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Pain Medicine is the largest segment driving the growth of the Over the Counter (OTC) Analgesics Market

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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 analgesics are non-prescription medications used to relieve pain, fever, headaches, and muscle aches. They are easily available without a prescription from pharmacies, retail stores, and online sites. OTC analgesics provide quick relief from minor body aches and pains and are considered safe for occasional use.

Market key trends:
Availability and ease of access of OTC analgesics has resulted in their increased adoption worldwide. OTC analgesics can treat occasional mild to moderate aches and pains and are more convenient than prescription medications. Growing preference for self-medication and readily availability has boosted the sales of OTC analgesics. Increasing incidence of headaches and migraines along with rising geriatric population has augmented the demand for pain relievers, thereby propelling the market growth.
Market Key Trends:

One of the key trends in the Global Over The Counter (OTC) Analgesics Market is the growing preference for OTC analgesics among consumers to avoid rigorous prescription and doctor visits for minor ailments like body pain, headaches, or menstrual cramps. This trend is majorly fuelled by the increasing cost of doctor visits and healthcare expenditure. OTC Analgesics are easily available, affordable, and offer quick relief for minor pain. Consumers find OTC analgesics as a convenient pain management solution for their minor day-to-day discomforts.

SWOT Analysis

Strength: Wide availability of OTC analgesics across various pharmacies and retail channels make them easily accessible.
Weakness: Potential risk of addiction, drug interactions, and side effects with prolonged use without medical supervision.
Opportunity: Rising geriatric population prone to arthritis and joint pains increases scope for analgesics. Increasing awareness about OTC drugs open potential markets.
Threats: Strict regulatory norms associated with OTC drugs; alternative therapies and herbal medications pose competition.

Key Takeaways

The global OTC Analgesics market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing prevalence of lifestyle diseases causing body ache and pains. The market size for 2023 is estimated to be US$ 28.55 Bn.

North America dominated the OTC Analgesics market in 2023 owing to rising healthcare costs that encouraged consumers to self-medicate minor ailments. However, Asia Pacific is projected to witness the fastest growth over the forecast period due to improving access to healthcare facilities and rising incomes in emerging economies like India and China.

Key players operating in the OTC Analgesics 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. These players are focusing on new product launches and enhancement through sustained investments in R&D to consolidate their market shares.

 

Read More: http://igniteblog01.weebly.com/blog/the-rising-prevalence-of-pain-related-conditions-is-anticipated-to-open-up-the-new-avenue-for-over-the-counter-otc-analgesics-market

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