Analgesics: Key market research findings
- Shift towards self-medication drives market growth
- The Americas dominates the market geographically
- Key vendors – Pfizer, Bayer HealthCare, Sanofi, Endo, Johnson & Johnson, and Purdue Pharma
Technavio’s market research analysts predict the global analgesics market to grow at a CAGR of more than 4% between 2016 and 2020. The demand for analgesics in the market is triggered by the increasing preference for self-medication among consumers. Consumers in the market are increasingly preferring over-the-counter (OTC) drugs over prescription drugs owing to the changes government policies of several countries. During 2015, the Americas dominated the global analgesics market by accounting for almost 48% of the overall market share. The rising prevalence of osteoarthritis, launch of novel drugs like Ampion, Zilretta, ALO-02 Oxycodone-naltrexone, TNX-102 SL, Lotemax, and expanded access to medical care due to healthcare reforms are factors that will drive growth in the analgesics market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the analgesics segments based on the type.
“An increase in the use of online resources is an ongoing trend in the market. Consumers are trasitioning towards OTC drugs as the Internet enables quick and easy access to health-related information. Besides, e-commerce portals are targeting these potential customers and are collaborating with manufacturers to maximize their sales. Websites such as vitacost.com, healthkart.com, rxexpress.co.uk, and vivavitamins.com have already started offering pain tablets, caplets, gels, creams, and ointments online,” says Barath Palada, Lead Analyst, Pharma, Technavio Research.
By 2020, OTC analgesics segment is expected to dominate the global analgesics market by accoutning for almost 51% of the overall market share. OTC analgesics do not require a prescription from a registered medical practitioner and can be distributed by any licensed pharmacist through pharmacies, hypermarkets, supermarkets, and other distribution channels. These drugs have a wider margin of safety as opposed to prescription drugs and can be used to treat minor ailments. Rapid growth in the global OTC analgesics market can be attributed to their reduced cost and minimal risk of side effects.
The key vendors in the market include Pfizer, Bayer HealthCare, Sanofi, Endo, Johnson & Johnson, and Purdue Pharma. The global analgesics market is highly fragmented owing to presence of several small and large vendors. Due to the influx of new vendors, the level of competition is likely to intensify over the forecast period. Players in the market are constantly looking for ways to enhance their market presence by focusing on the implementation of various new business models and M&A activities.
A more detailed analysis is available in the Technavio report, Global Analgesics Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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