The global OTC analgesics market is projected to register an above-average CAGR during 2017 to 2022. Global sales of OTC analgesics is estimated to account for nearly US$ 25,000 Mn revenues by 2022-end.
The trend of using off-label drugs that are affordable and unapproved, but effective in treating diseases, has been witnessing an upsurge over the past few years. Various off-label drugs including tricyclic antidepressants, antihistamines, anticonvulsants, selective serotonin reuptake inhibitors, anti-anxiety drugs, and steroids are being increasingly utilized for managing symptoms of pain.
Symptom management associated with pain has now become convenient and easy, owing to widely available OTC analgesics, which are prescribed with approved drugs, implied as maintenance therapies. High potential has been observed for the market growth of OTC analgesics around the world, wherein demand as well as sales of pain medication including pain relievers, and pain killers, are gaining higher popularity among consumers.
Demand for the non-narcotic pain medications has been rising significantly, owing to ill effects of consuming narcotic drugs. These factors are expected to influence growth of the global market for OTC analgesics in the upcoming years. Topical analgesic distributors as well as manufacturers are concentrating on enhancing their product portfolio, with an aim to benefit from potential growth opportunities in developing as well as developed markets.
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The aforementioned factors will augment the growth of global OTC analgesics market. Usually, OTC analgesic drugs are bought in large quantities, as these drugs are used for relieving different types of pain. Emergence of healthcare reforms, coupled with favorable regulatory norms across the globe, have been encouraging the uptake and initiations of various pain management programs, with an aim to lower the entire healthcare costs. These instances are estimated to pave ways for development of effective OTC analgesics.
Key Prospects of the Global OTC Analgesics Market
- In terms of revenues, North America is expected to hold the largest share of the market, and will remain dominant in the global market for OTC analgesics over the forecast period.
- Europe will continue to be the second largest market for OTC analgesics, while the market in Japan is expected to register a relatively higher CAGR than the market in Europe through 2022.
- Pharmacy is expected to be the most lucrative OTC channel for OTC analgesics in the global market, followed by drug store and online store.
- Sales of OTC analgesics in online store and modern trade OTC channels are anticipated to register the highest CAGRs through 2022.
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- In terms of revenues, tablet form of OTC analgesics is estimated to account for more than half share of the market throughout the forecast period. Tablet OTC analgesics will continue to be sought-after among consumers across the globe.
- Capsule is expected to remain the second largest adopted product form of OTC analgesics in the market, with sales exhibiting the highest CAGR through 2022.
- Key market players profiled in Fact.MR’s report on the global market for OTC analgesics include Johnson & Johnson Service, Inc., Reckitt Benckiser Group Plc., GlaxoSmithKline Plc., Novartis AG, AstraZeneca Plc., Sun Pharmaceuticals Industries Limited, and Pfizer Inc.