A recent report published by
Infinium Global Research on the over-the-counter drug market provides in-depth
analysis of segments and sub-segments in the global as well as regional
over-the-counter drug market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional over-the-counter
drug market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of global
over-the-counter drug market. According to the report, the global
over-the-counter drug market is projected to grow at a CAGR of 9.4% over the
forecast period of 2020-2026.
Over-the-counter (OTC) medicines
play an important role in the overall healthcare industry. There are more than
100,000 OTC products in the healthcare marketplace. OTC medicines are safe,
effective and are available at more than 7,50,000 retail outlets including
pharmacies, convenience and grocery stores, or mass merchandisers, OTC
medicines are also regulated by the U.S. Food and Drug Administration (FDA).
The inclination in health consciousness among customers and their changing behavior
towards self-medicine are the variables impelling expanded interest, trailed by
the developing tendency of pharma organizations towards OTC medications from
prescription drugs. The global Over-the-Counter Drug market was sized USD
139.64 Billion in 2019. The global Over-the-Counter Drug market is projected to
grow with a CAGR of 9.27% during 2020-2026.
The growing healthcare costs and
an increase in the older population demand the need for better accessibility
and affordability of healthcare services. Self-medication with non-prescription
drugs play an important role in this and help in improving the accessibility
and cost-benefits of healthcare services. Apart from this, the increase in
self-care and self-medication is influenced by factors such as lifestyle,
socioeconomic factors, and easy accessibility of drugs. Also, the limited
reimbursement policies for prescription drugs will lead to individuals opting
for more OTC medicines. Furthermore, emerging countries such as China, India,
Brazil, Mexico, and others offer lucrative potential for the growth of the OTC
market. Regulations imposed by the government and regulatory bodies of the emerging
economies on the OTC drug approval process are lenient compared with that of
prescription drugs, allowing the entry of vendors in these developing
countries. In addition, switching from branded drugs to generic
non-prescription drugs results in saving of up to 75%-85%. This increases the
consumption of drugs and decreases the incidence of withdrawal from treatment
regimens due to the low cost of these drugs. However, high expenditure on
advertisements is hampering the profitability of the manufacturers.
Nevertheless, strategic alliances of the major manufacturers offer fruitful
growth opportunities for the growth of the market.
Among the geographies, the
Over-the-Counter Drug market is segmented into North America, Europe, Asia
Pacific, and RoW. The North American region dominates the global
Over-the-Counter Drug market owing to the quick adoption of OTC products. The
growing trend of self-medication in European countries is helping the growth of
the market in this region. The Over-the-Counter Drug market in the Asia Pacific
region is projected to witness the fastest growth owing to the increasing focus
on personal well-being and rising preference for self-medication for minor
ailments. Latin America and Middle East & Africa are likely to expand at a
steady pace in the coming years. The growing preference for OTC drugs due to
less cost as compared to branded drugs is likely to boost demand for the
Over-the-Counter Drug market in the region.
The report on global
over-the-counter drug market covers segments such as administration, and
therapeutic class. On the basis of administration, the sub-markets include
parenteral, topical, oral, and others. On the basis of therapeutic class, the
sub-markets include pain medications, gastrointestinal drugs, dietary
supplements, respiratory drugs, and others.
The report provides profiles of the
companies in the market such as GlaxoSmithKline PLC, Abbott Laboratories,
Johnson & Johnson Services, Bayer AG, Sanofi S.A., Eli Lilly and Company,
Pfizer plc, Teva Pharmaceuticals, Perrigo Company plc, and Dr. Reddy's Laboratories
Limited.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of over-the-counter drug market. Moreover, the study highlights
current market trends and provides forecast from 2020-2026. We also have
highlighted future trends in the market that will affect the demand during the
forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.
Please Choose One of them.