The major factors boosting the growth of the market studied include the increasing demand in topical analgesics, growth in the geriatric population resulting in the rising prevalence of various diseases, and the cost-efficiency of OTC analgesics drugs.
- According to the estimates by the American Academy of Pain Medicine, over 100 million Americans suffer from chronic pain, every year.
- With the growing aging population, the demand for pain relief solutions is increasing, as aged people are more prone to chronic pain.
- According to the United Nations' report in 2017, there were an estimated 962 million people aged 60 years or over in the world, comprising 13% of the global population. The population aged 60 years or above is growing at a rate of about 3% per year. It was estimated that Europe had the highest percentage of the population aged 60 years or over, as per 2017.
- Rapid aging is expected in other parts of the world. Owing to this, all regions of the world, except Africa, are expected to have nearly a quarter or more of their populations aged at 60 years and above, by 2050.
- According to the estimates of the United Nations’ report in 2017, the total number of aged population in the world was projected to reach 1.4 billion in 2030 and 2.1 billion in 2050, approximately, and it is likely to rise to 3.1 billion in 2100. Thus, the growth in the geriatric population is driving the growth of the global OTC analgesics market.
Key Market Trends
Retail Pharmacies Segment by Distribution Channel is Expected to Dominate the Market
OTC medicines are conveniently sold in several retail outlets, including those without pharmacies, and they are easily available. In the United States, there are more than 750,000 retail establishments nationwide, and both rural and urban consumers have 24/7 access to treatments for common, everyday conditions. Furthermore, most of the patients are preferring self medications without consulting a doctor or a pharmacist. However, the hospital pharmacies segment is expected to maintain a relatively low growth rate in terms of revenue generated through distribution of OTC drugs, as mostly the sale of OTCs takes place in case of non-prescribed drugs, and it is relatively easy for most consumers to acquire these drugs either from retail pharmacies or online pharmacies. Thus, owing to the rising geriatric population, affordability, and high accessibility of OTC analgesics, the market is expected to witness rapid growth over the forecast period.
North America is Expected to Dominate the Market
According to the Consumer Healthcare Products Association, 2019, it was estimated that about 93% of the Americans prefer to treat their minor ailments with OTC medicines before seeking professional care. Chronic pain has been linked to several physical and mental conditions, and contributes to high healthcare costs and lost productivity. In 2016, approximately 20.4% of adults in the United States had chronic pain, and 8.0% had high-impact chronic pain. Both kinds of pain were more widespread among adults living in poverty, adults with less than high school education, and adults with public health insurance. For the treatment of musculoskeletal injuries and disorders, many patients in the United States generally use non-prescription topical analgesics. Hence, with the increase in the prevalence of chronic pain, the demand for OTC analgesics is expected to increase, which is likely to drive the market over the forecast period.
The market studied is fragmented in nature, owing to the presence of many small and large market players. Some of the major players are Bayer AG, Boehringer Ingelheim International GmbH, Johnson & Johnson, GlaxoSmithKline PLC, Pfizer Inc., Reckitt Benckiser Group PLC, Sanofi SA, Sun Pharmaceutical Industries Ltd, and Takeda Pharmaceutical Company Limited.
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