LONDON, Jan. 4, 2023 /PRNewswire/ -- The Global Over-the-Counter (OTC) Analgesics Market was worth USD 26.5 billion in 2022. It is anticipated to the industry to reach a valuation of 38.45 billion by 2029, registering a CAGR of 5.5% over the forecast duration of 2022-2029.
Over-the-counter analgesics are pain relieving medicines that can be bought by consumers even without showing a doctor's prescription. The instructions written on the medicine should be carefully followed by the user so as to prevent side effects. These medicines are easily available across pharmacies and other drug distribution stores. They are quite affordable in nature and can provide instance relief to minor fever, headaches, and odd joint pains, among others. The most common OTC analgesics are Tylenol, Aspirin, NSAIDs, and Acetaminophen, among others.
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Global Over-the-Counter (OTC) Analgesics Market Outlook (2022-2029)
The increasing geriatric population base, growing prevalence chronic diseases, and rising self-medication trends are creating lucrative opportunities for this industry vertical to amass notable gains.
Furthermore, technological advancements in the field, booming e-commerce sector, along with growing R&D investments in the field are adding momentum to the development of this business vertical.
Moreover, rising health cognizance of the masses, prompt internet proliferation, and increasing frequency of seasonal flus are augmenting the outlook of this market sphere.
Alongside, various pharmaceutical companies are enhancing their OTC drugs portfolio. This in turn is paving profitable prospects for the Global Over-the-Counter (OTC) Analgesics Market.
On the contrary, threat of side effect posed by OTC drugs is hindering the remuneration scope of this business vertical.
Competitive Hierarchy
The prominent players characterizing the competitive terrain of the Global Over-the-Counter (OTC) Analgesics Market are Bayer AG, Pfizer Inc., Cipla Inc., GlaxoSmithKline plc, Perrigo Co. Plc, Johnson & Johnson, Reckitt Benckiser Group plc, Piramal Enterprises Ltd., AstraZeneca PLC, and Sun Pharmaceutical Industries Ltd.
These players are striving hard to enhance their overall market position. They are participating in the formulation of various growth inducing strategies such as mergers & acquisitions, collaborations, partnerships, and new product launches, among others to witness robust financial gains and emerge as global leaders.
Segmental Outlook
By Drugs:
- Nonsteroidal Anti-inflammatory Drugs (NSAIDs)
- Salicylates
- Acetaminophen
- Other Analgesics
By Distribution Channel
- Online Pharmacies
- Hospital Pharmacies
- Retail Pharmacies
- Other Distribution Channels
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Region-Wise Outlook
Which is the most dominant region in the industry?
North America is projected to amass notable gains over the stipulated timeframe over 2022-2028. This is attributable to the growing prevalence of chronic ailments, increasing ageing population base, booming pharmaceutical sector, and rising popularity of e-commerce channels.
How is Asia Pacific faring in this marketplace?
Asia Pacific is anticipated to capture a substantial revenue share over the estimated timeline owing to the increasing self-medication trends, growing R&D investments, frequently occurring seasonal flus, and rising health cognizance among the masses.
Category-Wise Insights
Which is the fastest growing drugs segment in this business sphere?
The Nonsteroidal Anti-inflammatory Drugs (NSAIDs) segment has emerged as one of the fastest growing segments in this industry. This is ascribed to the efficacy of these drugs to reduce pain caused by ailments like arthritis by slowing down the tissue damage.
Which distribution channel segment is presently leading the market?
Online pharmacies channels segment is currently leading the industry in terms of market share. This is credited to the rapid internet proliferation and doorstep delivery options provided by online shopping channels.
Comparing the historical outlook and ongoing trends of this market
This business sphere has been gaining massive momentum over the assessment duration owing to the influence of various growth inducers.
There has been a rising prevalence of chronic and lifestyle diseases across the globe. Many of these illnesses lead to the occurrence of acute aches in various parts of the bodies. Some even result in the frequent occurrence of fever. It is not possible for the patients to regularly visit healthcare centers to treat every minor symptom caused by their long-term ailments. Therefore, they are shifting their preference towards OTC analgesics to get instant relief for the pain related symptoms caused by long term chronic or lifestyle-based diseases.
The cost effectiveness of these drugs is further escalating their demand worldwide. There has been a steep rise in the number of generic OTC analgesics which are easily availability in medical stores and are also easily affordable for the masses. These factors are stimulating the dynamics of this business sphere.
Due to widespread internet proliferation and rapid adoption of smart devices, e-commerce channels are gaining massive traction. Various e-commerce providers offer online medicine delivery services. It is not necessary for the customers to upload any prescription to place an order for over-the-counter analgesics. This in turn is bolstering the growth of the Global Over-the-Counter (OTC) Analgesics Market.
Increase in the geriatric population base us another expansion catalyst for this industry. Our immune system weakens as we age, and our bodies starts losing vital nutrients and other components. This leads to the occurrence of odd aches across various parts of the body. This necessitates the consumption of pain killers among the elderly population base.
On Special Requirement Over-the-Counter (OTC) Analgesics Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Major Developments
In July 2022, the Spanish Medicines Agency announced the launch of its new pain killer range produced by the amalgamation of ibuprofen and paracetamol.
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