世界のOTC鎮痛薬市場 - 成長、動向、予測
Over the Counter (OTC) Analgesics Market - Growth, Trends, and Forecast (2019 - 2024)
|世界のOTC鎮痛薬市場 - 成長、動向、予測|
発行: Mordor Intelligence LLP
ページ情報: 英文 114 Pages
The over the counter (OTC) analgesics market is expected to register a CAGR of nearly 7.2% during the forecast period, 2019-2024. The major factors boosting the growth of the market studied include the increasing demand in topical analgesics, growth in the geriatric population resulting into rising in the prevalence of various diseases and cost efficiency of otc analgesics drugs.
As per the scope of this report, over the counter (OTC) analgesics are referred to as non-prescription analgesic drug. These medicines can be bought by individuals without a doctor's prescription and are safe for consumption without the doctor's consent. The market is segmented by type of drug, distribution channel, and geography.
Retail Pharmacies Segment by Distribution Channel is Expected to Dominate the Market
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 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 the OTC analgesics in the retail stores the market is expected to witness a high CAGR over the forecast period.
North America is Expected to Dominate the Market
According to the Consumer Healthcare Products Association, 2019, it was estimated that about 93% of the 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 nonprescription topical analgesics. Counterirritants 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. According to a report, 2018, "The value of self-medication: summary of existing evidence", it was estimated that the availability of OTC medicine resulted in annual savings of USD 102 billion relative to alternatives. Hence, 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.