Analysis of Over the Counter (OTC) Analgesics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
|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%|
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.
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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.
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.
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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.
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.
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.
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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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.
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.
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.
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.
|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|
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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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