Rx-to-OTC Switches Market sales value is estimated to total US$ 35 Billion in 2021 and surpass US$ 58 Billion by 2031.

Rx-to-OTC switches refer to the transition from proven prescription drugs to nonprescription, OTC status. According to a report by Future Market Insights (FMI), the global Rx-to-OTC switches market was valued at US$ 33 Bn in 2020 and is predicted to expand at a CAGR of over 5% during the forecast period (2021–2031).

Scientifically, it is a rigorous and highly regulated process that allows consumers to purchase OTC access to a growing range of medicines. For a medicine to be granted under OTC status, it must comply with the regulatory standards associated with its efficacy, have a wide safety margin, and bolster labelling to ensure proper usage of the product.

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Key Companies Profiled

GlaxoSmithKline plc.
Astrazeneca, Merck KGaA
Johnson & Johnson
Bayer AG
Sanofi
Boehringer Ingelheim Consumer Healthcare
Bausch and Lomb (A Subsidiary of Bausch Health)
Galderma SA
Alcon
Arbor Pharmaceuticals

The increasing prevalence of diseases with common self-treatable symptoms, such as cold and flu, headaches, allergies, and others has fuelled the demand for OTC drugs. Thus, growing sales of nonprescription drugs have pushed pharmaceutical companies to focus on Rx to OTC switches to meet customer needs thereby gaining high revenue in the market.

It was observed in 2020, Rx-to-OTC activity was driven by growing regulatory approvals and increased OTC sales. The COVID-19 outbreak has restricted patients to visit hospitals and clinics suffering from common illnesses. Consequently, delays in prescribed medication have shifted the customer preference towards the OTC drug consumption. As a result, the COVID 19 outbreak bolstered the demand for OTC products, which in turn has supported the adoption of Rx-to-OTC switches.

The Food and Drug Administration (FDA) introduced the non-prescription safe use regulatory expansion (NSURE) panel in 2013 that has supported a new wave of Rx-to-OTC switches, with a focus on creating conditions for switches in new therapeutic classes.

The introduction of the panel aimed to promote switches which had gained consumer attention, which in turn has aided the demand for the OTC drugs in the market.

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Key Takeaways from Rx-to-OTC Switches Market Study
Allergy and respiratory drugs are anticipated to gain a revenue share of more than 25% with a CAGR of 5.7% owing to the rising prevalence of lifestyle-based ailments.
Retail pharmacies are anticipated to grow at a CAGR of 5.1% over the forecast period owing to the rise of e-commerce and the procurement of cost-effective medicines.
The U.K. holds the lead in Europe, holding a share of over 33% owing to the implementation of favorable government policies.
The U.S. will account for over 77% of the North America market by 2031, supported by a matured healthcare and pharmaceutical sector and favorable reimbursement policies.
China is the largest and fastest growing market in East Asia estimated to account for close to 49% of the global market, owing to the country’s large-scale pharmaceutical requirements.

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Rx to OTC Switch Market by Category
Drug Category

Allergy and Respiratory
Fungal Infections & Other Infections
Overactive Bladder
Oral Contraceptives
Gastrointestinal Drugs
Hair Loss Treatments
Smoking Cessation
Analgesic, Inflammation And Pain Management
Others (Lice, Acne, Weight Loss, And Laxative)
Distribution Channel

Retail Pharmacies
Hospital Pharmacies
Drug Stores
Online Pharmacies
Region

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa (MEA)

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About FMI:

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

This release was published on openPR.