Over the Counter Drugs Market Overview:
Over the counter (OTC) Drugs are the effective and safe drugs, which can be bought at the pharmacies and local stores, over the counter, without doctor’s prescription. These drugs are seldom used for common ailments. They are dispensed by the pharmacists, after the verification of customer’s age and identification. Acetaminophen, aspirin and ibuprofen are the most common OTC drugs. OTC drugs Market is booming with the allowance of previously high-priced prescribed drugs, shifting to OTC category.
Over the Counter Drugs Market Size:
According to Market Data Forecast, The Over the Counter Drugs Market has been estimated at USD 175.47 Million in 2018 and is projected to reach USD 264.46 Million by 2023 at a CAGR of 8.55% during the forecast period from 2018 to 2023.
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OTC drugs are developed under OTC Monograph process or through New Drug Application (NDA) process. These drugs come with a monograph on which the ingredients of the drug, dosage and user instructions are written. Easy accessibility, lower costs, convenience, customer-empowering qualities are the benefits of OTC drugs. With the increasing number of chemists and pharma dispensaries, the drugs are readily available.
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.
The global market is segmented based on product type 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.
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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. Asia-Pacific regions like China, Japan an India are fastest growing markets, as the growth rate is shooting up exponentially. 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.
Key Players in this Market:
- Johnson and Johnson
- GSK Boehringer Ingelheim
- PGT Healthcare
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.
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Key Takeaways from this Report:
- For different product types, end-use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constraints and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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