According to the report “Global Over the Counter (OTC) Drugs Market,” published by Market Data Forecast, the global market is projected to reach USD 188.19 billion by 2021 from USD 131.70 billion in 2016, at a CAGR of 7.4% from 2016 to 2021.
OTC drugs are drugs that have been found to be safe and appropriate for use without the supervision of a health care professional such as a physician, and they can be purchased by consumers without a prescription. These drugs are sometimes approved under applications like new prescription drugs, but more often they are legally marketed without an application by following a regulation called an OTC drug monograph.
An OTC drug monograph tells what kind of ingredients may be used to treat certain diseases or conditions without a prescription, and the appropriate dose and instructions for use. OTC products that meet a monograph’s requirements may be marketed without FDA review. OTC products that do not fit under an existing monograph must be approved under an application like the applications for prescription products.
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Global Over the Counter (OTC) Drugs Market: Drivers & Restraints
Public started showing pro-active approach towards the ailments. Along with that, they are also resorting to lower-priced alternatives due to raising costs in healthcare. The cultural shift in public towards self-reliance leads in gaining major acquisitions. These are some of the drivers that shoot up the market growth. However, the market growth is hindered due to the issue of drug substance abuse and lack of awareness in under-developed areas.
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Global Over the Counter (OTC) Drugs market: Segmentation
- Cough, Cold and Flu Products
- Vitamins and Minerals
- Dermatological Products
- Gastrointestinal Products
- Ophthalmic Products
- Sleep Aid Products
- Weight Loss/Diet Products
By Formulation Type
- Convenience stores
- Others (Online Drug Stores)
From simple data collation through secondary and primary research toad-hoc research requests relating to specific information, we provide our services via customization. Get customization at http://www.marketdataforecast.com/market-reports/global-over-the-counter-drugs-market-509/customize-report
Global Over the Counter (OTC) Drugs market: Overview
Latin American countries are just tailing behinds the top Asian contributors, with its newly emerging markets in Brazil and Argentina. However, North America is forecasted to witness a decline in the market due to the domination of generic medicine prescription. Some of the nations are yet to standardize the process of reviewing the nonprescription attainment status.
A switch by major pharmaceutical companies from Rx to OTC with the objective of investing less and earning more has been instrumental in the growth of the market in past 10-15 years.
This market includes dermatological products, gastrointestinal products, vitamins, minerals, weight loss products, sleep aids, ophthalmic products, smoking cession aids and other products. Among these, the dermatological products, cough, cold and flu products, vitamins, minerals and supplements, analgesics and gastrointestinal products grabbed more than 50% of the market share. An interesting fact about these top performers is the indirect proportionality between their sales volume and revenue generation. For example, the skin products are sold least in volume but contribute the most to the market whereas, in the case of vitamins, minerals, and supplements, the sales volume is high but contribute least to the market mainly because of their low pricing.
Global Over the Counter (OTC) Drugs market: Region-wise Outlook
The OTC drugs market can be geographically segmented into the regions like North America, Europe, Asia-Pacific, Middle East and Latin America. North American and Europe are the top contributors to this market, followed by Asia-Pacific. Europe is said to attain a commendable profit due to very high increase in adoption rates by public.
Key Questions Answered
- What is the current and future Over the Counter (OTC) Drugs market outlook worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Over the Counter (OTC) Drugs space globally?
- What are the key, high growth markets that Over the Counter (OTC) Drugs manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Over the Counter (OTC) Drugs currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Over the Counter (OTC) Drugs?
- What are the challenges and barriers that have hindered widespread adoption of Over the Counter (OTC) Drugs?
Global Over the Counter (OTC) Drugs market: Key Players
GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, GSK Boehringer Ingelheim, Sanofi, Takeda and PGT Healthcare are the top companies that contribute to OTC drugs market. The maximum market share is possessed by GlaxoSmithKline, Johnson and Johnson, Novartis and Sanofi. The extension of OTC service for the drugs dealing with chronic diseases like diabetes and hypertension is a new trend to be noticed.
Reasons to buy Global Over the Counter (OTC) Drugs market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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