NSAIDs reign, naturals rise
via Drug Store News
Traditional OTC pain relievers remain popular, but topical and natural solutions are gaining traction.
When day-to-day life becomes a pain in the neck, consumers want fast relief. And sore necks—along with aching backs, throbbing heads and other hurting body parts—equate to big business for manufacturers of over-the-counter pain-relief medications and the retail outlets that sell them.
According to a January 2023 report from London-based Brandessence Market Research, the global OTC analgesics market was worth $26.5 billion in 2022. Moreover, the market is expected to realize a compound annual growth rate of 5.5% between 2022 and 2029.
90% of consumers desire a fast-acting formula with multiple benefits.
“The increasing geriatric population base, growing prevalence [of] chronic diseases and rising self-medication trends are creating lucrative opportunities for this industry vertical to amass notable gains,” the market research firm said.
External treatments continue to be popular within the first-aid space, too. Data from global market research firm Mintel show that 90% of consumers desire a fast-acting formula with multiple benefits, noted Jim Creagan, president of Cornwall, N.Y.-based CrossingWell Consumer Health (formerly Randob Labs).
Creagan said his company’s Sting-Kill and Chiggerex products include benzocaine for instant pain relief and also provide itch-relief benefits. The company’s Bacitraycin Plus first-aid ointment, meanwhile, not only relieves pain, but also contains bacitracin to kill germs and aloe to soothe.