Over the Counter (OTC) Analgesics Market

Over the Counter (OTC) Analgesics Market Outlook

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.

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.

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.

Country-wise Analysis

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.

Category-wise Insights

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.

Competitive Landscape

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

Attribute	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	Value in US$ Mn, Volume in Cubic Meters
Key Regions Covered	North America Latin America Europe East Asia South Asia Oceania Middle East Africa
Key Countries Covered	U.S. Canada Mexico Brazil Mexico Argentina Germany Italy France U.K Nordic Spain Japan China India Malaysia Thailand Australia GCC Countries South Africa Turkey
Key Market Segments Covered	Form Drug Type OTC Channel Region
Key Companies Profiled	Bayer AG Boehringer Ingelheim International GmbH Johnson & Johnson GlaxoSmithKline PLC Pfizer Inc. Reckitt Benckiser Group PLC Sanofi SA Sun Pharmaceutical Industries Ltd Takeda Pharmaceutical Company Limited AstraZeneca PLC Merck & Co Inc. Novartis AG
Pricing	Available upon Request

Key Market Segments in OTC Analgesics Industry Research

• By Form :

  • OTC Analgesic Tablets
  • OTC Analgesic Capsules
  • OTC Analgesic Liquid

• By Drug Type :

  • OTC Acetaminophen
  • OTC Salicylates
  • OTC Nonsteroidal Anti-inflammatory Drugs (NSAIDs) 

• By OTC Channel :

  • Sales of OTC Analgesics at Pharmacies
  • Sales of OTC Analgesics at Drug Stores
  • Online Sales of OTC Analgesics
  • Modern Trade Sales of OTC Analgesics