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.
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.
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.
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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.