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Over-the-counter (OTC) Drugs Market Top Trends 2027 | Bayer, Johnson & Johnson, Sanofi, GlaxoSmithKline

05-04-2021 06:04 AM CET | Health & Medicine

Press release from: Global Market Insight, Inc

Over-the-counter (OTC) Drugs Market Top Trends 2027 | Bayer,

Over-the-counter (OTC) Drugs Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

As there has been a considerable shift towards self-medication across several developing as well as developed nations, manufacturers are increasingly shifting from Rx to OTC drugs which is projected to bring major impetus to the global Over-the-Counter drugs market over the ensuing years. Furthermore, with the worldwide outbreak of COVID-19 pandemic, people are laying immense focus on personal health which has fueled the demand for over-the-counter supplements of vitamin and mineral, common flu and cold products, etc. This has positively influenced the business space in recent times. According to a recent report by Global Market Insights, Inc., Over-the-Counter (OTC) drugs market had recorded a valuation of over USD 151.7 billion in 2020 and is estimated to observe a robust CAGR of 5.1% through 2027.

Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/1884

Top Industry Players –
• Johnson & Johnson,
• Bayer,
• GlaxoSmithKline,
• Sanofi,
• Dr. Reddy’s Laboratories
• Cipla

In addition, usage of over the counter drugs medication helps in saving cost associated to the treatment drugs and clinic visits. These drugs are useful in the treatment of wide range of common conditions such as flu, cold, vitamin deficiency and skin conditions.

Further, strategic initiatives by prominent players operating in the industry including Pfizer, Bayer, GlaxoSmithKline, Johnson & Johnson, Takeda, Sanofi, Cipla, etc. are also playing a key role in expanding the market space. For instance, in 2019, Sanofi inked an agreement with Roche for exclusive Over-the-Counter rights for Tamiflu® for preventing and treating influenza in the US. As per the agreement terms, Sanofi was named to lead FDA negotiations for the OTC switch along with the subsequent marketing campaigns, scientific engagement and distribution of Tamiflu OTC across the country.

An overview of some of the important segments that are likely to transform the outlook of OTC drugs market is as under:

Based on the product bifurcation, cold, cough and flu segment had registered an appreciable valuation of about USD 31.8 billion in 2020 and is expected to grow exponentially over the coming years. The growth can be attributed to increasing product adoption due to frequent incidences of cold and flu among the global population. In fact, as per the Centers for Disease Control and Prevention report, millions of cases of common cold are reported almost every year in the U.S. Besides, an increase in the number of patients suffering from seasonal flu from climatic and weather changes is as well fueling the adoption of OTC medicines and drugs.

Based on regional outlook, OTC drugs industry across Asia Pacific had secured a sizeable revenue share of over 37.7% in 2020 and is anticipated to observe a meritorious growth over the forthcoming years owing to elevating product demand driven by increasing prevalence of seasonal influenza and flu in the region. As per the National Centre for Disease Control (NCDC) statistics, India had recorded total 6701 cases of H1N1 in 2019.

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Moreover, presence of eminent manufacturers who are inclined on expanding their business in the region will complement the market growth further. Quoting an instance, in 2019, the Competition Commission of India had approved the joint venture of two eminent pharmaceutical companies namely Pfizer and GlaxoSmithKline for the distribution of OTC drugs and healthcare supplements across India.

Partial Chapter of the Table of Content

Chapter 2 Executive Summary

2.1 Over-the-counter (OTC) drugs industry 3600 synopsis, 2016 – 2027 (USD Billion)

2.1.1 Business trends

2.1.2 Product trends

2.1.3 Regional trends

Chapter 3 Over-the-counter (OTC) Drugs Industry Insights

3.1 Industry segmentation

3.2 Industry landscape, 2016 - 2027

3.3 Industry impact forces

3.3.1 Growth drivers

3.3.1.1 Pharmaceutical companies switching from Rx to OTC drugs especially in the U.S.

3.3.1.2 Growing trend of self-medication in developing economies

3.3.1.3 Significant cost savings due to OTC drug usage in Asia pacific and Latin America

3.3.2 Industry pitfalls & challenges

3.3.2.1 Several concerns pertaining to incorrect diagnosis and substance abuse

3.4 Growth potential analysis

3.4.1 By product

3.5 COVID-19 impact analysis

3.6 Regulatory landscape

3.6.1 U.S.

3.6.2 Europe

3.7 Porter's analysis

3.8 Competitive landscape, 2020

3.9 PESTEL analysis

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/over-the-counter-otc-drugs-market

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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