by The 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 Overview:
Over the counter (OTC) analgesics are non-prescription medicines used to relieve minor pains and fever. Common OTC analgesics include acetaminophen, ibuprofen, and aspirin. They are available in tablets, capsules, creams, and sprays. Advantages of OTC analgesics include temporary relief from headaches, muscle aches, toothaches, backaches, arthritis pain, colds, flu and menstrual cramps without a prescription.
Market key trends:
One of the key trends in the over the counter (OTC) analgesics market is the shift towards natural and herbal analgesics. Consumers are increasingly preferring pain relievers made from natural ingredients due to growing awareness about side effects of chemical-based medicines. As a result, companies are focused on developing analgesics containing ingredients such as turmeric, ginger, cranberry, and omega-3 fatty acids from fish oil which provide pain relief in a natural way without adverse effects.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in moderate as Global Over The Counter (OTC) Analgesics Market requires large capital investment and established distribution channels. Brand loyalty is high for established players.
Bargaining power of buyers: Buyers have high bargaining power as there are numerous established brands for buyers to choose from. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: Large pharmaceutical companies supplying raw materials have moderate bargaining power as there are many suppliers for APIs and pharmaceutical ingredients.
Threat of new substitutes: Threat from new substitutes is moderate as OTC analgesics serve certain types of pain that cannot be effectively managed by herbal remedies or alternative therapies.
Competitive rivalry: Intense as major players compete on brand, innovation, quality and price.
SWOT Analysis
Strength: Wide range of product offerings, strong brand equity, high R&D investment.
Weakness: Vulnerable to price fluctuations of raw materials, high marketing expenditure to increase awareness.
Opportunity: Emerging markets growth, increasing demand due to aging population and sedentary lifestyles.
Threats: Regulatory changes, supply chain disruptions, impact of alternative therapies.
Key Takeaways
The global Over the Counter (OTC) Analgeiscs Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing prevalence of chronic pain conditions such as arthritis, back pain and migraines. North America is currently dominating the OTC analgesics market owing to high disposable income and awareness levels. Europe is the second largest regional market supported by favourable reimbursement policies.
Regionally, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to improving access to healthcare facilities, changing lifestyle habits and increasing elderly population base in countries like China and India.
Key players operating in the 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., among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
