7 Key Projections for OTC Analgesics Market: Industry Insights and Forecast till 2022

Posted on 2018-01-22 by Mark Hub in Pharmaceuticals // 0 Comments

Fact.MR

Rockville, US, 2018-Jan-22 — /EPR Network/ — A fresh report has been added to the wide database of Fact.MR. The research study is titled “OTC Analgesics Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022”which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview. The report anticipates that the OTC analgesics market would rise at a positive CAGR during the period 2017-2022.

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Analgesics are counter pain drugs, which stop the pain sensation for some time, or completely eliminate the feeling of pain. These drugs are often consumed by individuals, without the need for any necessary prescription, for type of pain which reoccurs or is of less degree. The drugs which don’t require prescription fall under OTC analgesics, for example drugs for reducing fever, or body pain killers.

The advent of healthcare reforms, and favorable regulatory norms worldwide, have encouraged the initiation & uptake of several pain management programs, in a bid to reduce the overall healthcare costs. For example, Patient Protection and Affordable Care Act of the U.S. has provisions for pain management. These instances have paved ways for developing effective OTC analgesics. OTC analgesic drugs are usually purchased in large quantities, with wide availability of drugs for relieving various types of pain in distribution stores. These factors are expected to influence growth of the global OTC analgesics market.

The trend of utilizing off-label drugs, which are unapproved and affordable medications effective for treatment of diseases, has been gaining an uptick over the recent past. Management of symptoms related to pain has become easy and convenient owing to the availability of OTC analgesics, and these are further prescribed with approved drugs as the maintenance therapies. There is a high potential for growth of the global OTC analgesics market, with sales and demand for pain medication such as pain killers, or pain relievers gaining a significant prevalence among individuals. In addition, demand for non-narcotic pain medication has been witnessing a surge on the back of ill effects associated with narcotic drugs on patients. Topical analgesic manufacturers as well as distributor are increasing their product portfolio to gain huge profits from opportunities in the developed as well as developing markets.

The global OTC analgesics market is projected to register a steady expansion through 2022. The market is estimated to surpass revenues worth US$ 20,000 Mn by 2022 end.

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7 Prospects of the Global OTC Analgesics Market

1- In terms of revenues, North America is expected to hold the largest share of the market, and will remain dominant in the global market for OTC analgesics over the forecast period.

2- Europe will continue to be the second largest market for OTC analgesics, while the market in Japan is expected to register a relatively higher CAGR than the market in Europe through 2022.

3- Pharmacy is expected to be the most lucrative OTC channel for OTC analgesics in the global market, followed by drug store and online store.

4- Sales of OTC analgesics in online store and modern trade OTC channels are anticipated to register the highest CAGRs through 2022.

5- In terms of revenues, tablet form of OTC analgesics is estimated to account for more than half share of the market throughout the forecast period. Tablet OTC analgesics will continue to be sought-after among consumers across the globe.

6- Capsule is expected to remain the second largest adopted product form of OTC analgesics in the market, with sales exhibiting the highest CAGR through 2022.

7- Key market players profiled in Fact.MR’s report on the global market for OTC analgesics include Johnson & Johnson Service, Inc., Reckitt Benckiser Group Plc., GlaxoSmithKline Plc., Novartis AG, AstraZeneca Plc., Sun Pharmaceuticals Industries Limited, and Pfizer Inc.

Competition Tracking

Key market players mentioned in Fact.MR’s report include Sun Pharmaceuticals Industries Limited, Johnson & Johnson Service, Inc., AstraZeneca Plc., Reckitt Benckiser Group Plc., Novartis AG, GlaxoSmithKline Plc., and Pfizer Inc.

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About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized healthcare market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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