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The OTC analgesics market size is estimated to grow by USD 7.20 billion at a CAGR of 4.98% between 2023 and 2028. The changing global demographic landscape, characterized by an increasing aging population, is driving the demand for over-the-counter (OTC) analgesics and other OTC drugs. In 2022, around 771 million people worldwide were aged 65 or older, representing about 10% of the global population. As life expectancy rises, individuals face age-related health challenges that often lead to chronic pain. This trend creates a growing need for accessible pain relief options, with OTC analgesics playing a critical role. Elderly individuals frequently deal with conditions such as arthritis and musculoskeletal disorders, requiring daily pain management in consumer healthcare to maintain a reasonable quality of life. OTC analgesics, including acetaminophen and non-steroidal anti-inflammatory drugs (NSAIDs), offer effective relief without the need for prescriptions, aligning with seniors' preferences for self-care and autonomy. Their widespread availability in pharmacies, supermarkets, and online platforms ensures easy access, which is particularly advantageous for seniors on fixed incomes. As a result, the expanding aging population is projected to significantly influence the growth of the global OTC analgesics market.
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The OTC analgesics market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The internal segment is estimated to witness significant growth during the forecast period. The primary function of internal analgesics is for use within the body, administered either orally in the form of pills or liquids, or rectally as suppositories. This category offers a diverse range of formulations, including tablets, capsules, liquid-filled hard capsules (LFHC), liquid solutions, and syrups. Key medications in the internal analgesic segment include acetaminophen, aspirin, and nonsteroidal anti-inflammatory drugs (NSAIDs).
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The internal segment was the largest segment and was valued at USD 17.63 billion in 2018. Prominent internal over-the-counter (OTC) analgesic brands include aspirin and paracetamol. Several key factors are contributing significantly to the growth of this segment. These include the increasing prevalence of pain-related conditions, heightened awareness of self-medication, and strong marketing efforts by major brands to promote their OTC analgesics. The demand for these products is rising globally as more individuals recognize the benefits of self-medication. Collectively, these elements are expected to drive the growth of the over-the-counter analgesics market during the forecast period.
The offline segment for over-the-counter (OTC) analgesics includes traditional and physical retail locations where consumers can purchase non-prescription pain relief products directly. This segment plays a crucial role in providing immediate access and personalized support for individuals seeking relief from various types of pain. Trusted sources for OTC analgesics primarily consist of pharmacies and drugstores. Many retail giants also offer a diverse range of pain relief options. Consequently, the combination of widespread availability and personalized customer service is anticipated to drive growth in this segment, contributing to the overall expansion of the OTC analgesics market during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have provided a detailed analysis of the regional trends and drivers that will influence the market throughout the forecast period. Key factors contributing to the growth of the over-the-counter (OTC) analgesics market in North America include rising healthcare expenditure, a high prevalence of pain-related conditions and arthritis, a significant presence of companies in the region, and supportive government policies.
In particular, the United States has played a crucial role in this market growth due to the increasing incidence of pain-related conditions such as headaches, migraines, arthritis, muscle sprains, and joint pain. Additionally, the strong presence of market players in the region is positively affecting the growth of the OTC analgesics market. Consequently, these factors are expected to propel market expansion in North America during the forecast period..
The OTC analgesics market includes a wide array of medications designed to relieve various types of pain, such as fever, headaches, joint pain, and chronic pain. These analgesics can be categorized into internal options, such as acetaminophen and Tylenol, and external forms, including topical creams, gels, and other topical drugs. The market serves diverse demographics, including the elderly and pregnant women, who often need pain relief for self-care and self-medication. OTC analgesics also comprise nonsteroidal anti-inflammatory drugs (NSAIDs), such as aspirin and salicylates.
These medications are available through various distribution channels, including hospital pharmacies, retail pharmacies, and online platforms. Pain management programs frequently recommend these drugs for effective pain control, particularly for an aging population. Off-label uses of these medications are also prevalent. This market represents a vital segment of the pharmaceutical industry, offering essential self-care solutions for individuals managing pain. The growth of the OTC analgesics market is propelled by the rising prevalence of pain-related conditions and increased awareness of self-care and self-medication practices. Our researchers analyzed data with 2023 as the base year, focusing on key drivers, trends, and challenges that influence market growth.
One of the primary factors contributing to market growth is the increasing global aging population. This demographic shift has significantly impacted the global landscape, particularly influencing the over-the-counter (OTC) analgesics market. As lifespans increase, age-related health issues are becoming more prevalent, leading to a higher likelihood of chronic pain and discomfort among individuals. Additionally, the demand for accessible and effective pain relief options is driving the need for OTC analgesics. Common conditions affecting the elderly include arthritis, musculoskeletal disorders, and various other age-related ailments, all of which can result in persistent pain.
