by Over the counter (OTC) analgesics are non-prescription medicines used to relieve pain such as headaches, muscle aches, backaches, toothaches, arthritis pain, and other minor bodily pains. They are readily available compounds for consumers to treat short-term pains and fevers without a prescription. The increasing trend of self-medication worldwide is driving the demand for OTC analgesics.
The global Over The Counter (OTC) Analgesics Market is estimated to be valued at Us$ 28.55 Bn in 2023 and is expected to exhibit a CAGR Of 4.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Adoption of Self-Medication Practices Self-medication refers to obtaining and consuming drugs without consulting a medical practitioner. Factors such as easy accessibility, greater control over healthcare needs, and lesser healthcare costs have led to a rise in self-medication practices globally. As per the Responsible Self-Care Report by the Consumer Healthcare Products Association, nearly 40% of Americans self-medicated for common ailments like headaches, fever, cough and cold in 2016. People preferring self-care are relying more on OTC drugs rather than prescription drugs, thereby driving the growth of the over the counter analgesic market. The trend of self-medication is expected to continue over the forecast period due to the growing awareness regarding the usage of OTC analgesic drugs for minor aches and pains.
SWOT Analysis
Strength: OTC analgesics provide convenient and cost-effective pain relief without a prescription. They allow for self-medication of minor symptoms.
Weakness: Overuse or long-term use of OTC analgesics can lead to side effects and risks to health.Improper use may not address underlying health issues.
Opportunity: Growth of e-commerce is expanding access and convenience of purchasingOTC medications. Ageing population prompts greater demand for pain relief products.
Threats: Regulatory controls and compliance requirements imposes costs on manufacturers. New entrance of generic competitors may reduce prices and margins.
Key Takeaways
The Global Over The Counter (OTC) Analgesics Market Demand is expected to witness high growth. Rapid growth in geriatric population prone to chronic pain and arthritis is driving demand. Rising awareness about relieving minor aches and pains without medical intervention also supports usage.
Regional analysis comprises North America currently dominates due to large base of chronic pain patients and favorable reimbursement policies supporting OTC analgesic use for common conditions. Asia Pacific is the fastest growing region attributed to rising economic prosperity, healthcare spending and massive population base seeking pain relief.
Key players operating in the OTC Analgesics market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC. Major players are focused on product innovation, expanding into fast growing emerging markets and acquiring regional brands to strengthen market position. Sanofi leads the global market followed by Bayer, Johnson & Johnson and others.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
