Recent research: Over-the-Counter Pain Medication Market is expected to grow at a CAGR of ~4% by 2029

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Over-the-Counter Pain Medication Market

• February 2020

Report Id REP-GB-8947 Published On
February-2019 Category Healthcare,
Pharmaceuticals Medical Devices
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Over-the-Counter Pain Medication Market Analysis

• Over-the-Counter Pain Medication Market to
  Witness CAGR of 4 Rise in Value Share During
  the Period 2019 2029
• VALLEY COTTAGE, N.Y. (GLOBE NEWSWIRE) -- 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.
• 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.

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Over-the-Counter Pain Medication Market Analysis

• 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.
• 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.

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Over-the-Counter Pain Medication Market Analysis

• 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.
• Governments take Initiatives to Spread Awareness
  about Safe Use of OTC Pain Medications
• Despite the increasing reliance on OTC pain
  medications, a large consumer group is still
  skeptical about their effectiveness and positive
  impacts on health. In order to help consumers to
  avoid incorrect use of OTC pain medications, many
  governing bodies including FDA have developed
  guidelines and tips for patients for choosing
  appropriate OTC pain medications. Consumers are
  becoming conscious about the drug fact labeling
  (DFL) requirements and other regulations
  vis-à-vis OTC pain medications, which is
  influencing major dynamics of the OTC pain
  medication market, projects the FMI study.
• Press-Release Source https//www.globenewswire.c
  om/news-release/2019/02/20/1738355/0/en/Over-the-C
  ounter-Pain-Medication-Market-will-Exhibit-a-Stead
  y-4-0-CAGR-through-2028-Future-Market-Insights.htm
  l

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Over-the-Counter Pain Medication Market Analysis

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Over-the-Counter Pain Medication Market Analysis

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