OVER THE COUNTER (OTC) ANALGESICS MARKET ANALYSIS

The global over the counter (OTC) analgesics market was valued at US$ 28.55 Bn in 2022 and is forecast to reach a value of US$ 39.74 Bn by 2030 at a CAGR of 4.84% between 2023 and 2030. The global over the counter (OTC) analgesics market is experiencing strong growth due to the rise in prevalence chronic diseases and rise in geriatric population around the world. Moreover, increase in adoption of OTC analgesics or rise in consumption of OTC analgesics and increase in demand for narcotics analgesic drugs is expected to boost growth of the market. However, factors such as drug tolerance, dependence, and addiction and abuse and shortage of narcotics analgesic drugs are expected to hamper growth of the market.

Global Over the Counter (OTC) Analgesics Market: Regional Insights

Based on geography, the global over the counter (OTC) analgesics market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing prevalence of various diseases, rise in demand in topical analgesics, and growing geriatric population in the region. For instance, with increasing prevalence of chronic diseases, the consumption of over-the-counter (OTC) analgesic drugs is also increasing rapidly. In February 2020, the U.S. Food and Drug Administration approved three drugs for nonprescription, or over-the-counter (OTC), use through a process called a prescription (Rx)-to-OTC switch. The U.S. FDA approved Voltaren (topical analgesic) Arthritis Pain (diclofenac sodium topical gel, 1%) for the temporary relief of arthritis pain.

Europe and Asia Pacific are also expected to witness robust growth in the global over the counter (OTC) analgesics market owing to the increase in burden of chronic diseases, growing geriatric population, and rise in demand for OTC analgesics in these regions. For instance, over-the-counter, or non-prescription analgesics (painkiller), are used frequently and are available in various brands, package sizes, dosage, and formulations. In Germany, in addition to prescription drugs, diclofenac, aspirin, ibuprofen, paracetamol, and naproxen are widely available OTC analgesics at pharmacies and through internet pharmacies.

Figure 1. Global Over the Counter (OTC) Analgesics Market Share (%), by Region, 2023

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Global Over the Counter (OTC) Analgesics Market Drivers:

Growing prevalence chronic diseases to augment market growth

One of the key factors expected to augment growth of the global over the counter (OTC) analgesics market during the forecast period is the rise in prevalence chronic diseases around the world. For instance, increase in prevalence of chronic diseases among the global population and comorbidities associated with the diseases are expected to increase the demand for OTC analgesics. Pregabalin (Lyrica) is approved for the treatment of pain due to generalized diabetic peripheral neuropathy and considered as a first-line agent for the management of painful diabetic neuropathy. Pregabalin is an analgesic used to treat neuropathic pain, epilepsy, fibromyalgia, opioid withdrawal, restless leg syndrome, and generalized anxiety disorder.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global over the counter (OTC) analgesics market is the rise in geriatric (aging) population around the world. For instance, rapid growth of geriatric population leads to many old age problems for which patients avoid going to hospitals and prefer to receive medicines and treatments at home, which in turn increased the adoption of analgesics. According to the UN DESA’s Population Division, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Over the Counter (OTC) Analgesics Market Opportunities:

Increase in adoption of OTC analgesics or rise in consumption of OTC analgesics is expected to offer significant growth opportunities for players in the global over the counter (OTC) analgesics market. For instance, analgesics, or painkillers, are a class of medications designed specifically to relieve pain. Analgesics help relieve different types of pain, from headaches to injuries to arthritis. In March 2020, the U.S. Food and Drug Administration (FDA) approved first OTC pain reliever with fixed-dose of ibuprofen and acetaminophen in the same formulation. The combination of two non-opioid analgesic medicines used to treat pain and inflammation are available over-the-counter (OTC), according to the Food and Drug Administration.

Increase in demand for narcotics analgesic drugs is expected to offer lucrative growth opportunities for players in the over the counter (OTC) analgesics market. For instance, narcotics analgesics, or opioid pain relievers, are used to treat both acute and chronic pain linked to medical procedures. They are only used for pain that is severe and is not helped by other types of painkillers. In August 2020, Trevena Inc. announced that the U.S. FDA approved Olinvyk (oliceridine), an opioid agonist for the management of moderate to severe acute pain in adults, where the pain is severe enough to require an intravenous opioid and for whom alternative treatments are inadequate.

Global Over the Counter (OTC) Analgesics Market Trends:

Rise in preference for OTC drugs is a recent trend

OTC medications are substantially more affordable than prescription alternatives, often costing a 10th or less of an alternative prescription-only product and without requiring a visit to the clinic. Moreover, OTC drugs enable people to relieve many annoying symptoms and cure some diseases simply and without the cost of seeing a doctor. Prescription drugs are increasingly being switched to over-the-counter (OTC) status in the developed world, with the support of government policy. This trend is expected to continue during the forecast period.

