Anti-inflammatory drugs help manage pain and reduce inflammation by alleviating inflammatory processes in the body. These drugs are widely used to reduce pain, swelling and stiffness caused due to acute and chronic conditions such as arthritis, musculoskeletal disorders among others.
The global anti-inflammatory drugs market is estimated to be valued at US$ 52 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Chronic conditions such as arthritis are becoming increasingly common due to aging population and changing lifestyles. These chronic diseases require long term management and pain relief, thereby driving the demand for anti-inflammatory drugs over the years. Arthritis Foundation estimates that by 2040, an estimated 78.4 million adults will have doctor-diagnosed arthritis. The growing prevalence of chronic diseases which cause inflammation in the body thus provide an attractive opportunity for anti-inflammatory drug manufacturers to cater to the long term treatment needs of such a large patient base. Focus on development of novel drugs with reduced side effects and increased efficacy to treat chronic inflammatory conditions can help anti-inflammatory drugs companies maximize this market potential.
Porter’s Analysis
Threat of new entrants: Low, as this is an established market requiring high R&D investments and strict regulatory approvals.
Bargaining power of buyers: High, as there are many established brands for buyers to choose from.
Bargaining power of suppliers: Moderate, as suppliers have to compete for contracts from large pharmaceutical companies.
Threat of new substitutes: Moderate, as new drug delivery methods and herbal alternatives pose a potential threat.
Competitive rivalry: High, as top players compete aggressively on quality, innovation and market share.
SWOT Analysis
Strengths: Strong brand recognition of leading brands. Established distribution networks globally.
Weaknesses: High development and marketing costs. Strict regulatory environment increases compliance costs.
Opportunities: Growth in emerging markets. New delivery mechanisms and combination therapies expand the market.
Threats: Patent expiries increase generic competition. Alternatives like herbal medicines gain traction.
Key Takeaways
The global anti-inflammatory drugs market is expected to witness high growth over the forecast period of 2023. Growth is expected to be driven by rising incidence of arthritis and other chronic inflammatory conditions globally due to aging populations and lifestyle changes.
North America currently dominates the global anti-inflammatory drugs market due to high healthcare expenditure and high disease prevalence in the region. However, Asia Pacific is expected to witness the highest growth over the forecast period supported by improving access to healthcare, rapid economic growth and rising medical tourism in the region.
Key players operating in the anti-inflammatory drugs market are Pfizer, GSK, Novartis, Eli Lilly and Johnson & Johnson. These players are focused on developing innovative drug delivery systems to gain market share. Partnerships and acquisitions are also common strategies adopted by established players to strengthen their product pipelines.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
