OVER THE COUNTER (OTC) ANALGESICS MARKET ANALYSIS

Over the Counter (OTC) Analgesics MarketSize and Trends

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

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.