Consequently, there is a growing preference for OTC analgesics, such as acetaminophen and nonsteroidal anti-inflammatory drugs (NSAIDs), as these provide a practical and easily accessible way to manage these discomforts without requiring a prescription. Effervescent tablets are gaining popularity in this market segment, offering a convenient and rapid delivery method for pain relief medications. These tablets dissolve quickly in water, making them simple to consume and particularly suitable for individuals seeking immediate relief from pain. Therefore, these trends are expected to drive the growth of the OTC analgesics market throughout the forecast period.
A significant factor driving market growth is the increasing number of launches of over-the-counter (OTC) analgesics. There is a heightened emphasis on research and development for OTC analgesic medications, stemming from the rising demand for effective and well-tolerated treatments. The OTC analgesics market presents substantial growth opportunities for companies, given the large patient base and escalating demand for these products.
Additionally, market players are concentrating on developing new OTC analgesics with innovative formulations. Consequently, they are introducing products with regulatory approvals, allowing them to broaden their product offerings and enhance sales. For instance, in February 2020, GlaxoSmithKline received approval from the US FDA for Voltaren Arthritis Pain (diclofenac sodium topical gel, 1% (NSAID)), which is an OTC product designed for the temporary relief of arthritis pain in adults over 18, affecting areas such as the hand, wrist, elbow, foot, ankle, or knee. These developments are favorably influencing market trends, contributing to the anticipated growth of the OTC analgesics market throughout the forecast period.
The increasing frequency of product recalls poses a significant challenge to the growth of the over-the-counter (OTC) analgesics market. The pharmaceutical sector is susceptible to regular recalls due to safety and efficacy concerns. Products must be thoroughly examined, modified, or corrected to comply with regulatory standards. Additionally, companies are compelled to recall products to safeguard patient health.
Several key issues can trigger product recalls, including inaccuracies in drug composition, warning labels, and expiration date information. Furthermore, manufacturing defects, technical errors, labeling mistakes, and active pharmaceutical ingredient (API) concentration discrepancies can also lead to recalls. Such incidents can damage the industry's reputation and diminish consumer trust. Consequently, these factors are inhibiting the growth of the OTC analgesics market during the forecast period.
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The OTC analgesics market growth analysis report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the over-the-counter analgesics market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Bayer AG: The company offers over the counter analgesics used for chronic pain and migraine.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The over-the-counter analgesics market is experiencing significant growth, driven by several key factors. Physicians frequently recommend medications for joint pain and various chronic pain disorders, with popular options such as Tylenol and ibuprofen leading the nonsteroidal anti-inflammatory drug (NSAID) category. The trend of self-medication has notably increased sales through hospital pharmacies, online pharmacies, and retail outlets. Pharmaceutical companies are taking advantage of this trend by diversifying their product formulations and implementing aggressive marketing strategies. Additionally, there is a rising interest in natural and herbal remedies as part of a broader shift toward holistic health and overall well-being. Salicylates, which are found in both internal and external over-the-counter analgesics, continue to play a crucial role in addressing conditions such as osteoarthritis and musculoskeletal disorders.
The demand for pain medications remains particularly high among the elderly and individuals experiencing chronic back pain, axial spondyloarthritis, and sports-related injuries. Chiropractic clinics and pain management programs are vital in addressing these health issues. Additionally, significant sales occur through distribution stores, serving middle and lower-income families. However, the market faces challenges such as improper medication use and side effects, including serious conditions like brain damage, necessitating stricter regulations. Nonetheless, the use of non-opioid analgesics, such as naproxen and paracetamol, is gaining traction as they effectively alleviate pain without the risks associated with opioid medications. In the domain of prescription and immunotherapy drugs, off-label medications are increasingly utilized for pain management alongside pain management devices, underscoring the need for diversified treatment options. Furthermore, the market is supported by chronic pain disorders linked to cardiovascular diseases, cancer, muscle injuries, and surgical recovery, ensuring sustained demand for effective over-the-counter analgesics.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.98% |
Market growth 2024-2028 |
USD 7.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.65 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Germany, China, UK, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AKUMS, AstraZeneca Plc, Bayer AG, Boehringer Ingelheim International GmbH, Cardinal Health Inc., Cipla Inc., CV Sciences Inc., Endo International Plc, GlaxoSmithKline Plc, Medterra CBD, Novartis AG, Perrigo Co. Plc, Pfizer Inc., Piramal Enterprises Ltd., Reckitt Benckiser Group Plc, Sanofi SA, Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Co. Ltd., Teva Pharmaceutical Industries Ltd., Viatris Inc., and Weefsel Pharma |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our over-the-counter analgesics market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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