(I-BusinessNews.Com, October 18, 2019 ) Market Overview:
Over-the-counter drugs are the medicines that are sold directly to a consumer without a prescription. The increasing number of patent expiries of the prescription drugs and inclination of key players towards OTC revenue generation is leading to the increased demand for OTC drugs. The advancement and growth in distribution channels like online pharmacies, departmental stores, supermarkets, and others is also expected to drive the market.
Over the Counter Drugs Market growth is driven by the growing need for self-medication by the consumers, growing healthcare awareness among the consumers, rising geriatric population who are more susceptible to several ailments like joint pains, increasing patent expirations of the prescription drugs, cost-effectiveness of OTC drugs, inclination of pharmaceutical companies from prescription drugs to OTC Drugs, and the presence of digital marketing key trends.
However, substance abuse and less awareness, the risk associated with taking wrong and self-medication, stringent regulations are hampering the growth of the market. For instance, in October 2018, FDA shuts down OTC drug manufacturer with longstanding and pervasive CGMP and labeling issues.
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Based on type, the global over the counter drugs market is segmented into Analgesics, Cold, Cough, and Flu products, Weight loss products, Gastrointestinal products, Skin products, Mineral and vitamin supplements, Sleeping aids, Ophthalmic products, and others.
The weight-loss products segment is expected to drive the market over the period of forecast. This is owing to the rising awareness of the general population about health and an increase in the consumption of junk food, which leads to a rise in lifestyle-related diseases.
Based on the mode of intake, the global over the counter drugs market is segmented into Oral, Topical, and Parenteral.
Oral route of administration is the most preferred route of drug delivery owing to its advantages like safety, proper patient compliance, ease of ingestion, pain avoidance, and versatility to accommodate various types of drugs.
Based on end-users, the OTC Drugs market is segmented into Retail Pharmacies, Hospital Pharmacies, online pharmacies, and others.
Online sales segment of over the Counter drugs is changing the market, menacing major OTC drugs manufacturers and permitting minor companies to get their share in the market. Bayer’s Aleve is one of the best-selling drugs in America with a revenue of around $485 million in case of sales in 2016. But there was a drop-in sale by 10% in 2017. This was attributable to the availability of alternative drugs online from small manufacturers. This shows that power is gradually shifting toward e-commerce, making it difficult for the major players.
By geography, the market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
North America is dominating the OTC drugs market in 2018 and estimated to hold largest market size over the forecast period (2019-2026) owing to the leading trend among pharmaceutical companies to switch from prescription to OTC drugs, increasing drug development, and ease of availability of the drugs.
According to the National Institute of Health, 93% of adults in the US prefer to treat their minor ailments with OTC medicines before seeking professional care, and 85% of parents in the US prefer to treat their children’s small diseases with an OTC medicine before seeking professional care.
Some of the key players in the Over The Counter Drugs Market are Bayer HealthCare, Johnson and Johnson, Pfizer, Novartis, GlaxoSmithKline (GSK), Boehringer Ingelheim, Sanofi, Teva Pharmaceutical Industries Ltd., Alkem Laboratories Limited.
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