Over The Counter Pain Medication Market 4.5% value CAGR to reach US$ 13 billion by the end of the assessment period 2021-2028

The OTC (over-the-counter) pain medication market surpassed US$ 18 billion in 2018, with growth influenced by changing perceptions on generic pharmaceutical drugs, according to a recent study published by Future Market Insights (FMI). The study opines that market revenue will rev up at an improved rate of 3.7% to exceed US$ 19.3 billion in 2019. FMI analyzes various aspects of market growth influencing the OTC pain medication market.

Many consumers are making a shift to generic drugs to reduce total spending on non-prescription or OTC pain medication. Various governing bodies, such as the United States Food and Drug Administration (FDA), have implemented stringent regulations and labeling rules to ensure the safety and effectiveness of OTC pain medications. Leading players in the OTC pain medication market are collaborating with generic drug-makers to capitalize on the trend of consumer inclination towards generic versions of branded OTC pain medications, finds FMI.

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The FMI study features valuable and actionable insights obtained through thorough research on OTC pain medication market. Some of the insights mentioned in the study are,

Growing geriatric population and prevalence of chronic pain-related disorders among the elderly population is bolstering sales of OTC pain medications.

Over 20% of the adult population of the world is already suffering from pain-related disorders and new cased of pain-related problems are reported by over 10% of the global population, which is increasing significantly every years. This is providing an impetus to growth of the OTC pain medication market.

Increasing awareness about the side effects of pain killers, such as stomach ulcers and gastrointestinal problems, may hamper the OTC pain medication market growth.

Developed countries will dominate the OTC pain medications market with more than half the revenue share of the market. However, developing countries in Southeast Asia will witness fastest growth in the OTC pain medication market with rapidly developing pharmaceuticals and healthcare sector in the region.

Competitive Landscape in the Global Over-the-Counter Pain Medication Market

The competition section of the over-the-counter pain medication market provides detailed information about key players competing in the over-the-counter pain medication market based on their market shares, different market strategies, product offerings, marketing approach, and company dashboard.

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Some of the key players featured in this over-the-counter pain medication market report are

Pfizer, Inc., Johnson & Johnson Services, Inc., Bayer AG, Sanofi S.A., GlaxoSmithKline plc., Bristol-Myers Squibb and Company, Teva Pharmaceutical Industries Ltd, Mylan N.V., Merck & Co., Cardinal Health Inc., and others.

Acetaminophen Drugs Hold Majority Share in OTC Pain Medication Market

The FMI study thoroughly assesses growth of the OTC pain medication market based on various drug classes, such as Nonsteroidal anti-inflammatory drugs (NSAIDS), acetaminophen, and local anesthetics. The study finds that acetaminophens are among the most commonly purchased OTC pain medication, and this drug class holds 45% share in the revenues of OTC pain medication market. As acetaminophen is considered as a safer pain medication than other pain relievers, its demand will continue to remain high in the upcoming years, opines the FMI study.

The Consumer Healthcare Products Association (CHPA), an American trade association, recently published a study on the misuse of acetaminophen-based OTC combination products. The study found that a 28 percent decline was recorded in therapeutic misuse exposures involving acetaminophen-containing OTC combination products. The incidents of acetaminophen misuse decreased from 8,753 to 6,278 between 2007 and 2016, which is a substantial evidence for the safety and effectiveness of acetaminophen-containing OTC pain medications.

Thereby, the FMI study opines that the acetaminophen drugs will maintain a maximum share of over US$ 8.7 billion in the OTC pain medication market through 2019, and the trend will continue to persist in the coming future.

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Key Segment

Based on drug class

non-steroidal anti-inflammatory drugs (NSAIDs)
local anaesthetics
acetaminophen

Based on route of administration

oral
tropical
others

Based on dosage from

tablets
capsules
creams
gels
others

Based on distribution channels

hospital pharmacies
drug stores
retail stores
e-commerce
others

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About FMI:

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

This release was published on openPR.