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| Global Over The Counter (OTC) Analgesics Market |
The global Over the Counter (OTC) Analgesics Market is estimated to be valued
at US$ 28.55 Bn in 2023 and is
expected to exhibit a CAGR of 4.8%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Overview:
Over the counter (OTC) analgesics are easily available non-prescription
medicines used to relieve pain or reduce fever. They include medicines like
aspirin, acetaminophen, ibuprofen and naproxen. OTC analgesics provide quick
relief from pain caused due to headache, muscle ache, arthritis, menstrual
cramps, backache etc. The easy availability without prescription and affordable
price point makes them a preferred choice for self-medication of minor body
ache and pains.
Market key trends:
Growing preference for self-medication - With rising health awareness and busy
lifestyles, people prefer self-treating minor health issues at home using OTC
analgesics instead of visiting a doctor. This growing trend of self-medication
is driving the demand for OTC analgesic products.
Innovations in delivery systems - Analgesic manufacturers are investing in new
drug delivery technologies like gels, sprays, melting strips etc. to provide
fast pain relief. This has increased consumer interest in OTC analgesics.
Aging population - The aging population is more prone to joint disorders,
arthritis pain etc. increasing their dependence on pain relief medicines and
benefiting the OTC analgesics market.
Porter’s Analysis
Threat of new entrants: Low barrier to entry for OTC analgesics market as
manufacturing does not require high capital investment. However, established
brands have strong brand recognition and distribution network.
Bargaining power of buyers: Large retailers and pharmacy chains have
significant bargaining power due to their sizeable procurement volumes. They
can negotiate for lower prices and better trade margins.
Bargaining power of suppliers: Major pharmaceutical companies dominating the
market have strong bargaining power over raw material suppliers due to their
large procurement volumes.
Threat of new substitutes: Low threat as analgesics in prescription drugs
cannot replace OTC analgesics since prescription requires doctor consultation.
Nutraceuticals offer alternative but have limitations.
Competitive rivalry: Intense competition due to presence of many global and
local players. Players compete on parameters of innovation, brand, quality, and
pricing.
Key Takeaways
The Global
Over The Counter (OTC) Analgesics Market is expected to witness high
growth, exhibiting CAGR of 4.8% over
the forecast period, due to increasing availability of generic and herbal OTC
analgesics.
Regional analysis: North America dominated the market holding around 40% share
in 2023 due to rising healthcare expenditure. Asia Pacific is expected to
exhibit fastest growth owing to growing medicinal brand awareness and
disposable income in developing countries of the region.
Key players operating in the OTC Analgesics Market are Sanofi SA, Reckitt
Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson &
Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd.,
among others. Key players are focusing on strategic partnerships to expand
regional presence and new product launches for portfolio expansion.
Read More: https://www.trendingwebwire.com/the-growth-of-over-the-counter-otc-analgesics-market/