Comprehensive Analysis On Australian OTC Drugs Market 2023 With Future Trend, Market Size, Business Growth, Top Key players, CAGR

Report Overview

The Australian OTC Drugs market size stood at around USD 20.13 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

The current and potential value of OTC drugs in saved visits to the doctor is approximately $5 billion. Every $1 spent by consumers on the eight categories of OTC drugs saves the Australian economy $4. There are interesting developments beyond-the-pill to treat ailments with gadgets, but most come from companies that are new players in the Pharma industry. 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 Australian OTC Drugs market in the forecasted period.

Market Drivers

Growing consumer concerns around safety and health create an opportunity for more natural and safer solutions: sugar-free, dye-free, safety-coated, natural ingredients. The disappearing boundaries between pharma treatments and food supplements are a challenge for the industry.

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 give 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.

Major OTC Innovation Trends

Based on the current OTC Innovation trends we have them under 4 major buckets namely Treatment Based, Format Based, Lifestyle Based, & Extended Offering. In all the listed buckets innovation remains the key tool for progression in the competitive market. Innovation based on the treatment solutions, for different levels of ailments & symptoms Ailment intensity, Treatment intensity, Ailment diversity, Dual action and multi-symptom, All-in-one treatments, & Added benefits.

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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. The patients continue to buy a particular medicine following an initial prescription from the doctor. Key players covered in the Australian OTC Drugs market are GlaxoSmithKline Plc, Johnson and Johnson, Bayer AG, Reckitt Benckiser Group plc, Pfizer, Suntory Group, and others.

The Australian OTC Drugs Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global Australian OTC Drugs market. This report explores all the key factors affecting the growth of the global Australian OTC Drugs market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Market Segmentation

By Product:

The weight-loss and dietary products segment is 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. The VMS (vitamins, minerals, and supplements) segment is believed to have the largest market share.

VMS and weight loss OTC drugs contribute the most to the overall market. The reason for this major share is the vast customer base for various products under this category. Unlike other conditions, which are intense in nature, the VMS and weight loss conditions are not very bothersome. OTC products for these conditions are more of precautious nature than that of treatment or cure. And therefore, the number of customers is relatively high than the ones for other indications. Large customer pools give rise to high demand, which, in turn, results in high revenue generation. VMS products are very popular in developed countries because of the increasingly unhealthy population.

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. The patients continue to buy a particular medicine following an initial prescription from the doctor. Key players covered in the Australian OTC Drugs market are GlaxoSmithKline Plc, Johnson and Johnson, Bayer AG, Reckitt Benckiser Group plc, Pfizer, Suntory Group, and others.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global Australian OTC Drugs Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

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

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Australian OTC Drugs market
Chapter 2: Exclusive Summary - the basic information of the Australian OTC Drugs Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Australian OTC Drugs
Chapter 4: Presenting the Australian 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 Australian 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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