Canada OTC Drugs Market 2023 Is Ready to Set Outstanding Growth in Upcoming Years

Report Overview

The Canadian OTC Drugs market size stood at around USD 2.5 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

As increasing numbers of people refrain from visiting hospitals due to concerns over the spread of the novel coronavirus, sales of over-the-counter drugs, including cold medicines, have surged at pharmacies across Canada. Shifting the focus of Pharmaceutical companies on OTC drugs over prescription drugs is fuelling the growth of the over-the-counter drugs market in Canada. A few well-known OTC players have released interesting gadget solutions that supplement their traditional portfolios. All this key Innovation will enable the players to be more competitive, and this drive the growth of the Canadian OTC Drugs market in the forecasted period.

Market Drivers

Growing consumer concerns around safety and health, rise in demand for treatments of minor injuries, the patients continuing to buy a particular medicine following an initial prescription from the doctor, and growth of smartphone use and life-tracking habits are the major driving factors for Canadian over the counter drugs market. The OTC platform provides the solution for the rise in demand for several treatments simultaneously, together with solutions that offer around-the-clock treatment, adapting to different needs throughout the day. The growth of smartphone uses, and life-tracking habits among consumers are giving way too many opportunities through branded apps that help users better understand and treat their ailments, offering value-added content and enabling peer communities to help OTC brands become partners in their daily life.

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Major Players

The key players in the OTC drugs market are leveraging the brand equity of the major products during their patent period to improve sales and revenue. This, in turn, is majorly driving the over-the-counter drugs market. Moreover, the growing trend of self-medication among the population is also contributing to the growing demand for OTC drugs. In 2020, TERPACAN™ by Tetra Bio-Pharma received Health Canada approval for OTC use in back & muscle pain and haemorrhoids. Key players covered in the Canadian OTC Drugs market are GlaxoSmithKline Plc, Johnson and Johnson, Bayer AG, Novartis, Pfizer, and others.

The report delivers the challenges in front of the Canada OTC Drugs Market 2023 that allows a better understanding of the market providing a helpful comprehensive evaluation and clear-cut dynamics associated with this market. The analyst has studied the current market scenario while concentrating on the new business objectives with the lucrative opportunities that are available. This report includes changes in customer requirements, customer preferences, and the vendor landscape in the industry with key factors that are expected to influence the overall dynamics of the Canada OTC Drugss Market including the current trends, growth opportunities, restraints, and market drivers.

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Market Segmentation

By Product:

Based on the type of product this market is segmented into cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, mineral, and supplements (VMS), weight-loss/dietary products, ophthalmic products, sleeping aids, other product types. Due to covid, the demand for cough, cold, and flu products is tremendously increased. The weight-loss and dietary products segment is also believed to show the highest CAGR during the forecast period. This is majorly attributed to the rising awareness of the general population about health and the rise in the consumption of junk food, which is leading to the rise in lifestyle-related diseases. OTC products for these conditions are more precautious than that of treatment or cure. And therefore, the number of customers is relatively high than the ones for other indications.

By Distribution:

Based on the distribution channel, the market for OTC Drugs market can be segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others. Since these OTC Drugs come under non-prescriptive drugs so most people prefer online and retail pharmacies to hospital pharmacies. During many uncertain situations, online mode OTC drug distribution helps a lot for both players i.e., the customer as well as the supplier.

Major Players

The key players in the OTC drugs market are leveraging the brand equity of the major products during their patent period to improve sales and revenue. This, in turn, is majorly driving the over-the-counter drugs market. Moreover, the growing trend of self-medication among the population is also contributing to the growing demand for OTC drugs. In 2020, TERPACAN™ by Tetra Bio-Pharma received Health Canada approval for OTC use in back & muscle pain and haemorrhoids. Key players covered in the Canadian OTC Drugs market are GlaxoSmithKline Plc, Johnson and Johnson, Bayer AG, Novartis, Pfizer, and others.

The Canada OTC Drugs Market report is an easy-to-understand document giving section-wise details about the global market. Starting with the brief outline of the overall market, it will put forth the all-inclusive evaluated market statistics and different parameters for the forecast period. The report covers numerous aspects of the Canada OTC Drugs market divided into product kind, application, and end-use, offering the report to assist the customers in improving their ability to make precise decisions related to the business under the Canada OTC Drugs Market.

International Market Players will use the correct market facts and figures and applied math studies provided within the report back to perceive this and future growth of the worldwide Electrophoretic Canada OTC Drugs market. Each section of the research study is specially prepared to explore key aspects of the global Canada OTC Drugs Market. Buyers of the report will have access to accurate PESTLE, SWOT, and other types of analysis on the global Canada OTC Drugs market. Moreover, it offers highly accurate estimations on the CAGR, market share, and market size of key regions and countries.

This post-pandemic business planning research will aid clients to:
• Adjust their strategic planning to move ahead once business stability kicks in.
• Build resilience by making effective resource and investment choices for individual business units, products, and service lines.
• Conceptualize scenario-based planning to mitigate future crisis situations.

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Our qualified team of researchers, analysts, and consultants use in-depth qualitative research, quantitative research, and the latest recognized research techniques to offer an unrivaled level of detail and value to your research activities. Our market and competitive intelligence can be utilized by teams across multiple departments, including sales and business development, marketing, to:

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Strategic Points Covered in Table of Content of Global Canada OTC Drugs Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Canada OTC Drugs market
Chapter 2: Exclusive Summary - the basic information of the Canada OTC Drugs Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Canada OTC Drugs
Chapter 4: Presenting the Canada OTC Drugs Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the Canada OTC Drugs market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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