Over-the-counter Pain Medication Market: Increasing tendency of self-medication stimulate the market growth
Over-the-counter Pain Medication Market: Overview
The over-the-counter pain medication market is predicted to display notable growth over the forecast period from 2020 to 2030. Increasing practices of over-the-counter drugs for moderate pain, and increasing tendency of self-medication stimulate the over-the-counter pain medication market.
Besides this, soaring healthcare costs, emergence of e-health, and favorable regulatory scenario in developed countries for over-the-counter drugs bolster the over-the-counter pain medication market.
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Key parameters based on which the over-the-counter pain medication market is studied are drug type, dosage form, route of administration, distribution channel, and region.
The report provides an in-depth overview of the global over-the-counter pain medication market and its growth curve for the assessment period. It discusses demand drivers, challenges, current trends, and future opportunities. Furthermore, recent innovations and how large players in the over-the-counter pain medication market are strategizing to gain competitive edge are discussed at length in this report.
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Over-the-counter Pain Medication Market: Competitive Landscape and Recent Developments
R&D for combination drugs is a key growth strategy of large players in the over-the-counter pain medication market. Besides this, large players are vying to develop more effective pain relievers that have quick action. For example, in April 2019, Granules India announced that it received U.S. FDA approval for acetaminophen extended-release tablets to be used for temporary pain relief.
Easy to use products in the form of tube creams and sprays is also the focus of keen players in the over-the-counter pain medication market. Expansion of production facilities and collaborations are undertaken by large players to accomplish such goals.
Some of the large players operating in the over-the-counter pain medication market are Pfizer Inc., Johnson & Johnson Services Inc., Bayer AG, Sanofi S.A., and GlaxoSmithKline plc. among others.
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Over-the-counter Pain Medication Market: Key Trends
Firstly, rise in the number of sports injury, accidents, and heavy-duty workloads is stoking solid demand in the over-the-counter pain medication market. Over-the-counter pain medication is easily available at pharmacies in the form of tablets, topical application medication, and syrup. Pharmacists at drug stores and pharmacies have the knowledge to help users purchase pain medication for moderate to severe pain. Pharmacists also mostly have the knowledge to guide the dosage for relief from pain.
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Likewise, growing prevalence of muscle aches, headache, fever, and inflammation stimulate the over-the-counter pain medication market.
Elevating knowledge about drug fact labeling among consumers, and cost-effectiveness of over-the-counter drugs are some other key factors fuelling the over-the-counter pain medication market.
However, on the flip side, rising awareness among users of adverse effects of overuse of over-the-counter pain medication hampers the growth of over-the-counter pain medication market to some extent.
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Over-the-counter Pain Medication Market: Regional Assessment
Led by the U.S., North America is leader in the over-the-counter pain medication market. Common practices of taking medication for mild pain that are easily available over-the-counter at pharmacies and drug stores makes the region frontrunner in the global over-the-counter pain medication market.
Besides this, elevating healthcare costs and emergence of e-health cement the growth of over-the-counter pain medication market in this region.
Asia Pacific over-the-counter pain medication market is projected to display momentous growth in the coming years. Mounting healthcare spending, exploding population in some countries of the region, unhealthy dietary habits, and increasing practices of self-medication are fuelling the over-the-counter pain medication market in the region. Furthermore, the region being home to some key market players, startups, and rising number of online pharmacies bolster the over-the-counter pain medication market in the region.
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