by Over the counter (OTC) analgesics, commonly known as pain killers, provide temporary relief from headaches, muscle aches, toothaches, backaches, menstrual cramps and minor arthritis pain. They are widely used by older adults to manage pain related to arthritis, injuries and other age-related conditions. The Global Over The Counter (OTC) Analgesics Market Size is estimated to be valued at US$ 60 Billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising geriatric population globally has been a major driving factor for the over the counter (OTC) analgesics market. As per the United Nations, the population aged 60 years and above is projected to double from 12% to 22% between 2015 and 2050. Older adults are more susceptible to pains and aches due to age-related health issues such as arthritis, injuries from falls etc. As pain management is a key aspect of their quality of life, this demographic trend has significantly boosted the demand for OTC analgesics in topical, oral and other easy-to-use forms for self-medication and management of minor pains at home without doctor’s prescription
SWOT Analysis
Strength: OTC analgesics have a long history of safe and effective use for the treatment of minor aches and pains. They are convenient as customers can purchase them without a prescription.
Weakness: Overuse and abuse of OTC analgesics can potentially lead to minor side effects such as upset stomach and headaches. Frequent use may also have risks of harming liver or kidney function.
Opportunity: Growing geriatric population globally is increasing demand for pain relief products. Rise in musculoskeletal conditions and sports/lifestyle related injuries are driving sales.
Threats: Strict regulatory environment can affect product availability. Growing consumer preference for herbal and homeopathic alternatives also poses threat.
Key Takeaways
The global Over the Counter (OTC) Analgesics market is expected to witness high growth.
Regional analysis: North America dominates the OTC analgesics market currently due to growing prevalence of arthritis and other joint disorders in countries like United States. Asia Pacific region is expected to show fastest growth owing to rising healthcare expenditure and large patient pool in emerging nations like India and China.
Key players operating in the OTC Analgesics market are Bayer AG, GlaxoSmithKline PLC, Johnson & Johnson, Pfizer, Sanofi, Sun Pharmaceuticals, and Reckitt Benckiser Group PLC. These companies dominate with their widespread brand presence and continuous new product launches.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
