Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Over-the-counter (OTC) Analgesics Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global over-the-counter (OTC) analgesics market is projected to grow from USD 28.74 billion in 2023 to USD 34.65 billion by 2028, with a CAGR of 3.81% during the forecast period (2023-2028).
The market has experienced significant growth due to various factors, including the impact of the COVID-19 pandemic, increasing demand for topical analgesics, the growth of the geriatric population, and the cost-efficiency of OTC analgesic drugs.
The COVID-19 pandemic has positively influenced the OTC market, as individuals have become more focused on personal health. The demand for cold and cough OTC drugs has been high, and dietary supplements have experienced accelerated growth, particularly due to the pandemic. Self-medication with OTC drugs increased during the pandemic, as reported by various studies, leading to a surge in demand for OTC analgesics.
The rising prevalence of chronic pain globally has also contributed to the market growth. With approximately 20% of the global population affected by chronic pain, the demand for pain relief solutions, including OTC analgesics, continues to rise. The growing geriatric population, who are more prone to chronic pain, further fuels the demand for these products.
Furthermore, the cost-efficiency of OTC analgesic drugs has made them a preferred choice for patients seeking relief from pain. The elderly population, in particular, prefers home-based treatments and medications, leading to consistent high demand for OTC analgesics.
However, challenges such as drug tolerance, dependence, addiction, and abuse may hinder the market growth over the forecast period. Despite these challenges, the increasing demand for topical analgesics, the growing geriatric population, the rising prevalence of various diseases, and the cost efficiency of OTC analgesic drugs are expected to drive the market's high growth in the coming years.
Over-the-counter (OTC) Analgesics Market Trends
Nonsteroidal Anti-inflammatory Drugs (NSAIDs) Segment is Expected to Have the Major Share in the Market over the Forecast Period
NSAIDs work to reduce pain and inflammation by inhibiting enzymes called cyclooxygenases (COX). By inhibiting COX, NSAIDs help prevent and/or reduce pain and inflammation. OTC NSAIDs are available as creams and gels for topical use, and a few are available as oral formulations.
However, topical use may be safer than the pill form. The NSAIDs segment is expected to have a significant share in the market due to its widespread availability, the rising burden of chronic pain and inflammation cases, and increasing research funding for pain and its management.
NSAIDs are also used broadly for the treatment of chronic inflammatory disorders such as rheumatoid arthritis and spondyloarthritis. They are preferred over other drugs because they are inexpensive, and they help manage chronic pain, inflammation, and swelling that are characteristic of rheumatoid arthritis. Hence, the high burden of these inflammatory diseases increases the demand for OTC NSAIDs, which is anticipated to propel the market's growth.
Furthermore, the new approvals and launches of NSAIDs increase the availability of these products in the market, which is likely to haave significant growth in the market. For instance, in March 2023, Perrigo Company PLC received the final approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for acetaminophen and ibuprofen tablets for multiple pain-related symptoms. These kinds of new approvals and launches increase the availability of NSAIDs, which is expected to boost the market's growth over the forecast period.
North America is Expected to Witness Significant Growth over the Forecast Period
North America is expected to have a significant impact on the market owing to factors such growing prevalence of musculoskeletal diseases and sports-related injuries, coupled with the adoption of self-medication to relieve the symptoms and an increase in approval and launch of OTC drugs. These factors are expected to drive the growth of the market in the region.
Furthermore, product approvals by the regulatory authority increase the availability of new and effective OTC products, which is expected to drive the growth of the market studied. For instance, in April 2022, Genexa launched the first-ever clean acetaminophen pain relief product for adults.
Similarly, in August 2022, Haleon introduced Advil PLUS acetaminophen to Canadians, combining two trusted pain relievers into one convenient tablet. It is available over the counter at pharmacies, grocery stores, and retailers across Canada and online. These product launches offer a forward-thinking approach that catalyzes the entire consumer pharmaceutical industry. This is expected to result in significant growth of the market throughout the region.
Over-the-counter (OTC) Analgesics Industry Overview
The market is fairly competitive due to the presence of a large number of multinational as well as local market players. Companies operating in the market are adopting various strategies, such as new product launches, regional expansion, partnerships, and collaborations, to gain larger market shares.
Some of the key players in the market are Bayer AG, Boehringer Ingelheim International GmbH, Johnson & Johnson, Reckitt Benckiser Group PLC, Sanofi SA, and Sun Pharmaceutical Industries Ltd, among others.
Market Overview
Market Drivers
- Increasing Demand for Topical Analgesics
- Growing Geriatric Population along with Increasing Prevalence of Musculoskeletal Diseases
- Cost Efficiency of OTC Analgesic Drugs
Market Restraints
- Drug Tolerance, Dependence, Addiction, and Abuse
Porter's Five Forces Analysis
Scope of the Report
Type of Drug
- Acetaminophen
- Nonsteroidal Anti-inflammatory Drugs (NSAIDs)
- Salicylates
- Other Analgesics
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Other Distribution Channels
Company Profiles
- Bayer AG
- Boehringer Ingelheim International GmbH
- Johnson & Johnson
- Haleon PLC
- Endo International PLC
- Reckitt Benckiser Group PLC
- Sanofi SA
- Sun Pharmaceutical Industries Ltd
- Teva Pharmaceutical Industries Ltd
- Viatris Inc.
- Dr. Reddy's Laboratories Ltd
- Novartis AG
For more information about this report visit https://www.researchandmarkets.com/r/tlijoh
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