Over The Counter (OTC) Analgesics Market to grow by USD 6.52 billion from 2022 to 2027, North America accounts for 42% of market growth- Technavio
NEW YORK, Jan. 17, 2024 /PRNewswire/ -- The over-the-counter (OTC) analgesics market is expected to grow by USD 6.52 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 4.74% during the forecast period, according to Technavio Research. The market is segmented by type (internal and external), distribution channel (offline and online), and geography (North America, Europe, Asia, and Rest of World (ROW)). North America is estimated to contribute 42% to the growth of the global market during the forecast period. The growth of the North American OTC analgesics market is notably driven by several key factors, including a rise in healthcare expenditure, a high prevalence of pain-related conditions and arthritis, the robust presence of vendors within the region, and supportive government policies.
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Company Profile:
AstraZeneca Plc, Bayer AG, Boehringer Ingelheim International GmbH, Cardinal Health Inc., Cipla Ltd., 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, Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Co. Ltd., Teva Pharmaceutical Industries Ltd., Viatris Inc., Weefsel Pharma, and AKUMS
Bayer AG: The company offers over the counter analgesics used for chronic pain and migraine.
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Over The Counter (OTC) Analgesics Market: Segmentation Analysis
By Segment -
The market share growth by the internal segment is significant during the forecast period. Internal analgesics primarily serve the purpose of internal use and can be administered orally in the form of pills and liquids or inserted rectally in suppository form.
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"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio
Over The Counter (OTC) Analgesics Market: Driver & Trend:
- Growing aging population globally
- Increasing prevalence of pain-related conditions
- Growing number of mergers and acquisitions (M&A) activities
The growing aging population across the world drives the market growth. The global demographic landscape is undergoing a noteworthy transformation, primarily driven by the growing aging population, which is a significant contributor to market growth.
The Over-the-Counter (OTC) Analgesics Market faces the challenge of balancing consumer healthcare needs with safety and side effects, particularly concerning Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) like Ibuprofen, Naproxen, and Aspirin, as well as Acetaminophen (Paracetamol). Innovations in product forms such as gel capsules, effervescent tablets, and topical analgesics, including pain relief creams, offer varied options for pain management, from migraine relief to menstrual and muscle pain relief, and solutions for arthritis pain and fever reducers. However, the rise in self-medication trends, influenced by consumer preferences and pain management education, intensifies the need for a stringent regulatory framework. This includes overseeing the prescription to OTC switch and monitoring analgesic combinations. The market also sees a shift towards herbal and natural remedies, challenging traditional OTC analgesic brands. Adult analgesics and pediatric pain relievers must adapt to these shifts. Moreover, the expansion of distribution channels from drugstore chains to online pharmacies requires innovative packaging solutions and accurate market forecasting. This dynamic market landscape demands a balance between meeting consumer health needs and ensuring responsible use of OTC analgesics.
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What are the key data covered in this over the counter (OTC) analgesics market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the over the counter (OTC) analgesics market between 2022 and 2027.
- Precise estimation of the over the counter (OTC) analgesics market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the over the counter (OTC) analgesics market across North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of over the counter (OTC) analgesics market players.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Distribution Channel
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.
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Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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