Global Over the Counter (OTC) Analgesics Market - Segmented by Type of Drug, Distribution Channel, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The OTC analgesics market is expected to witness a CAGR of 7.2% during the forecast period. North America dominates the global market due to the favorable regulatory framework in North America.
Increasing Demand in Topical Analgesics
Increasing demand of topical analgesics, which are available as pain-relieving creams, lotions, rubs, gels, and sprays, has increased the sales of analgesics by 18 percent. According to Kline Nonprescription Drugs US report, increasing geriatric population worldwide, will generate the demand for pain relief products. According to the US Census Bureau, between 2012 and 2050, the United States will experience considerable growth in its older population. Thus, the growth in geriatric population is driving the growth of the global OTC analgesics market.
Additionally, the cost efficiency of OTC analgesics drugs is also responsible for fuelling the growth of the market.
Harmful Side-Effects from Continuous Use of OTC Analgesics
The common side-effects from the continued usage of OTC analgesics include, constipation, drowsiness, dizziness, stomach-ache, heart attack, or stroke. These drugs can cause serious changes in the brain and body. Long-term usage of painkillers increases the addiction and dependency on the drugs. In the United States, painkillers are the second most abused substances, after Marijuana. As a result of such incidents of drug overdose, there is an uncertainty regarding the increasing stringency on OTC analgesics, thus, restraining the market.
Additionally, drug abuse is restraining the growth of OTC analgesics market.
North America to Dominate the Market
Analgesics are one of the star performers in the OTC drugs portfolio worldwide. Being the first choice for pain relief, the demand for various analgesics is high around the globe, especially in industrialized regions. Some of the most common factors leading to an increasing demand are: rise in average age of citizens in countries, such as the United States. Another major reason is the increasing obesity in developing countries, such as Mexico. Both these reasons give rise to common problems of pain, stress, and various kinds of aches. This section of the population contributes to the increasing demand, and therefore, the growth of the analgesics market. From the industry side, factors such as, high level of innovation and falling private label competition in developed countries, are also fueling the market’s growth.
Key Developments in the Market
January 2018 - New chronic pain relief “Venodol” roll is a non-opioid, non-additive OTC alternative to opioid, and Steroidal Analgesics. It is launched by Spotlight Innovation, a pharmaceutical company, which is a subsidiary of Caretta Therapeutics in 2017.
Major Players – BAYER, BOEHRINGER INGELHEIM, JOHNSON & JOHNSON, NOVARTIS AG, PFIZER INC., RECKITT BENCKISER GROUP PLC., SANOFI, SUN PHARMA, and TAKEDA PHARMA amongst others.
Reasons to Purchase the Report
Current and future OTC Analgesics market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet in excel.
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook