Analgesics are counter pain drugs, which assist in regulating pain for a period of time, until and unless it is completely eliminated. OTC analgesic drugs are used by individuals devoid of the need for any prescription. Drugs that do not require prescription are classified as OTC analgesics. OTC analgesics are available in brand and generic formulations as tablets, capsules, creams, sprays, and patches.
The international association for the study of pain defines pain as a discomfort experience due to a possible tissue injury. Pain is classified into three categories: mild, moderate, and severe. Typical conditions associated with pain are headache, musculoskeletal injuries, dysmenorrhea, and others such as toothache. Various kinds of OTC pain relief products are available in the market. These constitute three active ingredients: paracetamol, ibuprofen, and aspirin.
Paracetamol is the commonly used OTC analgesic. Its analgesic property is analogous to that of aspirin and ibuprofen. It does not carry any anti-inflammatory effects. Paracetamol inhibits prostaglandin synthesis within the central nervous system. It is the first choice of analgesic for pain management. Prolonged use of paracetamol may enhance the anticoagulant effect of coumarins. Common side-effects associated with paracetamol are hypersensitivity, rare cases of blood dyscrasias (including thrombocytopenia and agranulocytosis). Aspirin is another common OTC analgesic. Aspirin is analgesic, antipyretic, antiplatelet, and anti-inflammatory. The inhibition of cyclooxygenase results in analgesic effect of aspirin. Antagonistic effects of aspirin are epigastric pain, gastrointestinal ulceration, nausea and vomiting, hypersensitivity, and gout.
The OTC analgesic drugs market can be segmented based on route of administration, distribution channel, and geography. In terms of route of administration, the OTC analgesics drugs market can be classified into oral, topical, intramuscular administration, and intravenous. Based on distribution channel, OTC analgesics drugs market can be divided into hospital pharmacies, drug stores, retail drug stores, and e-commerce.
The major drivers for OTC analgesic market are increase in demand for topical analgesics, growth in geriatric population, cost efficiency of OTC drugs has led to the increasing the usage rate, increasing use of off-label drugs has led to easy pain management due to availability of OTC analgesics, and major analgesic manufacturers and distributor are increasing their product portfolio and geographical footprint to increase their stronghold in the global OTC analgesic market in the developed as well as developing markets.
Side-effects such as constipation, dizziness, drowsiness, and heart attack associated with OTC analgesic drugs is one of the key restraints of the market. OTC analgesic drugs may also cause serious damage to the brain in rare cases. Long-term usage of painkillers or analgesics can lead to addiction and drug overdose. According to a study, painkillers are the second most abused substances, after marijuana, in the U.S. Therefore, uncertainty regarding increase in stringent regulations on OTC analgesics is expected to significantly hamper the OTC analgesic market.
Based on region, the global OTC analgesic market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to be the prominent region of the OTC analgesic market due to the higher demand, presence of major pharmaceutical product manufacturers, better health care reforms in terms of patient care, and increase in mergers and acquisitions in the global market. Europe also held key share of the global OTC analgesic market. Asia Pacific is estimated to provide lucrative opportunities to the global OTC analgesic market largely due to the rise in disease burden, rapid increase in research, and growth in competitive landscape in the pharmaceutical industry, as large number of global players are expanding their business in the region through strategic collaborations with regional manufacturers and research institutes. The global OTC analgesic market in Latin America and Middle East & Africa is projected to be driven by the increase in health care infrastructure and public-private collaborations.
Major companies operating in the global OTC analgesic market include Johnson & Johnson Service, Inc., AstraZeneca Plc., Reckitt Benckiser Group Plc., Novartis AG, GlaxoSmithKline Plc., Pfizer Inc., Takeda Pharma, Boehringer Ingelheim, Sanofi, and Bayer.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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