Hyderabad, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Over-the-counter (OTC) Analgesics Market Report (2023-2028)," the market is estimated at USD 28.74 billion in 2023. It is expected to register a CAGR of 3.81% during the forecast period.
Over-the-counter (OTC) analgesics are used to relieve pain or reduce fever. Over-the-counter refers to the kind of medication that can be bought without a prescription. OTC analgesic drugs are also cost-effective.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 28.74 billion |
| Market Size (2028) | USD 34.65 billion |
| CAGR (2023-2028) | 3.81% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The demand for topical analgesics. |
| The rising prevalence of various diseases. |
Who are the Top Companies in the Over-the-counter (OTC) Analgesics Market?
The over-the-counter (OTC) analgesics market is highly competitive due to the presence of several local and international market players. Companies are adopting various strategies like product launches, partnerships, and collaborations to expand their market presence.
Significant players in the global over-the-counter (OTC) analgesics market are,
- Bayer AG
- Boehringer Ingelheim International GmbH
- Johnson & Johnson
- Haleon PLC
- Endo International PLC
- Reckitt Benckiser Group PLC
- Sanofi SA
- Sun Pharmaceutical Industries Ltd
- Teva Pharmaceutical Industries Ltd
- Viatris Inc.
- Dr. Reddy’s Laboratories Ltd
- Novartis AG
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Key Highlights from the Over-the-counter (OTC) Analgesics Market Report:
Demand for Nonsteroidal Anti-inflammatory Drugs (NSAIDs) to Drive the Market
- NSAIDs help reduce pain and inflammation due to their inhibiting enzymes called cyclooxygenases. The NSAIDs segment is expected to gain a significant share in the market due to the rising burden of chronic diseases, the increasing research funding for pain and its management, and the widespread availability of NSAIDs.
- NSAIDs are preferred over other drugs as they are inexpensive and help manage chronic pain and inflammation.
North America is Likely to Witness Significant Growth
- North America is expected to witness massive growth in the market due to the prevalence of musculoskeletal diseases and injuries related to sports, along with the rising adoption of self-medication to relieve these symptoms.
- Regulatory authorities’ product approvals are increasing the availability of effective OTC products, thereby driving the market’s growth.
What are the Latest Developments in the Over-the-counter (OTC) Analgesics Market?
- In January 2023, Medterra launched its Natural Pain Relief capsules, which are clinically-proven, plant-based capsules to reduce muscle pain, joint stiffness, and inflammation.
- In January 2023, Ratiopharm launched an OTC combination pain reliever Synofen, which contains 200 mg ibuprofen and 500 mg paracetamol.
Mordor Intelligence has Segmented the Over-the-counter (OTC) Analgesics Market Based on Product Type, Formulation Type, Distribution Channel, and Geography:
- By Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Cough, Cold and Flu Products
- Analgesics
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Mineral and Supplements (VMS)
- Weight Loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
- Other Product Types
- By Formulation Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Tablets
- Liquids
- Ointments
- Sprays
- By Distribution Channel (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacy
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Over-the-counter (OTC) Analgesics Market Report (2023-2028).
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About Mordor Intelligence:
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