Press release
OTC Drug And Dietar*y Supplemen*t Market 2024 - Analyzing Size, Conducting Industry Analysis, Refining Segmentation, and Offering Forward Outlook Until 2033
OTC Drug And Dieta*ry Supplemen*t Market
The Business Research Company offers in-depth market insights through OTC Drug And dietar*y supplemen*t Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The otc drug and dietar*y supplemen*t market size has grown strongly in recent years. It will grow from $310.97 billion in 2023 to $331.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increased number of fitness enthusiasts, demographic shifts and aging population, regulatory approvals and safety standards, pharmacy and retail expansions, marketing and advertising strategies.
The otc drug and dietar*y supplemen*t market size is expected to see strong growth in the next few years. It will grow to $438.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to personalized nutrition and supplements, nutraceutical innovations, expansion of functional foods, global health crises and preparedness, government initiatives for wellness. Major trends in the forecast period include product innovations, clean label and natural ingredients, cannabid*iol (cb*d) and hemp-based products, sustainable and eco-friendly packaging, partnerships and collaborations.
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Market Segmentation:
The otc drug and dietar*y supplemen*t market covered in this report is segmented -
1) By Category: Vitamin And dietar*y supplemen*ts, Cough And Cold Products, Analgesics, Gastrointestinal Products, Sleep Aids, Otic Products, Wart Removers, Mouth Care Products, Ophthalmic Products, Other Categories
2) By Dosage Form: Tablets, Hard Capsules, Powders, Ointments, Soft Capsules, Liquids, Other Dosage Forms
3) By Application: Pharmacies, Grocery Stores, Vitamin And Health Food Stores, Online Pharmacies
Major Driver - Rise In Pharma R&D Expenditure Drives The Otc Drug And dietar*y supplemen*t Market
A rise in pharma R&D expenditure is expected to boost the OTC drug and dietar*y supplemen*t market going forward. R&D investment can be defined as the expenses undertaken by a company for developing, designing, and enhancing its offerings. Increased expenditure can boost innovation and productivity in designing and formulating OTC, and dietar*y supplemen*ts. For instance, according to a report published by the European Federation of Pharmaceutical Industries and Associations, a Belgium-based pharmaceuticals-based trade association, in 2021 European health industries invested about 41.5 billion euros ($44.47 billion) for R&D expenditure, an increase compared to 39.65 billion euros ($42.49 billion) in 2020. Therefore, a rise in pharma R&D expenditure is driving the OTC drug and dietar*y supplemen*t market.
Competitive Landscape:
Major companies operating in the otc drug and dietar*y supplemen*t market report are Pfizer Inc., Johnson & Johnson Ltd., F. Hoffmann-La Roche AG, Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A, AstraZeneca plc, Abbott Laboratories Inc, GSK plc, Gilead Sciences Inc., Reckitt Benckiser Plc., Teva Pharmaceutical Industries Ltd., Alcon Inc., Bausch Health Companies Inc., Sun Pharmaceutical Industries Ltd., Churc*h & Dw*ight Co Inc, Perrigo Company plc, Dr. Reddy's Laboratories Ltd., Cipla Limited, Glenmark Pharmaceuticals Limited, Alkem Laboratories Ltd, Nutraceutical International Corporation, Procter & Gamble Health Limited, Reese Pharmaceutical Company, UPM Pharmaceuticals Inc, Gemini Pharmaceuticals Inc., Pharmavite LLC, Now Health Group Inc., Alfresa Pharma Corporation
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Top Trend - Product Innovations In The Otc Drug And dietar*y supplemen*t Market
Product innovation is a key trend gaining popularity in the OTC drug and dietar*y supplemen*t market. Major companies operating in the OTC drug and dietar*y supplemen*t market are developing innovative products to strengthen their position in the market. For instance, in July 2022, Dr. Reddy's Laboratories Ltd., an India-based pharmaceutical industry, launched over-the-counter (OTC) Fexofenadine HCl 180 mg and Pseudoephedrine HCl 240 mg extended-release OTC tablets. It is an over-the-counter oral antihistamine and nasal decongestant for the temporary relief of nasal and sinus congestion due to colds or allergies, which is an important addition to the upper respiratory portfolio of OTC products.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. OTC Drug And dietar*y supplemen*t Market Characteristics
3. OTC Drug And dietar*y supplemen*t Market Trends And Strategies
4. OTC Drug And dietar*y supplemen*t Market - Macro Economic Scenario
5. OTC Drug And dietar*y supplemen*t Market Size And Growth
…..
27. OTC Drug And dietar*y supplemen*t Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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