Over the Counter (OTC) Analgesics Market Business Overview, New Share, Trends Analysis, And Forecast To 2031

The global OTC analgesics market was estimated at $25 billion in 2020 and is predicted to grow at a 5% CAGR until 2031. The demand for nonsteroidal anti-inflammatory medications is predicted to increase at a 4% CAGR from 2021 to 2031.

OTC analgesics offer a lot of room for growth, as patients increasingly use effective OTC analgesics such as pain medicines. Furthermore, healthcare reforms and supportive regulatory norms are encouraging the introduction of pain management programs to reduce total healthcare expenses.

The growing elderly population causes a variety of old-age illnesses, for which people prefer to get drugs and home therapies rather than being hospitalized. According to the Centers for Disease Control and Prevention, 20.4% of individuals suffered from chronic pain in 2019. Furthermore, 7.4% of adults suffered from chronic pain that interfered with their everyday lives or employment. These factors will ultimately drive market expansion during the forecast period.

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Furthermore, the rising prevalence of cardiovascular illness, osteoarthritis, and cancer has increased demand for over-the-counter analgesics.

Furthermore, increasing economic conditions, an increase in the prevalence of chronic pain, and an increase in patient use of internal OTC analgesics all have a substantial impact on demand.

In addition, self-medication is likely to drive market expansion. Individuals quickly utilize over-the-counter painkillers without a prescription to treat minor pain.

Key Takeaways:

· Demand for NSAIDs is predicted to grow by 1.6 times throughout the forecast period. This is owing to the numerous benefits provided by NSAIDs, which are effective in treating pain caused by gradual tissue degradation, such as arthritis pain.

· According to the OTC channel, pharmacists are likely to be the most popular sales channel for OTC analgesics in the next years. Increased availability of OTC analgesics in pharmacies and ease of access are predicted to improve sales.

Growth Drivers:

· Increased costs due to high illness prevalence, major research investments, and a large number of manufacturers extending their business in the country are likely to boost market expansion.

· Favorable regulatory requirements around the world have pushed for the deployment of numerous pain treatment programs to lower overall healthcare expenses.

Restraints:

· The Covid-19 epidemic has resulted in reduced availability and increased pricing for commodities. The Covid-19 epidemic has had a significant impact on the sales of OTC analgesics.

· Incorrect disease diagnosis might have catastrophic repercussions, limiting the market's growth.

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Competitive Landscape:

The Top 5 corporations have a market share of approximately 40%. The market is highly competitive, and the rise in prevalence of pain-related diseases creates a number of commercial prospects. To get a footing in the market, organizations are focusing on expanding their customer base and enhancing their competitive position. Furthermore, as a result of government authorization for various medications, corporations now offer a varied spectrum of analgesics.

· on May 2020, the European Commission established the European Research Area Corona platform, which provides information on Covid-19 new solutions.

o The European Medicine Agency suggests that minor Covid-19 symptoms can be treated with non-steroidal anti-inflammatories (NSAIDs).

Key Companies Profiled by Fact.MR