Growing preference for self-medication is another trend

The rapid growth of geriatric population leads to many old age problems for which patients avoid going to hospitals and prefer to receive medicines and treatments at home, which in turn increased the adoption of analgesics. Most of the patients prefer self-medication without consulting a doctor or a pharmacist, which in turn increase the adoption or consumption of OTC analgesics worldwide. This trend is also expected to continue over the forecast period.

Global Over the Counter (OTC) Analgesics Market Restraints:

Rise in addiction and abuse to hinder market growth

One of the key factors expected to hamper growth of the global over the counter (OTC) analgesics market is the drug tolerance, dependence, and addiction and abuse. OTC drug carries risks but the tolerance and dependence that can develop with OTC painkillers, which have the potential to be highly addictive, may lead to misuse and even death. According to the CDC, each day, around 115 people in the U.S. die due to overdosing on OTC analgesics. The misuse of analgesics is a serious national crisis that affects public health, as well as social and economic welfare. 

Shortage of narcotics analgesic drugs to hamper market growth

Another factor which is hampering growth of the global over the counter (OTC) analgesics market is the shortage of narcotics analgesic drugs. For instance, hospitals and other healthcare providers worldwide are currently facing critical shortage of a number of injectable opioid drugs, including morphine, hydromorphone, and fentanyl. Injectable opioids are used for acute, acute-on-chronic, or chronic pain that cannot be controlled by other options. Tolerance, dependence, and addiction can co-occur independently or simultaneously. Thus, OTC analgesics drug tolerance, dependence, and addiction are becoming a problem around the world.

Figure 2. Global Over the Counter (OTC) Analgesics Market Share (%), by Type of Drug, 2023

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Global Over the Counter (OTC) Analgesics Market Segmentation:

The over the counter (OTC) analgesics market report is segmented into Type of Drug, Distribution Channel, and Region.

Based on Type of Drug, the market is segmented into Acetaminophen, Nonsteroidal Anti- inflammatory Drug (NSAIDs), Salicylates, and Other Analgesics. Out of which, Acetaminophen Segment is expected to dominate the OTC analgesics market over the forecast period and this is attributed to the increase in consumption of acetaminophen. Acetaminophen (paracetamol) is the most commonly used analgesic and antipyretic worldwide. It is recommended by the World Health Organization (WHO), as the first line of therapy for the treatment of pain.

Nonsteroidal Anti- inflammatory Drug (NSAIDs) Segment is also expected to witness robust growth in the near future and this is due to the increase in demand for NSAIDs. NSAIDs are used by millions people worldwide to treat a wide variety of acute and chronic pain disorders.

Based on Distribution Channel, the market is segmented into Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others Distribution Channels. Out of which, Hospital Pharmacies Segment is expected to dominate the market over the forecast period and this is attributed to the increase in availability of OTC analgesics. Analgesic OTCs are very common in the hospital pharmacies, and are managed separately.

Retail Pharmacies Segment is also expected to witness significant growth in the near future and this is due to the growing preference for retail pharmacies. People are increasingly adopting retail pharmacies as a one-stop shop to buy over-the-counter drugs.

Global Over the Counter (OTC) Analgesics Market: Key Developments

In December 2021, Heron Therapeutics, Inc. announced that the U.S. Food & Drug Administration (FDA) approved its supplemental New Drug Application (sNDA) for ZYNRELEF (bupivacaine and meloxicam) extended-release solution to significantly expand the indication.

In March 2021, Hisamitsu America announced the availability of the Salonpas Arthritis Pain Relief Gel, which features the most prescribed topical pain medicine clinically proven to relieve arthritis pain in major joints. That medicine is prescription-strength diclofenac, which was approved by the FDA for over-the-counter (OTC) use in 2020.

In September 2020, Dr Reddy's Laboratories announced the launch of over-the-counter Diclofenac Sodium topical gel, used for arthritis pain, in the US market.

Global Over the Counter (OTC) Analgesics Market: Key Companies Insights

The over the counter (OTC) analgesics market is highly competitive. This is attributed to the rise in preference for OTC analgesics across the globe, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global over the counter (OTC) analgesics market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer AG, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others.

*Definition: Analgesics are class of drugs used in the management and treatment of pain. They include several classes of drugs (such as non-steroidal anti-inflammatory drugs, acetaminophen, antiepileptics, antidepressants, opioids, and local anesthetics).