global-over-the-counter-otc-drugs-market-industry
Published

MAY 2018

Over-the-counter (OTC) Drugs Market - Segmented By Products (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral, and Supplements (VMS), Weight Loss/Dietary Products, Ophthalmic Products, Sleeping Aids), Distribution Channel, Geography - Growth, Trends, and Forecast (2018 — 2023)

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Over-the-counter (OTC) Drugs Market

The global market for over-the-counter (OTC) drugs is expected to witness a CAGR of 8.5%. The Asia-Pacific and Latin America markets are set to record the highest market growth in the forecast period.

Product Innovation

The OTC drug market is highly competitive, but despite the limited number of active ingredients in the market, there is a huge innovation in terms of drugs, which are resulting in improving the performance, in terms of drugs forms, dosages, and usage. Many of the major players are also investing in research for the development of the new formulas to cure minor ailments and potentially get the approval for more active ingredients in the OTC drugs. There is large diversification of the products, which is targeting different age groups like children, adults, women, and old people with different new products, and is driving the OTC drugs market.

The other factors include high penetration in emerging markets, favorable regulatory framework, and inclination of pharmaceutical companies to switch from Rx to OTC drugs.

Probability of Substance Abuse

Drug abuse is the major challenge to the OTC drug market, mostly by teenagers. As these drugs are readily available in the market, they are more prone to get abused on a large scale. It is projected that nearly one in every eight or nearly 12% of teenagers abuse OTC cough syrups. Over three million adolescents and youngsters are engaged in the OTC drug abuse. It is an alarming statistic for the OTC market, which is hindering growth. 

The other factor includes the lack of awareness in the rural regions.

Europe is the Lucrative Market
OTC market is highly concentrated, and the United States, China, and Japan accounted for nearly 50% of the market share in 2016. The over-the-counter drugs market in China is the second largest in the world. After Asia-Pacific, Europe is the lucrative region in the global OTC drugs market. The demand in the European countries is increasing due to growing consumer appetite for self-medication.

Key Developments in the Over-the-counter (OTC) Drugs Market

  • February 2017: Sanofi announced that the United States Food and Drug Administration (FDA) has approved Xyzal Allergy 24HR as an over-the-counter (OTC) treatment for the relief of symptoms associated with seasonal and year-round allergies.

  • February 2017: Sanofi agreed to sell some over-the-counter (OTC) products to Ipsen SA.

Over-the-counter (OTC) Drugs Market major players include Johnson & Johnson, Novartis International AG, Bayer, Sanofi S.A., Pfizer, GlaxoSmithKline PLC, Boehringer Ingelheim, PGT Healthcare, and Takeda, among others.

Reasons to Purchase Over-the-counter (OTC) Drugs Market Report

  • Follow the current and over the counter drugs market
  • in the developed and emerging markets. 
  • Examining the various perspectives of the market with the help of Porter’s Five Forces Analysis.
  • Identify the segment that is expected to dominate the market.
  • Identify the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares, and strategies employed by the major market players.
  • 3-month analyst support along with the Market Estimate sheet (in Excel).

Customization of Over-the-counter (OTC) Drugs Market Report

  • This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
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