OTC (over the counter) Drugs Market to grow at a CAGR of 6.1% and USD 220.51 billion by 2024
Conducive government legislation, Switching of Rx drugs to OTC drugs and Cost-effective OTC drugs are the major factors driving the market. However, incorrect self-diagnosis and side effects and misuse of over the counter drugs are the hampering the market.
BANGALORE, India – February 22, 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global over the counter drugs Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018-2024” (February 2018).
According to Infoholic Research, the over the counter drugs market is anticipated to grow at a steady CAGR during the forecast period Over-the-counter medications, also known as non-prescription drugs, are the medicines that can be procured without a prescription from the doctor. When the directions on the label are followed, these drugs are harmless and effective. These drugs are principally used for the treatment of the health conditions that can be self-medicated.
OTC drugs are measured by government regulatory associations to be harmless for self-medication. According to Food and drug administration (FDA), there are more than 300,000 OTC drug product are marketed. Some of the common applications of OTC drugs are aches, pains, itches and others.
Merger and acquisition has always been a trend in the pharmaceutical industry. Recently in 2018 January, J&J, GlaxoSmithKline and Reckitt Benckiser are on race to buy Pfizer's $20 billion consumer. However, the final two competitors for the bid are GSK and Reckitt Benckiser. Other major trend in the market are product launch and approval, collaboration and business expansion. In July 2017, Glenmark gets MHRA approval for OTC sale of anti-malarial drug in Europe.
According to Infoholic Research, the “Global Over the Counter Drugs” market is expected to grow at a CAGR of 6.1% during the forecast period 2018–2024 to touch an aggregate of $220.51 billion by 2024.
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The over the counter drugs market is analyzed based on two segments – product type, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In the North America region, the US is set to be the leading country. Europe is set to be the second leading region and held more than 29.4% of the market share in 2016. In Asia Pacific, India, Japan, and China are among the most attractive countries for the players and hold huge business opportunities. The ROW is set to be an emerging market in the next 5–6 years.
Based on types of OTC drugs, the market is segmented into Cold, cough and allergy, Analgesics, Dermatology products, Gastrointestinal products, Ophthalmic Products, Vitamins and Minerals and others. The OTC drugs demand for cold, cough and allergy will involve the classical seasonal drift, driving a stable progress during the forecast period. However, OTC drugs used for weight loss, smoking cessation and sleeping aid are on great demand in established regions. Many small manufacturers are establishing in these segment with their innovative products to have a strong foot hold. From the time of switching nicotine replacement therapies as OTC products, there was nearly 150% -200% increase in their procurement and usage in the initial year after the switch. Amplified access permitted many smokers to help quit smoking saving nearly $2 billion every year.
“Online sales of Over the counter drugs are transforming the market, intimidating major OTC drugs manufacturers and permitting small companies to obtain their share in the market. Aleve by Bayer is one of the best-selling drug in America with a revenue of $485 million in sales in 2016. But there was a drop-in sale by 10% in 2017. This was due to the availability of alternative drugs online from small manufacturers. This shows that the power is gradually shifting toward e-commerce, making it difficult for the major players.
Nevertheless, small companies are also facing patent litigation issues, making their entry more difficult into the market. For instance, Bayer AG filed a patent litigation against Perrigo Company plc’s Finacea Foam in the US district court in February 2018.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below points:
- 1. Provides an in-depth analysis of the key business opportunities in countries and verticals.
- 2. Provides the complete details about the various types of over the counter drugs
- 3. Provides the complete details about the analysis of top 12 players.
- 4. Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.
About Infoholic Research
Infoholic Research is a global market research and consulting organization providing strategic and high-level market intelligence in emerging and niche technologies. Founded in 2014, we are headquartered in India with an office in the US and with consultants working across the globe. Our market analysis powered by rigorous methodology and quality metrics provides information and forecast across all the emerging markets, technologies and business models. We aim at delivering high-quality results to our clients providing them with in-depth industry insights to identify new business opportunities and nurture their business strategies. For more information, please visit www.infoholicresearch.com