preference for alternative therapies, currency fluctuations and pricing pressures.
Key Takeaways
The global Anti-Inflammatory Drugs Market Size is expected to witness high growth during the forecast period due to rising geriatric population and increasing prevalence of diseases like arthritis. The global ANTI-INFLAMMATORY DRUGS Market is estimated to be valued at US$ 118.21 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
North America dominates the market currently owing to availability of advanced healthcare facilities and high healthcare spending. Europe holds the second position supported by presence of major pharmaceutical companies. Asia Pacific is projected to grow at fastest rate led by China and India owing to growing medical tourism, large patient pool and improving access to healthcare. The United States holds the largest share currently in the North America region due to high healthcare expenditure and accessibility of therapeutics. Rising cases of arthritis and other chronic diseases with increasing geriatric population is further expected to drive the market growth in the country.
Key players operating in the anti-inflammatory drugs market are 48 London, Alpine Escape, Arburton Ltd, Aspen Luxury Concierge Service LLC, AZ Luxe, Bon Vivant, Globe Infinite, Ibiza Luxury Concierge Service, Innerplace Co., and John Paul. Major players are focusing on product innovations and collaborations to strengthen their presence across the globe.
Explore more related article on this topic: https://www.newswirestats.com/anti-inflammatory-drugs-market-share-analysis/
