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The global over-the-counter (OTC) analgesics market size is estimated to grow by USD 7.2 billion at a CAGR of 4.98% between 2023 and 2028.
The shifting global demographic landscape, marked by a growing aging population, is spurring demand for Over-the-Counter (OTC) analgesics. In 2022, approximately 771 million individuals worldwide were aged 65 or older, comprising about 10% of the global population. As people live longer, they encounter age-related health issues, increasing the likelihood of chronic pain. This drives the need for accessible pain relief solutions, with OTC analgesics emerging as a crucial response. Elderly individuals often contend with conditions like arthritis and musculoskeletal disorders, necessitating daily pain management for a reasonable quality of life. OTC analgesics like acetaminophen and NSAIDs provide practical relief without prescriptions, aligning with seniors' desire for self-care and independence. Their widespread availability in pharmacies, supermarkets, and online platforms ensures convenient access, particularly beneficial for fixed-income seniors. Consequently, the aging population's growth is expected to propel the global OTC analgesics market forward.
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The internal segment is estimated to witness significant growth during the forecast period. The main purpose of internal analgesics is for internal use and are either taken by mouth in the form of pills and liquids or inserted into the rectum in suppository form. This segment is available in a wide variety of formulations, such as tablets, capsules, liquid solutions, and syrup. Some of the main drugs included in the internal segment are 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. Some of the prominent internal OTC analgesic brands include Aleve, Advil, Crocin, MOTRIN, Aspirin, Excedrin, and TYLENO. In addition. some of the key factors that are significantly contributing to the growth of this segment include the increasing prevalence of pain-related conditions, rising awareness of self-medication, strong advertisements by key vendors to promote their OTC analgesics, and rising healthcare expenditure. There is an increase in demand for OTC analgesics across the world due to the growing awareness of self-medication. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
The offline segment for OTC analgesics comprises traditional and physical retail outlets where consumers can directly purchase these non-prescription pain relief products. This segment is vital in offering immediate access and personalized assistance to consumers seeking relief from different types of pain. Some of the trusted sources of OTC analgesics include pharmacies and drugstores. Some of the retail giants that offer a wide array of pain relief options include Walgreens, CVS Health in the United States, and Boots in the United Kingdom. Hence, factors such as widespread availability and accessibility coupled with the personalized touch it offers to customers are expected to fuel the growth of this segment which in turn will drive the market growth 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 elaborately explained the regional trends and drivers will shape the market during the forecast period. Some of the main factors that are significantly contributing to the growth of the OTC analgesics market in North America include increasing healthcare expenditure, the high prevalence of pain-related conditions and arthritis, the strong presence of vendors in the region, and favorable government policies.
Moreover, one of the main countries in North America which have significantly contributed to the market growth in the region is the US due to the increasing prevalence of pain-related conditions such as headaches, migraines, arthritis, muscle sprain, and joint pain. In addition, there is a strong presence of market players in the region which is also positively impacting the over-the-counter analgesics market growth. Hence, such factors are expected to drive market growth in North America during the forecast period.
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 Market encompasses a wide range of medications used to alleviate various types of pain, including fever, headaches, joint pains, and chronic pain. These analgesics can be classified into internal OTC analgesics, such as Acetaminophen and Tylenol, and external OTC analgesics, like topical creams and gels. The market caters to diverse populations, including the geriatric population and pregnant women, who may require pain medicines for self-care and self-medication. OTC Analgesics include nonsteroidal anti-inflammatory drugs (NSAIDs) like Aspirin and Salicylates. These medications are distributed through various channels, including Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. Pain management programs often recommend these drugs for managing pain, especially in the context of an ageing population. Off-label uses of these drugs are also common. The Market is a significant sector in the pharmaceutical industry, providing essential self-care solutions for individuals managing pain. The market's growth is driven by the increasing prevalence of pain conditions and the growing awareness of self-care and self-medication. There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the market growth is the growing aging population globally. There has been a significant shift in the global demographic landscape due to the growing aging population which is significantly contributing to the market growth. There is an increase in age-related issues among people across the globe as people are living longer lives. As a result, there is a higher chance of experiencing chronic pain and discomfort.
