Narcotics analgesics help in pain management and form an integral part of treatment for pain arising due to chronic conditions like arthritis, cancer, or due to accidents and injuries. An increase in prevalence of chronic pain worldwide is driving the demand for narcotics analgesics, which can effectively manage moderate to severe pain. Rising geriatric population is another key factor contributing to the growth of this market. Older adults are more prone to chronic musculoskeletal pain due to osteoarthritis and back pain.

The global Narcotics Analgesics Market is estimated to be valued at Us$ 36.45 Bn in 2024 and is expected to exhibit a CAGR Of 12.% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Opioid crisis has prompted manufacturers to focus on developing non-opioid alternatives to treat pain. There is an increased focus on research and development of pipeline drugs for pain management such as cannabidiol (CBD)-based narcotics analgesics. CBD is a non-psychoactive compound derived from cannabis that has shown promise in managing chronic pain without adverse side effects associated with opioids. Manufacturers are investing in clinical trials to evaluate efficacy and safety of CBD formulations for conditions like osteoarthritis and back pain. Along with efficacy, adoption of such alternatives depends on their approval status and cost effectiveness relative to generic opioids.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the narcotics analgesics market is low as it requires high investment and regulatory approvals to manufacture scheduled drugs.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of generic drugs and non-pharmaceutical alternatives for pain management.

Bargaining power of suppliers: A few major companies dominate the active pharmaceutical ingredients supplies for narcotics analgesics giving them significant bargaining power over drug manufacturers.

Threat of new substitutes: The threat of new substitutes is moderate as research is ongoing for developing novel non-addictive analgesics but no major substitutes have emerged yet.

Competitive rivalry: The competitive rivalry in the narcotics analgesics market is high among major players due to aggressive promotional activities and new product launches.

Key Takeaways

The  Global Narcotics Analgesics Market Demand is expected to witness high growth.

Regional analysis:

The North America region currently dominates the narcotics analgesics market owing to the high prescription rates of opioid drugs for pain management. However, the Asia Pacific region is poised to witness fastest growth during the forecast period attributed to the increased prevalence of chronic pain disorders coupled with rising healthcare expenditure.

Key players operating in the narcotics analgesics market are Kimberly-Clark Corporation, Essity AB, Georgia-Pacific LLC, Asia Pulp and Paper Group, Procter & Gamble Co., Sofidel Group, CMPC Tissue S.A., WEPA Hygieneprodukte GmbH, MetsÀ Group, Cascades Inc. Major players are focused on new product launches, mergers, and collaborations to strengthen their market position and expand their geographic footprint.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it