Increasing Demand in Topical Analgesics
Increasing demand of topical analgesics, which are available as pain-relieving creams, lotions, rubs, gels, and sprays, has increased the sales of analgesics by 18 percent. According to Kline Nonprescription Drugs US report, increasing geriatric population worldwide, will generate the demand for pain relief products. According to the US Census Bureau, between 2012 and 2050, the United States will experience considerable growth in its older population. Thus, the growth in geriatric population is driving the growth of the global OTC analgesics market.
Additionally, the cost efficiency of OTC analgesics drugs is also responsible for fuelling the growth of the market.
Harmful Side-Effects from Continuous Use of OTC Analgesics
The common side-effects from the continued usage of OTC analgesics include, constipation, drowsiness, dizziness, stomach-ache, heart attack, or stroke. These drugs can cause serious changes in the brain and body. Long-term usage of painkillers increases the addiction and dependency on the drugs. In the United States, painkillers are the second most abused substances, after Marijuana. As a result of such incidents of drug overdose, there is an uncertainty regarding the increasing stringency on OTC analgesics, thus, restraining the market.
Additionally, drug abuse is restraining the growth of OTC analgesics market.
North America to Dominate the Market
Analgesics are one of the star performers in the OTC drugs portfolio worldwide. Being the first choice for pain relief, the demand for various analgesics is high around the globe, especially in industrialized regions. Some of the most common factors leading to an increasing demand are: rise in average age of citizens in countries, such as the United States. Another major reason is the increasing obesity in developing countries, such as Mexico. Both these reasons give rise to common problems of pain, stress, and various kinds of aches. This section of the population contributes to the increasing demand, and therefore, the growth of the analgesics market. From the industry side, factors such as, high level of innovation and falling private label competition in developed countries, are also fueling the market’s growth.
Key Developments in the Market
- January 2018 - New chronic pain relief “Venodol” roll is a non-opioid, non-additive OTC alternative to opioid, and Steroidal Analgesics. It is launched by Spotlight Innovation, a pharmaceutical company, which is a subsidiary of Caretta Therapeutics in 2017.
Reasons to Purchase the Report
- Current and future OTC Analgesics market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet in excel.
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1 Market Driver
6.1.1 Increasing Demand in Topical Analgesics
6.1.2 Growth in Geriatric Population
6.1.3 Cost Efficiency of OTC Analgesics Drugs
6.2 Market Restraint
6.2.1 Drug Abuse
6.2.2 Harmful Side-Effects from Continous Use of OTC Analgesics
6.4 Key Challenges
7. Market Segmentation
7.1 By Type of Drug
7.1.1 Acetaminophen (Tylenol)
7.1.2 Nonsteroidal anti-inflammatory drug (NSAIDs)
22.214.171.124 Ibuprofen (Advil, Motrin)
126.96.36.199 Naproxen (Aleve)
188.8.131.52 Magnesium salicylate
184.108.40.206 Sodium salicylate
7.1.4 Topical Analgesics
7.2 By Distribution Channel
7.2.2 Modern Trade
7.2.3 Online Store
7.2.4 Other Retail
7.3 By Geography
7.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Australia & New Zealand
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
7.3.4 Middle East & Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East & Africa
7.3.5 South America
22.214.171.124 Rest of South America
8. Competitive Landscape
8.1 Mergers and Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Major Players
9.2 Boehringer Ingelheim
9.3 Johnson & Johnson
9.4 Novartis AG
9.5 Pfizer Inc.
9.6 Reckitt Benckiser Group Plc.
9.8 Sun Pharma
9.9 Takeda Pharma
9.10 List Not Exhaustive
10. Future Outlook of the Market