According to a recent study by Future Market Insights (FMI), the OTC (over-the-counter) pain medication market will surpass US$ 21.8 billion in 2022, with growth being influenced by shifting attitudes toward generic pharmaceutical drugs. According to the study, market revenue will increase at a better rate of 4.1% and surpass US$ 27.7 Bn in 2028. The OTC pain medication market is influenced by a number of market growth factors, according to FMI analysis.
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.
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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.
Key Companies Profiled
- Pfirzer Inc.
- Johnson & Johnson Services Inc.
- Bayer AG
- Sanofi S.A.
- GlaxoSmithKline plc.
- Bristo-Meyers Squibb and Company
- Teva Pharmaceutical Industries Ltd.
- Mylan N.V.
- Merck & o.
- Cardinal Health Inc.
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.
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.
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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.
The study provides a futuristic overview of the OTC pain medication market with important information about growth prospects of the market during the forecast period 2022-2028. The study predicts that the OTC pain medication market will witness healthy growth at a healthy 4.1% value CAGR to reach US$ 27.7 Bn by the end of the assessment period.
Key Segments of Over-the-Counter Pain Medication Industry Survey
Over-the-Counter Pain Medication Market by Drug Class:
- Non-steroidal Anti-inflammatory Drugs (NSAIDs)
- Local Anaesthetics
- Acetaminophen
Over-the-Counter Pain Medication Market by Route of Administration:
- Oral
- Topical
- Others
Over-the-Counter Pain Medication Market by Dosage Form:
- Tablets
- Capsules
- Creams
- Gels
- Others
Over-the-Mounter Pain Medication Market by Distribution Channel:
- Hospital Pharmacies
- Drug Stores
- Retail Stores
- through e-Commerce
- Others
Over-the-Counter Pain Medication Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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