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Over-The-Counter Pain Medication Market Is Projected to Reach a Valuation of US$ 27.7 Billion By the Year 2028

April 19th, 2022 Future Market Insights Releases

The OTC (over-the-counter) pain medication market surpassed US$ 21.8 billion in 2022, with growth influenced by changing perceptions on generic pharmaceutical drugs, according to a recent study published by Future Market Insights (FMI). FMI analyzes various aspects of market growth influencing the OTC pain medication market.

Request a report sample to gain comprehensive insights

@ https://www.futuremarketinsights.com/reports/sample/rep-gb-8947

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.
  • 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.

For any Queries Related with the Report, Ask an Analyst

@ https://www.futuremarketinsights.com/ask-question/rep-gb-8947

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.

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.

We Offer tailor-made Solutions to fit Your Requirements, Request Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-8947

Explore FMI’s Extensive ongoing Coverage on Healthcare Domain

Smart Medication Adherence Sensors Market – Non-adherence of medication is widespread problem, where a patient fails to follow the medication schedule which results into the delayed or no cure of the disease which may lead to death in fatal cases. For the best possible outcome of the treatment, adherence to follow the medication schedule is required.

Unit-Dose Respiratory Medications Market – Unit-dose respiratory medications are generally used with nebulizers and other devices to treat respiratory disease disorders. Unit dose respiratory medications can be administered through oral parenteral and respiratory route of administration. Unit-dose dispensing medication is the ready package for the patients.

Over-The-Counter (OTC) Veterinary Drugs Market – Over-The-Counter (OTC) Veterinary Drugs, also termed as non-prescription drugs are drugs that are available without any prescription. These drugs are effective and safe when all the directions on the label or directed by the healthcare professional are followed. The FDA in the U.S. considers when a specific drug is effective and safe enough to be sold over-the-counter.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:
Future Market Insights,
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Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/

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