PUBLISHER: The Business Research Company | PRODUCT CODE: 1619803
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619803
Over-the-counter (OTC) analgesics are pain-relieving and anti-inflammatory medications that can be purchased without a prescription. They are commonly used to manage conditions such as headaches, muscle pain, arthritis, backaches, dental pain, and minor injuries. These medications are typically used to treat mild to moderate pain and discomfort from a range of conditions.
The primary types of OTC analgesics include acetaminophen, nonsteroidal anti-inflammatory drugs (NSAIDs), salicylates, and others. Acetaminophen works by inhibiting the production of chemicals in the brain that signal pain and regulate body temperature, making it effective for pain relief and fever reduction. These analgesics are available in various forms, including tablets, capsules, and liquids, and are distributed through retail pharmacies, hospital pharmacies, online pharmacies, and other channels.
The over the counter analgesics market research report is one of a series of new reports from The Business Research Company that provides over the counter analgesics market statistics, including the over the counter analgesics industry global market size, regional shares, competitors with over the counter analgesics market share, detailed over the counter analgesics market segments, market trends, and opportunities, and any further data you may need to thrive in the over the counter analgesics industry. These over the counter analgesics market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The over the counter analgesics market size has grown strongly in recent years. It will grow from $30.23 billion in 2023 to $32.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth during the historic period can be attributed to the increasing prevalence of chronic pain, greater awareness of self-care, a rise in the number of pharmacies and retail outlets, higher incidence of headaches and migraines, and a growing preference for non-prescription solutions.
The over the counter analgesics market size is expected to see strong growth in the next few years. It will grow to $40.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth during the forecast period can be attributed to rising health awareness, increased self-medication, the expansion of e-commerce platforms, a growing focus on preventive healthcare, and a rise in physical activity and sports injuries. Key trends expected include the adoption of digital health technologies, implementation of personalized medicine, advancements in non-opioid pain relief, adoption of combination therapies, and innovations in pain management technology.
The growing preference for self-medication is anticipated to drive the expansion of the over-the-counter (OTC) analgesics market. Self-medication involves using drugs, including OTC medications, herbal remedies, or other substances, to treat symptoms or medical conditions without consulting a healthcare professional. Consumers are increasingly opting for self-medication due to its convenience, cost-effectiveness, and the easy availability of OTC medications. OTC analgesics support self-medication by offering accessible pain relief for common ailments, enabling individuals to manage mild to moderate pain without a prescription. For example, in July 2024, the Consumer Healthcare Products Association (CHPA), a US-based trade association, reported that retail sales of OTC medicines reached $43.4 billion in 2023, up from $42.1 billion in 2022. Consequently, the rising consumer preference for self-medication is fueling the growth of the OTC analgesics market.
Leading companies in the OTC analgesics market are implementing educational initiatives to boost consumer understanding of proper usage, dosage, and potential side effects, promoting safer self-medication practices and reducing misuse. These educational programs offer targeted information and training on the correct use of OTC medications, aiming to improve safety, efficacy, and consumer confidence while encouraging informed decisions about pain management. For instance, in November 2022, the Consumer Healthcare Products Association (CHPA) Educational Foundation launched an initiative to guide consumers in selecting appropriate OTC pain relievers, such as Advil, Tylenol, and DG health products. This program uses digital tools, including QR code tags on store shelves that link to an interactive quiz, to enhance consumer education. This initiative is crucial for the OTC analgesics market as it addresses health literacy gaps, guides informed pain relief choices, and enhances product engagement.
In June 2022, Glenmark Pharmaceuticals Ltd., an India-based pharmaceutical company, acquired the approved generic versions of several over-the-counter (OTC) drugs from Wockhardt Ltd. for an undisclosed amount. This acquisition expands Glenmark Pharmaceuticals' product portfolio and strengthens its presence in the competitive OTC market. Wockhardt Ltd., also based in India, is a provider of OTC analgesics, and the transfer of these products to Glenmark is expected to enhance its market position in the over-the-counter drug segment.
Major companies operating in the over the counter analgesics market are Cardinal Health Inc., Pfizer Inc., Johnson & Johnson Services Inc., Merck & Co Inc., Bayer AG, Sanofi S.A., Novartis AG, GSK plc, Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, Reckitt Benckiser Group plc, Viatris Inc., Teva Pharmaceutical Industries Limited, Haleon plc, Sun Pharmaceutical Industries Limited, Perrigo Company plc, Aurobindo Pharma Limited, Dr Reddy's Laboratories Limited, Cipla Limited, Hikma Pharmaceuticals PLC, Lupin Pharmaceuticals Inc., Glenmark Pharmaceuticals Limited, Piramal Enterprises Limited, Cumberland Pharmaceuticals Inc., Medterra LLC
North America was the largest region in the over the counter analgesics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the over the counter analgesics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the over the counter analgesics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The over the counter analgesics market consists of sales of ibuprofen and aspirin. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Over The Counter Analgesics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on over the counter analgesics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for over the counter analgesics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The over the counter analgesics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.