Over-the-counter (OTC) Drugs Market Top Trends 2027 | Bayer, Johnson & Johnson, Sanofi, GlaxoSmithKline
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.
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Top Industry Players –
• Johnson & Johnson,
• Dr. Reddy’s Laboratories
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
18.104.22.168 Pharmaceutical companies switching from Rx to OTC drugs especially in the U.S.
22.214.171.124 Growing trend of self-medication in developing economies
126.96.36.199 Significant cost savings due to OTC drug usage in Asia pacific and Latin America
3.3.2 Industry pitfalls & challenges
188.8.131.52 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
3.7 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
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