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Transforming Wellness: The Surge in OTC Drugs and Supplements
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According to The Business Research Company's, The otc drug and 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 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,
and hemp-based products, sustainable and eco-friendly packaging, partnerships and collaborations.
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Market Drivers and Trends:
A rise in pharma R&D expenditure is expected to boost the OTC drug 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. 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 market.
Product innovation is a key trend gaining popularity in the OTC drug market. Major companies operating in the OTC drug 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.
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Major Key Players of the Market:
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., 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
OTC Drug Market 2024 Key Insights:
• The otc drug 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%.
• Rise In Pharma R&D Expenditure Drives The Otc Drug Market
• Product Innovations In The Otc Drug Market
• North America was the largest region in the OTC drug market in 2023
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