July 19, 2024

Over The Counter (OTC) Analgesics Market Set For Strong Growth Fueled By Increasing Consumer Adoption Of Self-Medication

Over the counter (OTC) analgesics comprise pain-relief medicines that can be purchased without a prescription from a healthcare practitioner. Some common OTC analgesics include acetaminophen, nonsteroidal anti-inflammatory drugs (NSAIDs) such as ibuprofen and naproxen, and combination medicines containing acetaminophen, opioids, or NSAIDs. These drugs are used to temporarily relieve minor aches and pains associated with conditions like headaches, muscle aches, backaches, toothaches, colds, and menstrual cramps. The global OTC analgesics market has seen widespread adoption driven by factors such as a self-medication culture, rising health consciousness among consumers, and increasing prevalence of conditions requiring pain management.

The global OTC Analgesics Market is estimated to be valued at US$ 28.55 Billion 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 Dynamics

Increasing consumer adoption of self-medication is a major driver boosting growth of the OTC analgesics market. As highlighted in the heading, a culture of self-medicating minor ailments with OTC drugs without consulting a medical practitioner has grown significantly globally. Easy access to these drugs at affordable prices and the desire to avoid long wait times at clinics and hospitals has driven individuals to opt for self-treatment whenever possible. This has significantly expanded the customer base for OTC analgesics over the years. Furthermore, growing awareness about minor medication has also prompted consumers to prefer self-care over prescription drugs for minor pains and illnesses.

Segment Analysis

The over the counter (OTC) analgesics market is segmented into non-opioids and opioids. The non-opioids segment currently dominates the market due to increasing awareness about the risks associated with opioids. Advil and Tylenol are the top brands in the non-opioid segment.

PEST Analysis

Political: Regulations around the sale and availability of OTC analgesics vary across countries. Certain opioids are available OTC in some countries while require prescription in others.

Economic: Rising healthcare costs are driving greater adoption of low-cost OTC analgesics for minor aches and pains. The economic downturn due to the pandemic has boosted sales of value OTC brands.

Social: The COVID-19 pandemic has increased awareness around managing pain symptoms at home with OTC medications. However, concerns remain around risks of long-term use and dependency on painkillers.

Technological: Digital technologies are enabling self-diagnosis of conditions treatable with OTC analgesics. Apps and online tools provide treatment guidance and promote OTC brands directly to consumers.

Key Takeaways

The Global Over The Counter (OTC) Analgesics Market  Demand is expected to witness high growth over the forecast period of 2023 to 2030. The non-opioid segment is anticipated to account for the majority of the market share during this time.

Regional analysis :

 

North America currently dominates the global OTC analgesics market led by the US. However, Asia Pacific is poised to be the fastest growing region supported by growing economies, awareness, and ease of OTC availability in the region.

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. Sanofi and Bayer products account for majority of the sales in the global market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it