Over the counter (OTC) analgesics are non-prescription drugs used to relieve mild to moderate pain such as headaches, muscle aches, menstrual cramps, and toothaches. Common OTC analgesics include acetaminophen, aspirin, ibuprofen, and naproxen. They are available as tablets, capsules, liquids, ointments, creams, and gels. Major types of OTC analgesics include topical analgesics and oral analgesics. Topical analgesics are applied directly to the skin and provide localized pain relief, whereas oral analgesics are consumed through mouth to relieve pain throughout the body. The Global Over The Counter (OTC) Analgesics Market Size is estimated to be valued at US$ 115 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing prevalence of pain related disorders is expected to drive growth of the over the counter (OTC) analgesics market over the forecast period. According to the National Center for Complementary and Integrative Health, around 25 million Americans experience chronic pain daily. Chronic pain conditions are now recognized as a major cause of disability worldwide. The growing geriatric population which is more prone to pain related disorders will further propel the market growth. It is estimated that by 2050, over 16% of the world’s population will be aged 65 and above. Increasing demand for pain relief without prescription due to rising healthcare costs will also boost the market growth. Self-medication trend has gained significant popularity over the years. Individuals can save time and money spent on doctor visits by choosing OTC analgesics available off the shelf. Manufacturers are engaged in developing novel drug delivery systems such as gels and patches to provide localized pain relief which is also fueling the market growth. However, inconsistencies in symptom relief from certain OTC analgesics and risk of addiction with prolonged use of some ingredients like acetaminophen and ibuprofen can hamper the market growth.
Segment Analysis
The OTC analgesics market can be segmented into internal analgesic and external analgesic. The internal analgesic segment dominates the market and accounts for over 75% share. This is because internal analgesics offer faster and more effective pain relief from conditions like headaches, body ache, arthritis etc. They are also more convenient to use compared to external or topical analgesics.
PEST Analysis
Political: Regulations regarding OTC drugs are well defined. However, regulations differ across countries and regions. This impacts the availability of certain drugs.
Economic: Rising disposable incomes in developing nations have increased healthcare spending and demand for pain relief drugs. Growing awareness about self-medication is also fueling market growth. However, price controls imposed by various governments impact revenues.
Social: Growing geriatric population worldwide has boosted demand for drugs to treat arthritis and other joint pains. Changing lifestyles have led to sedentary habits causing greater instance of pain and discomfort. Self-medication is becoming an accepted practice.
Technological: Advancements in drug delivery systems help provide quicker and localized pain relief. Time-release and sustained-release formulations improve patient compliance. However, need for continuous innovation also raises R&D costs.
Key Takeaways
The global OTC analgesics market is expected to witness high growth over the forecast period.
Regional analysis: North America dominates the overall OTC analgesics market with over 30% share majorly driven by the US market. Rising obesity rates, growing elderly population suffering from arthritis, favorable public and private reimbursement policies for OTC drugs, and continuous launch of new products are some factors propelling market growth in the region.
Key players: Key players operating in the OTC analgesics market are Pfizer, Johnson and Johnson, Bayer, GlaxoSmithKline, and Sanofi. Pfizer leads the analgesics market with its popular brands like Advil and ThermaCare. Johnson & Johnson is the second largest player with its brands like Tylenol and Bengay. Bayer markets Bayer and Aleve. GlaxoSmithKline markets brands like Excedrin and Aspercreme. Sanofi markets popular brands like Alleve and Aspercreme.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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