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The Spain Over-the-Counter (OTC) Drugs Market is segmented by Product, By Distribution Channel(Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Other Distribution Channels).
The Spanish over-the-counter (OTC) drugs market is expected to register a CAGR of around 3.5% over the forecast period. Factors that are propelling the growth of this market include product innovation, growing distribution channels, an inclination of the pharmaceutical companies from Rx to OTC drugs, and increasing self-medication among the general population.
The rising healthcare costs demand the need for better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs plays an important role in this aspect and helps improve the accessibility and cost benefits of healthcare services. There is an increase in self-medication in European countries, including Spain. According to the Association of the European Self-medication Industry, one out of two packages of medicines sold in Europe is a non-prescription medicinal product. By allowing citizens to address their conditions by themselves when medical advice is not necessary, self-medication produces significant public health and economic benefits for societies. It reduces a significant burden on health systems, freeing at the same time health professionals’ time to counsel patients in need of professional care.
Based on a recent report by Pfizer, nine out of 10 consumers in the European countries (Spain France and Germany) view self-care as a vital part of the management and prevention of both minor ailments and chronic conditions and diseases. OTC medicines help fulfill a growing consumer appetite for self-care. Because of these multiple benefits, increase in self-medication is expected to continue to drive the growth of the Spanish OTC drugs market.
Over-the-counter (OTC) medications do not need a doctor’s prescription. This convenience of the consumer enables the direct purchase of medicine.
|Cough, Cold, and Flu Products|
|Vitamins, Mineral, and Supplements (VMS)|
|Other Product Types|
|By Distribution Channel|
|Other Distribution Channels|
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The magnitude of savings due to the advent of over-the-counter (OTC) drugs in a cough/cold/flu category is driven by a rise in the number of individuals affected by these conditions. The growing prevalence of these common diseases (i.e. cough, cold, and flu) has led the patients to use OTC drugs, as these drugs are readily available and can be bought without a doctor’s prescription. This saves both time and cost required to visit a physician/hospital. Consumers depend on OTC for a cough and cold medicines as a first response to seek quick relief from symptoms. Owing to their easy procurement and increasing market demand, the sale of OTC drugs for a cough, cold, and flu is increasing in Spain.
Quick-relief tablets, such as throat lozenges, provide quick relief from throat tickles and contribute to the market as well. Aspirin is widely used to provide quick relief from headaches. The improved quality and efficacy of a cough, cold, and flu OTC products are strongly driving the market.
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The Spain over-the-counter (OTC) drugs market is highly competitive. There are some major players that are holding the major share in the market, along with some of the smaller companies holding a substantial share.However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Inclination of Pharmaceutical Companies to Switch From Rx to OTC
4.2.2 Increasing Self Medication among General Population
4.2.3 High Penetration in Emerging Markets
4.3 Market Restraints
4.3.1 Incorrect Self Diagnosis
4.3.2 Probability of Substance Abuse
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Cough, Cold, and Flu Products
5.1.3 Dermatology Products
5.1.4 Gastrointestinal Products
5.1.5 Vitamins, Mineral, and Supplements (VMS)
5.1.6 Weight-loss/Dietary Products
5.1.7 Ophthalmic Products
5.1.8 Sleeping Aids
5.1.9 Other Product Types
5.2 By Distribution Channel
5.2.1 Retail Pharmacies
5.2.2 Online Pharmacy
5.2.3 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Sanofi SA
6.1.3 Pfizer Inc.
6.1.4 GlaxoSmithKline PLC
6.1.5 Reckitt Benckiser Group PLC
6.1.6 Takeda Pharamaceutical Company Ltd.
6.1.7 Johnson and Johnson
6.1.8 Novartis AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape Covers- Business Overview, Financials, Products and Strategies, and Recent Developments