Market Overview:
The Over the Counter (OTC) analgesics market consists of pharmaceutical drugs that relieve pain such as headaches, muscle aches, toothaches, back aches, and other types of pain, without the need for a doctor prescription. Common OTC analgesic products include acetaminophen, nonsteroidal anti-inflammatory drugs (NSAIDs) such as ibuprofen and naproxen sodium, and compound formulations with combinations of these active ingredients. These drugs are available in liquid gels, tablets, capsules, creams, and sprays for localized pain.
Market Dynamics:
Increasing prevalence of chronic and lifestyle diseases requiring pain relief measures is expected to drive the OTC analgesics market growth over the forecast period. According to the CDC estimates, around 50 million adults in the U.S. have chronic pain. Moreover, according to the National Health Interview Survey, around 25.3 million (11.2%) of American adults had chronic pain in 2016. Furthermore, rising geriatric population is also anticipated to fuel the market growth as aging is linked to more frequent occurrence of chronic pain. As per World Population Ageing Report by United Nations, by 2050, world’s population aged 60 years and above will more than double its size in 2017, reaching nearly 2.1 billion.
Segment Analysis
The Global Over The Counter (OTC) Analgesics Market is segmented into internal and external OTC analgesics. The internal OTC analgesics segment is further divided into oral tablets, capsules, powder, and syrup which dominates the market. Oral tablets account for over 50% of the internal OTC analgesics market share as they are easy to consume, have predictable results and are available in various forms like effervescent tablets.
PEST Analysis
Political: Regulations regarding non-prescription drugs are well defined which promotes the growth of OTC analgesics market.
Economic: Rising disposable incomes in developing nations is driving the sales of OTC analgesics as people can afford to purchase them without prescription.
Social: Busy lifestyles and preference for self-medication is increasing the demand for OTC analgesics for instant pain relief.
Technological: Tablet formulations with advanced technologies like orally disintegrating and time-release provide convenience and helps compliance which is supporting market growth.
Key Takeaways
The global OTC analgesics market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing prevalence of lifestyle diseases like arthritis and growing geriatric population prone to body ache and joint pain. North America dominates the market holding over 35% share owing to early adoption of OTC medications and wide availability of products. Key players operating in the OTC analgesics market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others.
Regional analysis
Asia Pacific is the fastest growing region in OTC analgesics market expanding at a CAGR of around 6% during forecast period driven by large population base and improving living standards in developing countries like India and China. Improving access to healthcare facilities and increasing self-medication practices are factors contributing towards region’s high growth.
Key players analysis
Key players operating in the OTC analgesics market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others. Sanofi and Pfizer have leading market shares due to their strong brand presence and diverse product portfolio.
Read More: https://www.rapidwebwire.com/over-the-counter-analgesics-market-demand/
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