The Otc Drugs Market in Asia-Pacific region has been estimated at USD 43.46 billion in 2016 and is projected to reach USD 64.57 billion by 2021, at a CAGR of 8.24% during the forecast period from 2016 to 2021. Over the counter (OTC) drugs are the safe and effective drugs, which can be bought without doctor’s prescription, which are used for common ailments. Acetaminophen, aspirin and ibuprofen are the most common OTC drugs.
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This has become a big hit in Asia, due to easy accessibility, low cost, convenience and customer-empowering qualities. The increasing number of chemists and pharma dispensaries is making the drugs readily available, thus, making it feasible for the consumers.
With the pro-active approach shown by public in Asia-Pacific region, the OTC drugs are made lower-priced. This is a major point which is driving the market. The alarming issues of drug substance abuse and lack of awareness in under-developed areas are constraining the progress of the market.
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The Asia-Pacific market is segmented based on product and geographically. The product market basically caters medicines in the categories like analgesics, cough, cold and flu products, dermatological products, gastrointestinal products, vitamins, minerals, weight loss products, sleep aids, ophthalmic products, smoking cession aids and other products. More than half of the market share belongs to categories like Analgesics, Cough, Cold & Flu, Dermatological and gastrointestinal categories.
Australia, Japan, China and India are the leading contributors to the Asia-Pacific OTC drugs market. In East Asia, Japan takes the lead followed by China, Hong Kong, South Korea, Singapore and Malaysia. Japanese market is forecasted to saturate soon due to economic stagnation. Increasing adoption of western lifestyles and growing prosperities is leading to increase in market size and OTC demand.
GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi and Takeda are the leading companies that contribute to Asia-Pacific market.
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