Over-The-Counter Pain Medication Market size is set to witness notable expansion during the forecast period of 2023-2032 as the incidence of headache, neck & lower back pain, migraine, and other acute pain conditions is growing across the world.
The instances of lower back & neck pain are also on the rise globally due to factors, such as lack of physical activity and leading a sedentary lifestyle. Almost 23% of the global adult population suffers from severe lower back pain. This scenario is predicted to boost the consumption of OTC drugs, including painkillers. Another key trend stimulating over-the-counter pain medication market gains is the development of novel non-opioid analgesics to prevent the risk of addiction to pain medication, which are commonly used in the treatment of chronic pain.
A notable example of this is the discovery of a new non-opioid compound, dubbed benzyloxy-cycloistyladenosine, by a research team from the University of Warwick’s School of Life Sciences. As an alternative to conventional pain medication, the new compound demonstrated fewer side effects in test models, and also displayed a distinct mode of action, creating favorable avenues for analgesic drug development.
Based on the drug type, over-the-counter pain medication market is segmented into nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen. The industry size from the acetaminophen segment might register a considerable CAGR up to 2032. One of the main factors bolstering industry progression is the patient benefits associated with the product, such as relief from fever, headache, and many other common aches and pains. Acetaminophen also has a high success rate in treating children suffering from common pain disorders as well as cold and flu. The drug is highly recommended for individuals diagnosed with arthritis as it has lesser side effects as compared to other pain medicines, which may further boost product consumption.
In terms of route of administration, the oral route segment is projected to hold a significant share of the over-the-counter pain medication market by 2032. More patients are opting for this route of administration as it offers a wide range of benefits including safety, convenience, compatibility, and affordability. Since oral OTC pain medications come in different forms, such as chewable, tablets, liquids, and capsules, they are easily accessible and affordable. These factors may encourage patients to opt for oral consumption of pain medications, and in turn, foster OTC pain medication market revenue over the forecast period.
Gel-based over-the-counter pain medication market is predicted to record tremendous value during the analysis timeframe as the occurrence of acute pain disorders is increasing at a steady rate. This has augmented the usage of pain relief gels, which have numerous advantages such as easy application, faster relief from muscle pain, and high affordability. Many leading companies are also launching advanced versions of their products to cater to the growing demand for fast-acting pain relief solutions, thereby accelerating industry progress.
Asia Pacific over-the-counter pain medication market is poised to showcase considerable expansion by 2032. Governments across the region are increasing their spending on the healthcare sector through various schemes and policies. For example, the Government of Indonesia set aside USD 16.2 billion or 9.4% of its entire 2022 Budget for the healthcare sector. The population in developing countries is also rising, with more people relying on self-medication to treat common pains and aches. Unhealthy dietary habits have also contributed to the outlook in pain disorders across the region. Such factors are expected to create robust demand for advanced OTC pain medication products, and consequently, fuel regional industry progress.
Reputed organizations in over-the-counter pain medication industry include Pfizer Inc., Johnson & Johnson, Sanofi S.A., Bayer AG, and GlaxoSmithKline plc (GSK), amongst several others.