A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global OTC analgesics market. Presenting exclusive insights into the market from 2017 to 2022, the report projects that the market will witness notable growth during the forecast period. Analgesics are drugs that aid in reducing the pain temporarily or permanently and can be procured without a medical prescription. These drugs provide relief to common pains such as headaches, musculoskeletal injuries, dysmenorrhea, and toothache, among others. Among the various kinds of OTC drugs available in the market, paracetamol, ibuprofen, and aspirin are the most sought-out products. The growth of the market is mainly attributed to the growing trend of utilizing off-label drugs, low cost of the drugs, and preference for the demand for non-narcotic pain medication over narcotic drugs among patients. Moreover, increasing demand for topical analgesics and the growth in the geriatric population are also expected to complement the market growth.
OTC Analgesics Market to Thrive on the back of Efficiency and Affordability
The sales of the OTC analgesics market are flourishing on the back of their cost efficiency and increasing the use of off-label drugs owing to their effectiveness in easy pain management. Paracetamol finds high adoption owing to its ability to inhibit prostaglandin synthesis in the central nervous system. Besides, it does not carry anti-inflammatory effects, making it safe and reliable. Furthermore, the advent of healthcare reforms and supportive regulatory norms across nations are favoring the sales of several pain-reducing drugs without a prescription. This is posing as a significant growth opportunity to the OTC analgesics market, as individuals with common pains such as headache and toothache channel a remarkable portion of sales. Furthermore, the increasing awareness regarding the adverse effects of narcotic drugs is shifting consumer preference towards non-narcotic drugs, thereby propelling the demand for OTC analgesics market. However, side-effects, such as constipation, dizziness, drowsiness, associated with OTC analgesics will limit the growth of the market to a certain extent. In some rare and severe cases, depending on individual metabolism, these drugs can result in heart attack and brain damage. Furthermore, long-term usage of analgesics can cause addiction in drug overdose, and pain killers are considered the second most abused substance behind marijuana, in the U.S. These factors may restrain the growth of the market during the forecast period.
Healthcare Reforms in North America Favoring Regional Growth
North America will continue to dominate the global OTC analgesics market owing to the strong presence of major pharmaceutical manufacturers, and better health care reforms for patient care. While Europe is expected to remain the second-most lucrative regional market, Asia Pacific will record tremendous growth due to the rise in disease burden, increased spending on research & development (R&D) activities, and the emergence of players in the pharmaceutical landscape.