Moreover, there is an increase in demand for accessible and effective pain relief solutions, which is fueling the demand for OTC analgesics. Some of the key conditions in elderly people include arthritis, musculoskeletal disorders, and various age-related ailments that result in chronic pain. As a result, there is an increase in the adoption of OTC analgesics, including acetaminophen and nonsteroidal anti-inflammatory drugs (NSAIDs), as they offer a practical and accessible means of addressing these persistent discomforts without the necessity of a prescription. Effervescent tablets are gaining traction within this segment, providing a convenient and fast-acting delivery method for pain relief medications. These tablets dissolve quickly in water, making them easy to consume and ideal for individuals seeking immediate relief from pain and discomfort. Hence, such factors are driving the market during the forecast period.
A key factor shaping the market growth is the growing number of launches of OTC analgesics. There is a growing development of research and development for OTC analgesic drugs due to the increasing need for efficacious and better-tolerated medications. The market also offers huge growth opportunities for companies, due to the presence of a huge patient pool and the increasing demand for OTC drugs.
Moreover, there is an increasing focus by market players on developing new OTC analgesics with new formulations. As a result, they are introducing products with regulatory approvals, which can help them expand their product portfolio and maximize their sales. For example, in February 2020, GlaxoSmithKline received US FDA approval for Voltaren Arthritis Pain (diclofenac sodium topical gel, 1% (NSAID) as an OTC product for the temporary relief of arthritis pain in the hand, wrist, elbow, foot, and ankle, or knee in adults above 18 years of age. Hence, such factors are positively impacting the market trends. Hence, such factors are driving the market during the forecast period.
The growing number of product recalls is one of the key challenges hindering market growth. The pharmaceutical industry is prone to frequent product recalls due to safety and functionality issues. Pharmaceutical products need to be checked, adjusted, or fixed to ensure that they adhere to regulatory guidelines. In addition, market players must recall their products to prevent adverse effects on patients.
Moreover, some of the main factors that can lead to product recalls include errors in drug composition, warnings, labeling, and expiry date information. In addition, other factors such as manufacturing defects, technical errors, labeling errors, and API concentration faults can result in product recalls. Hence, such product recalls can hamper the industry's reputation and impact consumer confidence in the industry. Hence, such factors are hindering the market during the forecast period.
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The 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 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
The 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
Transdermal Drug Delivery Market Size: The Market analysis North America, Europe, APAC, South America, Middle East and Africa - US, Canada, China, UK, Germany - Size and Forecast 2024-2028
Paracetamol Market Size: Paracetamol Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, China, UK, Germany, India - Size and Forecast
Effervescent Tablet Market Size: Effervescent Tablet Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, India, Japan - Size and Forecast
The Market is experiencing notable growth, driven by several key factors. Physicians often recommend medications for joint pains and other chronic pain disorders, with popular choices like Tylenol and Ibuprofen leading the NSAID segment. The rise of the self-medication trend has significantly boosted sales through hospital pharmacies, online pharmacies, and retail pharmacies. Pharmaceutical businesses are capitalizing on this trend by diversifying their formulas and launching aggressive advertising campaigns. There's a growing interest in natural and herbal medicines as part of a shift towards holistic health and overall well-being. Salicylates, used in both internal OTC analgesics and external OTC analgesics, remain a significant segment, addressing conditions like osteoarthritis and musculoskeletal diseases.
Moreover, the demand for pain medicines is particularly high among the ageing population and those suffering from chronic back pain, axial spondyloarthritis, and sports-related injuries. Chiropractic clinics and pain management programs play a crucial role in addressing these conditions. The market also sees significant sales through distribution stores, catering to middle-lower class families. However, the market faces challenges such as wrong medication use and side-effects like brain damage, leading to the need for stringent regulations. Despite this, the popularity of non-opioid analgesics like Naproxen and Paracetamol continues to grow, addressing pain without the risks associated with opioids. In the realm of prescription drugs, off-label drugs are also used for pain management, highlighting the importance of diversification in treatment options. The market is further buoyed by chronic pain disorders related to cardiovascular disease, cancer, muscle injuries, and surgeries, ensuring continued demand for effective OTC 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 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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