Analgesics are counter pain drugs, which stop the pain sensation for some time, or completely eliminate the feeling of pain. These drugs are often consumed by individuals, without the need for any necessary prescription, for type of pain which reoccurs or is of less degree. The drugs which don’t require prescription fall under OTC analgesics, for example drugs for reducing fever, or body pain killers.
The advent of healthcare reforms, and favorable regulatory norms worldwide, have encouraged the initiation & uptake of several pain management programs, in a bid to reduce the overall healthcare costs. For example, Patient Protection and Affordable Care Act of the U.S. has provisions for pain management. These instances have paved ways for developing effective OTC analgesics. OTC analgesic drugs are usually purchased in large quantities, with wide availability of drugs for relieving various types of pain in distribution stores. These factors are expected to influence growth of the global OTC analgesics market.
The trend of utilizing off-label drugs, which are unapproved and affordable medications effective for treatment of diseases, has been gaining an uptick over the recent past. Management of symptoms related to pain has become easy and convenient owing to the availability of OTC analgesics, and these are further prescribed with approved drugs as the maintenance therapies. There is a high potential for growth of the global OTC analgesics market, with sales and demand for pain medication such as pain killers, or pain relievers gaining a significant prevalence among individuals. In addition, demand for non-narcotic pain medication has been witnessing a surge on the back of ill effects associated with narcotic drugs on patients. Topical analgesic manufacturers as well as distributor are increasing their product portfolio to gain huge profits from opportunities in the developed as well as developing markets.
The global OTC analgesics market is projected to register a steady expansion through 2022. The market is estimated to surpass revenues worth US$ 20,000 Mn by 2022 end.
(Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Pharmacy to Remain the Most Lucrative OTC Channel in the Global OTC Analgesics Market
Pharmacy will remain the most lucrative OTC channel for sales of OTC analgesics in the market. Drug store is expected to be the second largest OTC channel in the market. OTC analgesics sales in online store, and the modern trade OTC channels will register the fastest expansion through 2022.
North America will continue to account for the largest revenue share of the market, and is estimated to retain its dominance in the global OTC analgesics market over the forecast period. In addition, Europe will remain the second most lucrative market for OTC analgesics, however the market in Japan will register a relatively faster expansion than in Europe through 2022.
OTC analgesics in the form of tablets will account for more than half revenue share of the market over the forecast period. In addition, tablet OTC analgesics are anticipated to remain sought-after among consumers around the world. Capsule will continue to be the second largest sold OTC analgesics product in the global market, with sales expanding at the highest CAGR throughout the forecast period.
Key market players mentioned in Fact.MR’s report include Sun Pharmaceuticals Industries Limited, Johnson & Johnson Service, Inc., AstraZeneca Plc., Reckitt Benckiser Group Plc., Novartis AG, GlaxoSmithKline Plc., and Pfizer Inc.
Note: The insights mentioned here are of the respective analysts, and do not reflect the position of Fact.MR
The market for OTC analgesics is foreseen to possess high potential for growth, with surging sales and demand for pain medication including pain killers, and pain relievers. High demand has been witnessed for narcotic pain medication on the back of adverse effects on patients consuming narcotic drugs. The market for OTC analgesics will witness an impressive growth in both developing as well as the developed economies, creating opportunities for topical analgesic distributors and manufacturers in the near future. A recent report by Fact.MR provides an in-depth analysis about the global OTC analgesics market for the forecast period 2017 to 2022. The report’s primary objective is to provide information and updates pertaining to growth opportunities in the global market for OTC analgesics.
The report commences by providing an executive summary, market dynamics and market taxonomy, underlining the factors which influence growth of the global OTC analgesics market. This executive summary offers the foundation on which the report is based, providing users with scope of the report. The executive summary contains key statistics and facts impacting the global OTC analgesics market.
The scope of Fact.MR’s report is to analyze the global OTC analgesics market for the forecast period 2017-2022 and provide readers an unbiased and accurate analysis. Drug manufacturers, stakeholders, and suppliers in the global healthcare sector can benefit from the analysis offered in this report. This report offers a comprehensive analysis, which can be of interest to leading trade magazines and journals pertaining to OTC analgesics.
The report begins with an overview of the global OTC analgesics market in terms of various products available across the globe. It offers market value statistics, key drivers, trends and restraints on the basis of demand and supply perspectives.
To arrive at the market size the report considers value of the global OTC analgesics market across targeted geographies. The forecast offered here assesses total revenues from the global leading companies in OTC analgesics. Provided with the market characteristics, our analysts have triangulated several outcomes based on market dynamics, demand side, and supply side, including the government guidelines and regulations on the global market for OTC analgesics. Along with quality insights, quantification of the data is considered gathered directly from the discussions with nurses, physicians, medical case managers, and subject matter experts.
By considering the wide scope of global OTC analgesics market, Fact.MR’s report provides segment-wise analysis and forecast. The OTC analgesics market is categorized on the basis of OTC channel, product form and region. Segmentation analysis offered is comprehensive, along with the detailed country-wise forecast offered on all parameters.
The report’s last section emphasizes on the competitive landscape of the global OTC analgesics market, providing readers with the dashboard of company analysis as well as the market players. Competitive intelligence provided by the report is based on providers’ categories in the value chain, and their presence in the global OTC analgesics market.
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