The report forecasts the global analgesics market to grow at a CAGR of 4.28% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, a key growth driver is the rapid industrialization in China. Changes in government policies of countries are increasing the preference for OTC drugs over prescription drugs. These drugs do not require a written prescription from healthcare professionals and can be purchased directly from pharmacy stores. This is a major factor that promotes the increased use of these products and a rise in the practice of self-medication. For instance, people with pain conditions use analgesics such as acetaminophen, aspirin, ibuprofen, and diclofenac.
Further, the report states that a major factor that could hamper market growth is the growing preference for alternative therapies. Many analgesics do not show the required long-term efficacy, which leads to patients opting for non-pharmacologic treatments for pain relief. Also, patients sometimes become allergic or experience severe side-effects from drugs or deterioration of a pre-existing disease with the use of these medications.