Over the Counter (OTC) Analgesics Market
Over the Counter (OTC) Analgesics Market Report By Form (Tablets, Capsules, Liquid), By Drug Type (Acetaminophen, Salicylates, Nonsteroidal Anti-inflammatory Drugs), By Channel (Pharmacies, Drug Stores, Online, Modern Trade) - Regional Forecast to 2021-2031
As per the latest industry analysis published by Fact.MR, the global OTC analgesics market was valued at around US$ 25 Bn in 2020, and is expected to accelerate at a CAGR of 5% through 2031. Demand for nonsteroidal anti-inflammatory drugs (NSAIDs) is set to increase at a CAGR of 4% across the assessment period of 2021 to 2031. Overall, the worldwide Over the Counter analgesics market is projected to expand 1.6X and top a valuation of US$ 40 Bn by 2031.
|Market Size Value in 2020||US$ 25 Bn|
|Market Forecast Value for 2031||US$ 40 Bn|
|Global Growth Rate (2021 to 2031)||5% CAGR|
|Share of Top 5 Companies||40%|
Revenue Analysis of OTC Analgesics from 2016-2020 Vs Market Outlook for 2021 to 2031
As per Fact.MR, a market research and competitive intelligence provider, the global market for OTC analgesics was valued at US$ 25 Bn in 2020.
Analgesics are anti-pain medicines that temporarily relieve or eliminate pain. With the wide availability of drugs for relieving various types of pain in distribution stores, OTC analgesics are usually purchased in large quantities.
Use of off-label drugs, which are unapproved and inexpensive medications that are effective in the treatment of diseases, has become increasingly popular in recent years.
The global OTC analgesics market has a lot of room for growth, with sales and demand for effective OTC analgesics like pain killers and pain relievers increasing significantly among people.
Introduction of healthcare reforms, as well as favorable regulatory norms around the world, have prompted the creation and implementation of several pain management programs, to lower overall healthcare costs.
All of these factors are expected to drive the market at a 5% CAGR across 2021 to 2031.
How is Rising Trend of Self-medication Fueling Market Growth of OTC Analgesics?
Constant growth of the ageing population causes various old age problems, for which, patients prefer to receive medications and treatment at home rather than going to the hospital. Individuals frequently use OTC analgesics without a prescription for pain that recurs or is of lesser severity.
According to the Centers for Disease Control and Prevention, 20.4% adults had chronic pain in 2019, and 7.4% adults had chronic pain that limited their life or work activities on a regular basis.
Demand for internal OTC analgesics and external OTC analgesics is growing as the population ages, as older people are more prone to chronic pain.
OTC analgesics help consumers meet their growing desire for self-care. Because of these numerous advantages and growing adoption of basic analgesics OTC products, self-medication is expected to continue to drive the growth of the global OTC analgesics market from 2021 to 2031.
What are the Challenges Being Faced by OTC Analgesic Suppliers?
Wrong medication as a result of incorrect self-diagnosis can have serious consequences and is a huge obstacle to the growth of the market for OTC analgesics.
Constipation, tiredness, dizziness, and cardiac arrest are all common side-effects of OTC analgesics. In rare cases, OTC analgesics can cause serious brain damage. Addiction can result from long-term use of painkillers or analgesics.
Uncertainty regarding the introduction of more stringent regulations is expected to restrain the growth of the market over the next ten years.
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Which Regional Market is the Most Profitable for OTC Analgesic Manufacturers?
North America is anticipated to hold the largest share and will remain a prominent region of the OTC analgesics market. Revenue in the North American region will grow 1.3X by 2031.
According to the Consumer Healthcare Products Association, 2019, nearly 97 % of Americans prefer to treat minor illnesses with over-the-counter medicines before getting medical help.
Demand for OTC acetaminophen and OTC salicylates has increased due to the growing geriatric population suffering from incurable health issues such as joint pain. Different types of analgesics are used in these therapies, catalyzing market growth in the region.
Furthermore, the prevalence of osteoarthritis, cardiovascular disease, and cancer has significantly increased in the region, increasing sales of OTC analgesics.
Increasing demand for OTC acetaminophen in Canada, rising sales of OTC nonsteroidal anti-inflammatory drugs (NSAIDs) in the U.K, growing opportunities for OTC analgesics manufacturers in Germany, and rise in adoption of OTC salicylates in France are contributing to global market growth prospects for OTC analgesics.
What is the OTC Analgesics Demand Outlook for the U.S.?
The U.S. over-the-counter (OTC) analgesics market is expected to increase 1.5X by 2031.
Many patients in the United States rely on ineffective analgesics to treat muscle injuries and disorders. Moreover, the rising number of surgeries, combined with the widespread availability of effective pain management medications in the country, is expected to propel the market forward over the forecast period.
In the U.S., factors such as improving economic conditions, rise in prevalence of chronic pain, and growing use of internal OTC analgesics and external OTC analgesics among individuals have a significant impact on the demand for OTC analgesics.
How Lucrative is the Market for OTC Analgesics in China?
Growing usage of OTC analgesics, presence of major pharmaceutical industry players, and improved patient care reforms are factors are expected to boost market growth in China over the forecast period.
