The global “non-steroidal anti-inflammatory drugs” market is set to gain momentum from the ever-increasing research activities by several prominent pharmaceutical companies on selective cyclooxygenase-2 inhibitors as they are still a grey area for these companies. Tough, Non-steroidal Anti-Inflammatory Drugs such as ibuprofen and diclofenac are nowadays used to hinder the activity of COX, but they have undesirable effect. Fortune Business Insights™ published this information in a new report, titled, “Non-steroidal Anti-Inflammatory Drugs (Non-steroidal Anti-Inflammatory Drugs) Market Size, Share & Industry Analysis, By Disease Indication (Arthritis, Migraine, Ophthalmic Diseases, and Others), By Route of Administration (Oral, and Parenteral), By Distribution Channel (Hospital Pharmacy Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027.” The report further mentions that the Non-Steroidal Anti-Inflammatory Drugs market size was USD 15.58 billion in 2019 and is projected to reach USD 24.35 billion by 2027, exhibiting a CAGR of 5.8% during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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This Report Answers the Following Questions:
- What are the market growth drivers, obstacles, and trends?
- Which region is likely to dominate the market in terms of revenue?
- Which crucial business strategies are being followed by players to drive sales of Non-Steroidal Anti-Inflammatory Drugs?
- Which segment is set to lead the market by generating the largest share?
Drivers & Restraints-
Rising Demand for Non-Steroidal Anti-Inflammatory Drugs to Treat Chronic Pain Will Aid Growth
The incidence of inflammation and pain-causing diseases is upsurging day by day worldwide. It is further increasing the uptake of Non-Steroidal Anti-Inflammatory Drugs to cure and treat chronic and acute pain. The most commonly prescribed pain relieving drugs are diclofenac and ibuprofen. The Centers for Disease Control and Prevention (CDC) declared that around 19.6 million people were suffering from high-impact chronic pain in 2016 in the U.S., while more than 50 million adults were living with chronic pain. This proves that the demand for such drugs would propel the Non-Steroidal Anti-Inflammatory Drugs market growth during the forthcoming years. The governments of several countries are taking initiatives to lower the cost burden of chronic pain diagnosis and treatment. However, Non-steroidal Anti-Inflammatory Drugs can have numerous side effects, such as dizziness, stomach-ache, stomach ulcers, and allergic reactions. It may obstruct the market growth.
Arthritis Segment to Lead Stoked by Rising Cases of Osteoarthritis
In terms of disease indication, the market is fragmented into ophthalmic diseases, migraine, arthritis, and others. Out of these, the arthritis segment held 37.9% Non-steroidal Anti-Inflammatory Drugs market share in 2019 and is likely to lead throughout the forthcoming years. This growth is attributable to the increasing prevalence of osteoarthritis and rheumatoid arthritis. In addition to that, the rising usage of topical drugs for treating arthritis pain, as well as the increasing geriatric population across the globe would contribute to the growth of this segment.
Presence of Reputed Manufacturers to Favor Growth in North America
Geographically, the market is divided into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Amongst these regions, North America procured USD 6.86 billion in 2019 in terms of revenue. This growth is attributable to the increasing research activities, rising incidence of arthritis, and the existence of renowned manufacturers. Europe, on the other hand, is expected to showcase steady growth fueled by the favorable health reimbursement policies, higher prevalence of migraine, and active government support. In Asia Pacific, the rising usage of OTC Non-Steroidal Anti-Inflammatory Drugs and increasing geriatric population would augment growth.
Key Players Launch Novel Products to Gain Fast Track Approvals
The top manufacturers present in the market are persistently conducting research and development activities to introduce innovative products and to increase their product portfolio. By doing so, they are also bagging approvals from the regulatory bodies. Below are some of the latest key industry developments:
- May 2019: The U.S. Food and Drug Administration (FDA) approved over-the-counter diclofenac sodium topical gel 1% of Perrigo Company plc. The product will offer consumers with a high-quality alternative to GSK’s Voltaren Arthritis Pain.
- March 2019: Teva Pharmaceutical Industries Ltd. unveiled an authorized generic of Flector 1 Patch1.3%. The product was launched in the U.S. market. It is a NSAID that is meant for treating acute pain resulting from minor contusions, sprains, and strains.
- April 2018: Strides Shasun’s generic Ibuprofen capsules, 200 mgwere approved by the USFDA. They are meant for relieving pain. It is a generic version of Advil Liqui-Gels 200 mg by Pfizer Inc.
Fortune Business Insights™ lists out the names of all the manufacturers of Non-Steroidal Anti-Inflammatory Drugs operating in the market. They are as follows:
- Pfizer Inc.
- GlaxoSmithKline plc
- Boehringer Ingelheim International GmbH
- Johnson & Johnson Services, Inc.
- Bayer AG
- Zyla Life Sciences
- Horizon Therapeutics plc
- Other key players