NEW
YORK, June 10, 2024 /PRNewswire/ -- The
global over-the-counter (OTC) analgesics market size is
estimated to grow by USD
7.20 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 4.98%
during the forecast period. Growing aging population
globally is driving market growth, with a trend
towards growing number of launches of otc analgesics.
However, growing number of product recalls poses a
challenge. Key market players include 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.
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segments, customer landscape, and companies- View the
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Over-The-Counter
(OTC) Analgesics Market Scope
|
Report
Coverage
|
Details
|
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 7200.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
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
|
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 Driver
The OTC analgesics market is experiencing significant growth due
to the increasing demand for effective and well-tolerated
medications. Vendors are launching new products with regulatory
approvals to expand their offerings and increase sales. Notable
examples include GlaxoSmithKline's Voltaren Arthritis Pain and
Perrigo Company PLC's acetaminophen and ibuprofen tablets. Bayer's
introduction of Iberogast, a plant-based digestive relief product,
also highlights the market's expansion. These product launches and
approvals are driving the growth of the global OTC analgesics
market.
The Over-The-Counter (OTC) market for analgesics is experiencing
significant growth. Products such as acetaminophen, ibuprofen, and
naproxen are in high demand due to their effectiveness in treating
pain and inflammation. The sector is seeing an increase in demand
for muscle relaxants, headache medicines, and topical analgesics.
Self-care is a trending topic, and consumers are turning to OTC
medicines for their health needs.
The market is competitive, with various manufacturers offering
different formulations and brands. The sector is also witnessing
innovation, with new products and delivery systems being introduced
regularly. Overall, the OTC analgesics market is thriving, driven
by consumer demand and advancements in technology.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
• The OTC
analgesics market can be affected by product recalls due to
regulatory non-compliance. In April
2020, Pfizer Inc. voluntarily recalled certain Advil lots
due to missing US FDA-mandated warnings on product labels. This
omission included risks of heart failure and symptoms of
cardiovascular or cerebrovascular events. Recalls shield consumers
from subpar products and hinder market growth.
• The
Over-The-Counter (OTC) Analgesics market faces several challenges.
Prescription and physical requirements for some pain relievers are
shifting to over-the-counter, making competition fierce. Physicians
and headsaches, arthritis, and backaches are common indications for
OTC analgesics. However, chronic pain treatment requires long-term
use, leading to concerns about drug dependence and side
effects.
• Additionally,
the market is saturated with various brands and types, making
consumer choice challenging. Regulatory compliance, pricing
pressures, and increasing competition from alternative therapies
further complicate matters. Despite these challenges, the market
continues to grow due to the increasing prevalence of chronic pain
conditions and the convenience of OTC options.
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challenges - Request a sample report!
Segment Overview
- Type
- 1.1 Internal
- 1.2 External
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Internal- The Over-The-Counter (OTC)
Analgesics Market caters to the demand for pain relief medications.
Major players include Johnson & Johnson, Pfizer, and Novartis.
These companies manufacture and distribute popular brands such as
Tylenol, Advil, and Aleve. Consumers purchase these products
directly from retailers without a prescription. Market growth is
driven by increasing prevalence of pain conditions and consumer
preference for self-medication. OTC Analgesics are essential
medicines, providing relief to millions worldwide.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Over-The-Counter (OTC) Analgesics Market encompasses a wide
range of medications used to manage various types of pain,
including fever, headaches, and joint pains. These analgesics can
be classified into internal OTC drugs like Acetaminophen and
Tylenol, and external OTC drugs such as topical analgesics. The
market caters to diverse populations, including the geriatric
population dealing with chronic pain and pregnant women.
The distribution of these pain medicines extends to hospital
pharmacies, retail pharmacies, and online pharmacies. Nonsteroidal
Anti-Inflammatory Drugs (NSAIDs), Salicylates, and Aspirin are
common types of analgesics in this market. Self-care and
self-medication are essential aspects of the OTC analgesics market,
with pain management programs playing a crucial role in addressing
the needs of the ageing population. Off-label drugs may also be
used for pain management within this market.
Market Research Overview
The Over-The-Counter (OTC) Analgesics Market encompasses a wide
range of medications used to alleviate pain and fever. These
products include capsules, tablets, liquids, gels, and topical
ointments. The market is segmented based on types such as
Acetaminophen, Aspirin, Ibuprofen, and Naproxen. The market is
driven by factors such as increasing prevalence of chronic
diseases, growing geriatric population, and rising health
awareness.
The market is also influenced by trends like rising demand for
natural and herbal products, and increasing preference for
convenient dosage forms. The market faces challenges such as
counterfeit products, stringent regulations, and increasing
competition. The future outlook of the market is promising due to
the growing demand for pain management solutions and the
development of innovative products.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Distribution Channel
-
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio