by The Over the Counter (OTC) Analgesics market is estimated to be valued at US$ 28.55 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The OTC Analgesics market comprises products such as aspirin, acetaminophen, ibuprofen that provide relief from minor aches and pains, fever, headache etc. These are easily available without prescription at pharmacies and retail stores for self-medication. Growing awareness regarding use of OTC drugs for minor health issues has boosted the demand for these products.
Market Dynamics:
The Global Over The Counter (OTC) Analgesics Market is primarily driven by increasing prevalence of chronic pain disorders worldwide. As per the National Health Interview Survey 2017, around 25.3 million (11.2%) U.S. adults aged 20 and over reported having chronic pain. Additionally, growing geriatric population who are more prone to musculoskeletal conditions is another factor fueling the market growth. Furthermore, availability of analgesics in different formulations such as tablets, liquids, creams, sprays etc. expanding their applications in pain management is expected to boost the market during the forecast period. However, rising availability of alternative treatment options and side effects associated with long term usage of certain analgesics like aspirin may hamper the market growth.
SWOT Analysis
Strength: OTC analgesics have high demand for pain management. They offer convenient access without prescription and are cost-effective. Manufacturers continuously innovate formulations for fast and long-lasting relief. Growing awareness about availability of OTC options boosts market.
Weakness: Overuse or misuse of OTC analgesics can cause side effects like gastrointestinal issues. Lack of medical supervision in self-medication poses risks. Alternatives like herbal remedies and massage therapy limit market scope.
Opportunity: Rise in chronic conditions drives need for pain relief. Growing geriatric population increases demand. e- commerce growth expands accessibility. Emerging markets offer untapped potential due to healthcare infrastructure growth.
Threats: Possible regulations on OTC drug usage can hamper sales. Side effects raise safety concerns. Economic slowdowns impact consumer spends on healthcare. Natural/herbal alternatives gain popularity.
Key Takeaways
The global OTC analgesics market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing prevalence of chronic pain conditions. It is estimated that the market size will reach US$ 28.55 Bn by 2023 from US$ 23.95 Bn in 2018.
Regional analysis – North America dominates the market currently due to high chronic pain patient population and well-established healthcare system. Asia Pacific is expected to grow at a higher CAGR due to improving access to healthcare, chronic disease burden and rising income.
Key players operating in the OTC analgesics market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others. These players are focusing on new product launches, marketing efforts and regional expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
