Over The Counter Pain Medication Market to Surpass $35.50 Billion by 2031, Says Coherent Market Insights (CMI)
Burlingame, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The global Over The Counter Pain Medication Market Size to Grow from USD 27.12 Billion in 2024 to USD 35.50 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Increasing trend of self-medication for mild pain issues instead of visiting a doctor. Busy modern lifestyles and shorter attention spans have made people choose quick relief over medical consultations for issues like headaches, minor body aches, menstrual cramps, joint pain, and other temporary pain conditions.
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Market Dynamics:
The over the counter pain medication market is driven by rising incidences of chronic diseases such as arthritis, back pain, and migraine. As per estimates, around 1.5 billion people globally suffer from back pain which is the most common and prevalent chronic disease. Additionally, around 1 billion people suffer from arthritis. Pain relievers such as analgesics and nonsteroidal anti-inflammatory drugs are widely used for managing mild to moderate pains associated with chronic diseases. Furthermore, increasing geriatric population who are more prone to aches and pains is expected to fuel demand for pain relief medication over the forecast period.
Over The Counter Pain Medication Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $27.12 billion |
| Estimated Value by 2031 | $35.50 billion |
| Growth Rate | Poised to grow at a CAGR of 3.9% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Drug Class, By Route of Administration, By Dosage Form, By Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing Prevalence of Chronic Diseases • Easy availability and accessibility of OTC pain medicines |
| Restraints & Challenges | • Side effects of prolonged usage • Risk of addiction and drug abuse |
Market Trends:
Inclination towards herbal and homeopathic pain relievers is one of the major trends witnessed in the global over the counter pain medication market. Customers are showing greater preference for herbal and homeopathic products owing to perceived fewer side effects. Moreover, shifting customer preference towards green and sustainable products is augumenting demand for herbal pain medications. Additionally, advances in modern medicine have led to introduction of innovative drug delivery formats like gels, sprays, and roll-ons. Products with such novel formats are gaining wide acceptance among customers looking for convenience and fast pain relief. Players in the market are focusing on development of innovative delivery formats to enhance customer experience.
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Non-steroidal anti-inflammatory drugs (NSAIDs) segment is estimated to hold the largest share of the over the counter pain medication market. NSAIDs work by blocking the production of prostaglandins - hormone-like substances in the body that promote inflammation, pain, and fever. Some commonly used NSAIDs available over the counter include ibuprofen, naproxen, and aspirin. Their wide availability without prescription and effectiveness in treating different types of pain make NSAIDs the most preferred choice for mild to moderate pain relief.
The oral route of administration segment accounted for the major share of the over the counter pain medication market in 2024. Oral medications in the form of tablets, capsules, syrups, and liquids are the most convenient and commonly used mode of delivery for pain relief. They are easy to consume, have better patient compliance compared to other modes, and work effectively in relieving different types of acute and chronic pains from headaches to body aches. These benefits have made oral formulations the mainstay products in the OTC pain medicine space.
Key Market Takeaways:
The global over the counter pain medication market is projected to record a CAGR of 3.9% during the forecast period of 2024-2031 to reach a value of US$ 27.12 billion by 2031. The growth can be attributed to the rising geriatric population worldwide that is more prone to pains, ailments, and increased self-medication trends.
On the basis of drug class, the non-steroidal anti-inflammatory drugs (NSAIDs) segment holds the largest share due to factors like wide availability and effectiveness against different types of pains. By route of administration, the oral segment dominates the market as oral formulations are highly convenient and have better compliance.
Regionally, North America holds a dominant share in the over the counter pain medication market and is expected to retain its dominance through 2031 due to the presence of major players, growing health awareness, and increasing incidence of musculoskeletal pains.
Key market players operating in the over the counter pain medication market include Johnson & Johnson, Pfizer Inc., Bayer AG, GlaxoSmithKline plc, Sanofi S.A. Reckitt Benckiser Group Plc, Novarties AG, Perrigo Company plc, Takeda Pharmaceuticals Company Limited, Teva Pharmaceuticals Industries ltd, Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ld., Alken Laboratories Ltd., Cipla Ltd., Dr. Reddy’s Laboratories Ltd., Glenmark Pharmaceuticals Ltd., Lupin Limited, and Aurobindo Pharma Limited. These players are actively engaged in new product launches and strategic collaborations to strengthen their market presence.
Recent Developments:
In March 2024, The US. FDA has warned against using certain over-the-counter topical analgesics for pain relief before, during, or after cosmetics procedures like microdermabrasion, laser hair removal, tattooing, and piercing.
In October 2023, the USFDA approval for the approval non-opioid painkiller Maxigesic IV was announced by Belgium-based Hyloris Pharmaceuticals.
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Detailed Segmentation:
By Drug Class:
- Non-steroidal Anti-inflammatory Drugs (NSAIDs)
- Local Anaesthetics
- Acetaminophen
- Salicylates
- Others
By Route of Administration:
- Oral
- Topical
- Others
By Dosage Form:
- Tablets/Capsules
- Liquids
- Creams
- Gels
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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