Global Over-the-Counter (OTC) Analgesics Market to Grow with a CAGR of 8.00% through 2028
Increasing demand for
topical analgesics is expected to drive the Global Over-the-Counter (OTC)
Analgesics Market growth in the forecast period, 2024-2028.
According to TechSci Research
report, “Over-the-Counter (OTC) Analgesics
Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028F”, Global Over-the-Counter (OTC) Analgesics
Market stood at USD 19.07 Billion in 2022 and is anticipated to project robust
growth in the forecast period with a CAGR of 8.00% through 2028. The market for
Over-the-Counter (OTC) Analgesics devices has witnessed consistent growth over
the growing demand for self-medications and drugs, growing approvals for over
the counter drugs, cost effective in nature over the counter drugs. In
addition, increased patent expirations of many pharmaceuticals, resulting in
their utilization as over the counter drugs, and the low cost of over the
counter drugs are factors that will drive the expansion of global over the
counter drugs market over the forecast period. The surge in demand for
individualized drugs for minor disorders and the implementation of treatment
procedures by healthcare payers are propelling the global over the counter
drugs market. Governments can freely create chemicals, or combinations of
ingredients, into proprietary mixes by controlling APIs rather than specific
medication formulations. The increased geriatric population, who are more
susceptible to cough and cold, increased vehicle pollution, increased R&D
activities leads to the high demand for over the counter (OTC) drugs in the
market. An increase in the number of cough and cold cases, the
development of sophisticated products, and the adoption of efficient treatments
are expected to boost the overall market demand for over the counter (OTC)
drugs.
Also, rigorous government
rules and lack of knowledge among individuals can hamper the growth of Global Over-the-Counter
(OTC) Analgesics Market. Similarly, a Growing Preference for Natural and
Alternative Therapies can restrain the growth of the Global Over-the-Counter
(OTC) Analgesics Market. Additionally, Patent Expirations and Generic
Competition and Adverse Effects and Tolerance will further restrict the growth
of Global Over-the-Counter (OTC) Analgesics Market.
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data Figures spread through xx Pages and an in-depth TOC on "Global
Over-the-Counter (OTC) Analgesics Market”
Global Over-the-Counter (OTC)
Analgesics Market is segmented into Drug Type, Distribution Channel and Region.
Based
on Drug Type, Global Over-the-Counter (OTC) Analgesics market is segmented into
Acetaminophen, Nonsteroidal Anti-inflammatory Drugs (NSAIDs), Salicylates and
Other Analgesics. The Nonsteroidal Anti-inflammatory Drugs (NSAIDs) segment
accounted for the largest revenue share in 2022 and is expected to exhibit a
rapid CAGR over the forecast period. This can be attributed to the new
approvals and launches of NSAIDs increase the availability of these products in
the market, which is likely to have significant growth in the market. High
burden of patients with chronic back pain, which increases the need for OTC
analgesics. This is expected to have significant growth in the market. The rising burden of chronic pain and inflammation
cases, and increasing research funding for pain and its management is likely to
have significant growth in the market.
Major companies
operating in Global Over-the-Counter (OTC) Analgesics Market
are:
- Bayer AG.
- Boehringer Ingelheim
International GmbH
- Johnson & Johnson
Services Inc
- GSK plc
- Pfizer Inc.
- Sanofi SA
- Sun Pharmaceutical
Industries Ltd.
- Takeda Pharmaceutical
Company Limited
- AstraZeneca PLC
- Merck & Co Inc.
Recent Development
- In May 2020, the European Commission has started the European
Research area corona platform that will provide details on COVID-19 innovative
solutions. Furthermore, the European medicine agency has suggested that mild
COVID-19 symptoms be treated with non-steroidal anti-inflammatories such as ibuprofen
and paracetamol in the lowest dose form.
- Crown and Soma Pharmaceuticals declared a collaboration in
December 2020 to bring Microcyn-based sprays and gels, as well as anti-itching
over the counter drugs to the U.S. market.
- Cipla Health teamed with Zomato, Swiggy, and Dunzo to deliver
over the counter wellness goods to customer’s homes in India in April 2020.
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“The North America region is expected
to witness significant growth of Global Over-the-Counter (OTC) Analgesics
market due to 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.
Furthermore, growing awareness about over the counter drugs among people. In
addition, existence of major market players is also boosting the expansion of North
America over the counter drugs market along with increased product penetration
and availability, demand in the North Ameica region will continue to climb,
boosting over the counter drugs market growth in the region.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Over-the-Counter (OTC)
Analgesics Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Drug Type (Acetaminophen, Nonsteroidal
Anti-inflammatory Drugs (NSAIDs), Salicylates and Other Analgesics), By
Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online
Pharmacies), By Region and Competition”, has evaluated the future
growth potential of Global Over-the-Counter (OTC) Analgesics Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Over-the-Counter (OTC) Analgesics Market.
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