Growth in awareness related to general health concerns is expected to
drive the growth of global over the counter (OTC) drugs market
According
to TechSci Research report, “Global Over the Counter (OTC)
Drugs Market By Product (Cough, Cold, and Flu, Analgesics,
Dermatology Products, Vitamins, Mineral, and Supplements (VMS), Other), By
Dosage Form (Tablets, Capsules, Powders, Ointments, Liquids), By Distribution
Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Other), By
Region, Forecast & Opportunities, 2025”,
Global Over the Counter (OTC) drugs market exceeded USD 140
billion in 2019 and is expected to witness a significant CAGR
of around 8.23% during the forecast period. Growing inclination of
pharmaceutical companies toward OTC drugs from Rx drugs is one of the major factors accounting
for the growth of global over the counter (OTC) drugs market.
Moreover, favorable regulatory framework is expected to bode well for the
growth of global over the counter (OTC) drugs market through the forecast
period. In addition to this, increasing product innovations is expected to positively
influence the growth of global over the counter (OTC) drugs market in the years
to come. Also, surging trend among the individuals to select OTC drugs for
minor diseases is making headway for the growth of global over the counter (OTC)
drugs market. Along with this, supportive government funding is positively
contributing to the market growth. Also, rising tendency of people towards
self-medication in developing economies is expected to bolster the market
growth in the coming years. Furthermore, the key market players are switching
from Rx to OTC on account of increasing patent expiration rates which is aiding
the market growth. Also, the OTC drugs usage are economically beneficial which is
accredited to savings on drug cost coupled with cost incurred on clinical visit,
due to which, the global over the counter (OTC) drugs market is projected to
rev up in the next 5 years. However, there are certain factors that might act
as major impediments to the growth of global over the counter (OTC) drugs market
during the forecast period such as stringent regulations by the FDA related to
the safety and efficacy of OTC drugs.
Browse 142 Figures
spread through 110
Pages and an in-depth TOC on " Global Over the
Counter (OTC) Drugs Market "
https://www.techsciresearch.com/report/over-the-counter-drugs-market/5054.html
Global
over the counter (OTC) drugs market can be segmented based on product, dosage
form, distribution channel, and region. Considering the dosage form, the market
is fragmented into tablets, capsules, powders, ointments, liquids. Among these,
the tablets segment dominated the global over the counter (OTC) drugs market in
terms of largest market share until 2019 and is further anticipated to maintain
its dominance during the forecast period as well. This can be ascribed to their longer
shelf life coupled with its cost-effective manufacturing
process. Additionally, they can accommodate a higher dose of active ingredient
as compared to capsules, which is further boosting the segmental growth.
Johnson
and Johnson, GlaxoSmithKline PLC (GSK Consumer Healthcare), Perrigo Company
PLC, Reckitt Benckiser Group PLC, Takeda Pharmaceutical Company Ltd, Roche
Holding AG, The Procter & Gamble Company, Sanofi S.A, Gilead Sciences Inc.,
Bayer Healthcare AG, AstraZeneca plc., Alacer Corp., Alcon Inc., and others
are the leading players operating in global over the counter (OTC) drugs market.
The players are adopting several growth strategies to enhance the market
scenario of over the counter (OTC) drugs. Other competitive strategies include product
launches, acquiring each other’s OTC business division mergers &
acquisitions, agreements, partnerships, and collaborations, and expansions to
diverse their product portfolio in order to strengthen their market position.
download
sample report @ https://www.techsciresearch.com/sample-report.aspx?cid=5054
customers can also
request for 10% free customization on this report.
“North America is expected to dominate the global over the counter (OTC)
drugs market until 2025 on account of growing awareness pertaining to personal
care and treatment in the region. Furthermore, increasing R&D in healthcare
industries is also contributing to the growing trend. On the other hand, Asia-Pacific
region is anticipated to register highest CAGR over the years to come, which
can be attributed to rising investment by the government to develop health care
industries in the region. In addition to this, growing middle class population
along with increase in disposable income is further expected to bolster the
growth of global over the counter (OTC) drugs market in the region.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Over the Counter (OTC)
Drugs Market By Product (Cough, Cold, and Flu,
Analgesics, Dermatology Products, Vitamins, Mineral, and Supplements (VMS),
Other), By Dosage Form (Tablets, Capsules, Powders, Ointments, Liquids), By Distribution
Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Other), By
Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global
over the counter (OTC) drugs market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in
global over the counter (OTC) drugs market.
Very Informative content on OTC medications Thank you for the article!
ReplyDelete