Rise in disease burden, rapid increase in research, and large number of key players expanding their business in the country are expected to drive market growth.
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Why are Nonsteroidal Anti-inflammatory Drugs (NSAIDs) in Such High Demand?
Demand for NSAIDs is expected to increase by 1.6X over the forecast period. Non-opioid analgesics are nonsteroidal anti-inflammatory drugs (NSAIDs). They are mainly of three types: aspirin, ibuprofen, and naproxen.
NSAIDs work by inhibiting the production of certain chemicals in the body that causes inflammation. NSAIDs are useful in curing pain caused by slow tissue damage, like arthritis pain and are expected to fuel the demand for OTC nonsteroidal anti-inflammatory drugs.
They're frequently used to treat headaches, menstrual cramps, sprains and strains, colds and flu, arthritis, and other mild to moderate pain conditions. They are more effective than acetaminophen and are generally used to treat mild pain symptoms all over the body. Hence the sales of OTC nonsteroidal anti-inflammatory drugs have increased.
All these factors are contributing to the growth of the OTC nonsteroidal anti-inflammatory drugs (NSAIDs) market.
Which OTC Channel Will be Preferred for Sales of OTC Analgesics?
According to OTC channel analysis, pharmacies will continue to be the most popular OTC channel for sales of OTC analgesics over the coming years.
A pharmacy is a one-stop-shop for OTC analgesics that can be used at home. Many people can't afford to go to the doctor on a regular basis and instead rely on OTC products. Hence, individuals are gradually shifting their preference towards pharmacies for purchasing medicines.
Wider availability of OTC analgesics in pharmacies, affordability, and easy accessibility are boosting sales of OTC acetaminophen and OTC salicylates through pharmacies.
COVID-19 Impact on Market
Initial COVID-19 lockdowns slowed production, resulting in lower availability and higher costs for the materials needed to make the products. COVID 19 negatively impacted the sales of internal OTC analgesics and external OTC analgesics.
However, COVID-19 patients with mild symptoms can be treated with OTC medications. As a result, OTC analgesics have become a major focus for pandemic management. As a result of the COVID-19 pandemic, sales of effective OTC analgesics surged and are projected to be higher for the over-the-counter (OTC) drugs market.
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With several OTC analgesics product manufacturers, the market is fiercely competitive.
Rising prevalence of pain-related conditions will open up a variety of new business opportunities. To take advantage of the opportunities, OTC analgesics manufacturing companies should concentrate on expanding their consumer base and strengthening their competitive position.
- In May 2020, The European Commission has started the European Research Area (ERA) 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 (NSAIDs), such as ibuprofen and paracetamol, in the lowest dose form.
OTC Analgesics Industry Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn, Volume in Cubic Meters|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Market Segments in OTC Analgesics Industry Research
- OTC Analgesic Tablets
- OTC Analgesic Capsules
- OTC Analgesic Liquid
- OTC Acetaminophen
- OTC Salicylates
- OTC Nonsteroidal Anti-inflammatory Drugs (NSAIDs)
- Sales of OTC Analgesics at Pharmacies
- Sales of OTC Analgesics at Drug Stores
- Online Sales of OTC Analgesics
- Modern Trade Sales of OTC Analgesics
OTC Analgesics Market: Report Scope
A recent study by Fact.MR on the OTC analgesics market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates recent market developments, strategic market growth analysis, market size, category market growths, product approvals, product launches, geographical expansions, and technological innovations associated with OTC analgesics market!
The study also provides the dynamics responsible for influencing the future status of the OTC analgesics market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing OTC analgesics, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of OTC analgesics across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of OTC analgesics during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative markets for OTC analgesics?
- Which factors will impact the growth of the market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the OTC analgesics industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Market estimates at global and regional levels for OTC analgesics are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global OTC analgesics market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the OTC analgesics market during the forecast period.
Country-specific valuation on demand for OTC analgesics has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
The report sheds light on leading manufacturers of OTC analgesics, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering OTC analgesics has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the OTC analgesics market.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of OTC analgesics market, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
The global over-the-counter (OTC) analgesics market is currently worth more than US$ 25 Bn.
From 2016-2020, market CAGR was around 2% for OTC analgesics.
Rising geriatric population and cost efficiency of OTC drugs are key trends that are driving sales of OTC analgesics.
Sales of OTC analgesics in Canada are forecasted to top US$ 7 Bn by 2031.
Key OTC analgesics suppliers are Bayer AG, Boehringer Ingelheim International GmbH, Johnson & Johnson, GlaxoSmithKline PLC, and Pfizer Inc.
With 40% share, North America will largely contribute to the growth of OTC analgesics revenue.
OTC analgesic sales in Germany are expected to rise at a CAGR of 3% over the forecast period of 2021 to 2031.
Nonsteroidal anti-inflammatory drugs (NSAIDs) account for a share of 50% in the market.
The U.S., China, U.K, Germany, and France are expected to drive most of the demand for OTC analgesics.
The global market is expected to expand at a CAGR of 5% over the forecast period of 2021 to 2031.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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