The Global Over The Counter (OTC) Analgesics Market Growth Accelerated By Rising Demand For Pain Relief Medicines
The Global Over The Counter (OTC) Analgesics Market Growth Accelerated By Rising Demand For Pain Relief Medicines
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.

 Over-the-Counter (OTC) analgesics provide temporary relief from pain and symptoms associated with headache, muscular aches, backache, arthritis, toothaches, colds and flu. Commonly used OTC analgesics include ibuprofen, acetaminophen and naproxen which are available in tablet, capsule or gel form without a prescription. These medications work by inhibiting prostaglandins that cause pain and fever. The growing geriatric population is more susceptible to health conditions like arthritis, joint pains and backaches which increase the demand for pain relief drugs. As people are aging, they want convenience and prefer self-medication through OTC drugs rather than visiting a physician for every minor ailment. This has boosted the sales of OTC analgesics globally.

 

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:

 

The demand for non-opioid analgesics is growing due to health concerns associated with prolonged usage of opioid drugs like addiction and dependence. Non-opioid OTC drugs like acetaminophen and ibuprofen are preferred first line treatments for relieving mild to severe pain as they have fewer side effects. Many leading analgesic brands have also started offering non-opioid formulations to cash in on the ongoing trend of minimizing opioid usage. This is helping them increase market share.

 

 

Porter's Analysis

 

Threat of new entrants: The threat of new entrants is moderate as significant capital investments are required to conduct R&D and establish production and distribution network. However, new players can enter the market with innovative products.

 

Bargaining power of buyers: The bargaining power of buyers is high due to availability of several established brands and generics offering substitutes. Buyers can therefore negotiate for competitive prices.

 

Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material inputs like APIs are available from multiple sources globally.

 

Threat of new substitutes: The threat of new substitutes is high since various medications and remedies are available as alternative options for relieving headaches, body ache, and other such conditions.

 

Competitive rivalry: The competitive rivalry is intense due to presence of global and regional manufacturers offering generic and branded options. Players compete based on accessibility, pricing, and promotional campaigns.

 

Key Takeaways

 

The Global Over The Counter (OTC) Analgesics Market  Demand is expected to witness high growth. Regional growth is fastest in Asia Pacific region owing to rising population, healthcare awareness and expenditure. The region accounts for over 35% value share.

 

North America is currently the dominant regional market for OTC analgesics spurred by easy accessibility and availability of innovative formulations. Changing lifestyles and high healthcare spending fuel demand. Key players focus on launching new products to cater specific consumer requirements.

 

Key players operating in the Over the Counter (OTC) Analgesics Market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd. Players compete on the basis of brand promotions, pricing strategies and extensive distribution network.

 

 

Get more insights on this topic :

 

https://www.ukwebwire.com/over-the-counter-otc-analgesics-market-set-for-strong-growth-fueled-by-increasing-consumer-adoption-of-self-medication/

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