DUBLIN, April 24, 2020 /PRNewswire/ -- The "Over the Counter (OTC) Analgesics Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The over the counter (OTC) analgesics market is facing increased demand due to the increasing demand in topical analgesics and cost efficiencies of OTC analgesics drugs. According to the estimates by the American Academy of Pain Medicine, over 100 million American people were affected by chronic pain. With a growing aging population, the demand for pain relief solutions is increasing, as aged people are more prone to chronic pain.
OTC medicines are conveniently sold in several retail outlets, including those without pharmacies, and are available when consumers need them. In the United States, there are more than 750,000 retail establishments nationwide, both rural and urban consumers have access 24/7 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 over the counter (OTC) drugs, as mostly the sales of OTCs take place in the 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 affordability and high accessibility of OTC analgesics in the retail stores the market is expected to witness a high CAGR over the forecast period.
According to the Consumer Healthcare Products Association, 2019, it was estimated that about 93% of 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 the 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. Counter-irritants are approved by the FDA for the topical treatment of minor pains and muscle and joint aches and are often used for the treatment of acute musculoskeletal injuries, such as simple backache, arthritis pain, strains, bruises, and sprains. 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 a fragmented market, owing to the presence of many small and large market players. Some of the market players are Bayer AG, Boehringer Ingelheim International GmbH, Johnson & Johnson, GlaxoSmithKline PLC, Pfizer Inc., Reckitt Benckiser Group PLC, Sanofi, Sun Pharmaceutical Industries Ltd, and Takeda Pharmaceutical Company Limited.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand in Topical Analgesics
4.2.2 Growth in the Geriatric Population Resulting in a Rise in the Prevalence of Various Diseases
4.2.3 Cost Efficiency of OTC Analgesics Drugs
4.3 Market Restraints
4.3.1 Drug Tolerance, Dependence, And Addiction & Abuse
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type of Drug
5.2 By Distribution Channel
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bayer AG
6.1.2 Johnson & Johnson
6.1.3 GlaxoSmithKline PLC
6.1.4 Mylan NV
6.1.5 Pfizer Inc.
6.1.6 Reckitt Benckiser Group PLC
6.1.8 Sun Pharmaceutical Industries Ltd
6.1.9 Takeda Pharmaceutical Company Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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