OVER THE COUNTER (OTC) ANALGESICS MARKET ANALYSIS

Market Challenges And Opportunities

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.