Rising Trend Of Self-Medication Is Fuelling The Growth Of Over The Counter Analgesics Market By 5% CAGR During Forecast Period

Nonsteroidal Anti-Inflammatory Drugs (Nsaids) Are Anticipated To Increase By 1.6X During Forecast Period As These Are Rapidly Used To Treat Pain Conditions

Fact.MR – A Market Research and Competitive Intelligence Provider: The global OTC analgesics market was valued at US $ 25 Billion in 2020, and is expected to accelerate at a CAGR of 5% through 2031.

Surge in demand for nonsteroidal anti-inflammatory drugs is expected to witness a CAGR of 4% during 2021 to 2031.

OTC analgesics have a lot of scope to grow, with demand for effective OTC analgesics like pain relievers significantly being used among patients. Moreover, healthcare reforms and supportive regulatory norms are pushing the implementation of pain management programs, to lower overall healthcare costs.

Rise in growth of the ageing population leads to various old age problems, for which, patients prefer to receive medications and home treatments rather than being hospitalized. As per the Centers of Disease Control and Prevention, 20.4% of the adults were suffering from chronic pain in 2019. Moreover, 7.4% adults had chronic pain that limited their life or work activities on daily basis. These factors ultimately boost the growth of the market during forecast period.

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In addition to this, growing prevalence of cardiovascular disease, osteoarthritis, and cancer has significantly become prominent, further boosting the sales of OTC analgesics.

Also, various factors such as improving economic conditions, surge in prevalence of chronic pain, and rise in use of internal OTC analgesics among patients have a significant impact on the demand.

Besides this, self-medication is expected to fuel the growth of the market. Individuals rapidly use OTC analgesics without a prescription for pain that is of lesser severity.

Key Takeaways:

• Demand for NSAIDs is expected to increase by 1.6X during forecast period. This is due to various benefits offered by NSAIDs that are useful in curing pain caused by slow tissue damage, such as arthritis pain.
• As per the OTC channel, pharmacies are expected to be the most dominant channel for sales of OTC analgesics over the coming years. Higher availability of OTC analgesics in pharmacies and easy accessibility are expected to boost the sales

Growth Drivers:

• Rise in cost due to high prevalence of disease, significant investments in research, and large number of manufacturers expanding their business in the country are expected to drive the market growth
• Favorable regulatory norms across the globe, have pushed the implementation of several pain management programs, to reduce overall healthcare costs.

Restraints:

• Covid-19 pandemic has resulted in lower availability and higher costs for the materials. Covid-19 pandemic has negatively impacted the sales of OTC analgesics.
• Incorrect diagnosis of the disease can have serious consequences and this act as a restraint to the growth of the market.

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Competitive Landscape:

• Market share of top 5 companies is around 40%. Market is highly competitive and rise in prevalence of pain-related conditions is offering variety of business opportunities. To establish the foothold in the market, the companies are concentrating on expansion of their consumer base and strengthening their competitive position. Moreover, companies are offering diverse range of analgesics due to approvals by government agencies on various drugs.
  • In May 2020, The European Commission had initiated the European Research Area corona platform that offers details on Covid-19 innovative solutions.
    • The European Medicine Agency had suggested that mild Covid-19sy mptoms could be treated with non-steroidal anti-inflammatories (NSAIDs).

Key Companies Profiled by Fact.MR

• 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

More Valuable Insights on Over the Counter (OTC) Analgesics Market:

By Form:

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

By Drug Type:

• • OTC Acetaminophen
  • OTC Salicylates
  • OTC No steroidal 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

By Geography:

• • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
  • Italy
    • Rest of Europe
  • Asia Pacific
    • Australia and New Zealand
    • Japan
    • China
    • India
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of LATAM
  • Middle East and Africa
    • GCC
    • South Africa
    • Rest of MEA

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