Nonsteroidal Anti-Inflammatory Drugs (Nsaids) Are Anticipated To Increase By 1.6X During Forecast Period As These Are Rapidly Used To Treat Pain Conditions
Fact.MR – A Market Research and Competitive Intelligence Provider: The global OTC analgesics market was valued at US $ 25 Billion in 2020, and is expected to accelerate at a CAGR of 5% through 2031.
Surge in demand for nonsteroidal anti-inflammatory drugs is expected to witness a CAGR of 4% during 2021 to 2031.
OTC analgesics have a lot of scope to grow, with demand for effective OTC analgesics like pain relievers significantly being used among patients. Moreover, healthcare reforms and supportive regulatory norms are pushing the implementation of pain management programs, to lower overall healthcare costs.
Rise in growth of the ageing population leads to various old age problems, for which, patients prefer to receive medications and home treatments rather than being hospitalized. As per the Centers of Disease Control and Prevention, 20.4% of the adults were suffering from chronic pain in 2019. Moreover, 7.4% adults had chronic pain that limited their life or work activities on daily basis. These factors ultimately boost the growth of the market during forecast period.
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In addition to this, growing prevalence of cardiovascular disease, osteoarthritis, and cancer has significantly become prominent, further boosting the sales of OTC analgesics.
Also, various factors such as improving economic conditions, surge in prevalence of chronic pain, and rise in use of internal OTC analgesics among patients have a significant impact on the demand.
Besides this, self-medication is expected to fuel the growth of the market. Individuals rapidly use OTC analgesics without a prescription for pain that is of lesser severity.
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