Look at the Challenges and Opportunities in the NSAIDs Market
Look at the Challenges and Opportunities in the NSAIDs Market
Blog Article
Non-steroidal anti-inflammatory drugs (NSAIDs) are a class of medication that provide analgesic and antipyretic effects. Commonly used NSAIDs include ibuprofen, naproxen, and diclofenac. These drugs work by inhibiting the production of prostaglandins, which are chemicals that promote pain, fever, and inflammation in the body.
NSAIDs are among the most widely used medications as they are effective in treating mild to moderate pain associated with different conditions such as back pain, arthritis, headache, muscle pain, menstrual cramps, and more. Factors such as the rising cases of arthritis due to sedentary lifestyle and growing geriatric population that is prone to arthritis and painful conditions have fueled the demand for Non-Steroidal Anti-Inflammatory Drugs Market globally.
The non-steroidal anti-inflammatory drugs market is estimated to be valued at USD 24.4 Bn in 2024 and is expected to reach USD 36 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
Key Takeaways
Key players operating in the NSAID market are copyright, Bayer, GlaxoSmithKline, Novartis, Johnson & Johnson, and Sanofi.
The growing incidences of arthritis and chronic pain disorders due to sedentary lifestyle and obesity have boosted the demand for NSAIDs significantly. Moreover, rising sports injuries, which lead to pain and inflammation, have also propelled the market growth.
Technological advancements have led to the development of topical NSAIDs that provide local pain relief with fewer side effects. Sustained-release formulations are also gaining popularity as they offer round-the-clock pain relief with fewer doses.
Market Trends
Topical NSAIDs are gaining popularity as they are effective in treating joint and muscle pain with a lower risk of systemic side effects compared to oral formulations. Major companies are investing in developing novel topical NSAID formulations.
Combination drugs that contain NSAIDs along with other analgesic ingredients are trending. Such combination drugs offer enhanced pain relief by working through different mechanisms.
Market Opportunities
Emerging markets in Asia Pacific and Latin America offer lucrative growth opportunities attributed to rising disposable income, growing medical tourism, increasing health awareness, and rising incidences of orthopedic and arthritis conditions.
The increasing number of medical devices used for orthopedic procedures will further fuel the demand for NSAIDs through post-operative pain management and expedited recovery process, presenting potential opportunities.
Impact of COVID-19 on Non-Steroidal Anti-Inflammatory Drugs Market Growth
The outbreak of COVID-19 pandemic has significantly impacted the growth of non-steroidal anti-inflammatory drugs (NSAIDs) market. During the initial lockdown phases declared by various governments worldwide, the number of patients opting for NSAIDs reduced sharply due to strict stay-at-home orders. The over-the-counter sales of NSAIDs registered a considerable decline during early 2020. However, NSAIDs continue to remain essential medicines for treating fever and inflammation caused by viral infections like COVID-19. As a result, doctors have been increasingly prescribing NSAIDs to coronavirus patients experiencing mild to moderate symptoms.
With lockdowns being gradually lifted from mid-2020, the demand for NSAIDs started reviving. However, supply chain disruptions and logistic challenges confronted by pharmaceutical companies impeded faster recovery. Manufacturers faced issues procuring raw materials and packaging items from different countries amid global trade restrictions and closed borders. They also struggled to transport finished goods to markets on time due to limitations on import-export of non-essential items. As the vaccine rollout commenced in early 2021, the NSAIDs market momentum improved further on the back of declining COVID-19 case load in major economies. The sales are expected to reach pre-pandemic levels eventually as global healthcare systems learn to co-exist with the virus.
Geographical Regions with Highest NSAIDs Value Concentration
North America dominates the global NSAIDs market with the United States accounting for the lion's share of revenues. Wide product availability through retail pharmacy chains and strong brand recognition of leading manufacturers support higher medication usage. Heavy direct-to-consumer advertising campaigns promoting pain relief attributes of NSAIDs also contribute to substantial market value in the US. Europe is another lucrative geographical region for NSAIDs producers riding on increased affordability of medicines across countries like Germany, France and the UK through national health insurance systems.
Fastest Growing Regional Market for NSAIDs
Asia Pacific region is poised to emerge as the fastest growing market for non-steroidal anti-inflammatory drugs globally over the next decade. China and India are expected to spearhead volume growth due to rising geriatric population, growing physician prescription of NSAIDs for post-surgery pain management and increasing healthcare spending per capita. Expanding pharmacy and e-pharmacy networks enhancing access to medicines in populous nations coupled with investments by global pharmaceutical companies are further cementing Asia's position as a highly promising market for NSAIDs.
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About Author: Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)