OTC Drug and Dietary Supplement Market to increase rapidly by 2020
Over the past few years, the market for over-the-counter (OTC) drugs and dietary supplements has witnessed rapid growth. The increasing prevalence of self-medication for the treatment of primary health conditions and the growing demand for dietary supplements in daily consumption have provided momentum to the growth of the OTC drugs and dietary supplement market. Development of strong regulatory policies governing the sale of OTC drugs and the focus of manufacturers to adhere to higher quality standard and correct branding and labeling of dietary supplements have intensified their interest in the marketing of these products. All these factors are anticipated to give impetus to the market across the globe.
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The research report is prepared with extensive inputs from a wide range of market participants that include business executives, product managers, clinical specialists, healthcare organizations, and leading trade associations. The report provides in-depth analysis of the current and emerging trends, key drivers and restraining factors, changes in regulatory landscape and their impact on competitive dynamics, and strategies adopted by the leading market players. The study tracks recent developments in drug making and key R&D activities undertaken by pharmaceutical companies making dietary supplements. The report provides insights into labeling and branding strategies of manufacturers that conform to various regulatory environments in major regions. A wide array of graphical data corroborated by SWOT analysis of major end-use industry segments are also covered in the study.
Global OTC Drug and Dietary Supplement Market: Trends and Opportunities
The growth in the OTC drugs and dietary supplement market is driven by the growing awareness on general health concerns and advancements in pharmaceutical industry. The rising trend among people to opt for OTC drugs for a range of minor ailments without doctor consultation and proliferation of information available in different media regarding the functions of dietary supplements have fuelled the growth of the market in major regions. Vast range of youth population seeking medical counsel over the Internet has propelled the demand for OTC drugs and dietary supplements.
Stringent regulations by the FDA regarding the safety and efficacy testing of OTC drugs have delayed their approval. In addition, the continued monitoring about the health claims of the dietary supplements by regulatory agencies and regulatory requirements for correct rebranding are likely to impede the market’s growth. However, R&D activities undertaken by market players to offer enhanced OTC drugs for the treatment of a range of ailments, such as heartburn remedies, laxatives, oral antiseptics, anti-smoking products, nutrition aids, and analgesics, are expected to create vast opportunities for the market players.
Global OTC Drug and Dietary Supplement Market: Regional Outlook
The Americas is a prominent market for OTC drug and dietary supplements. Growth in the region is driven by the increasing sale of OTC gastrointestinal drugs and wide preference for non-prescription drugs over prescription drugs in various countries such as Mexico and Brazil. In addition, robust healthcare practices and the initiatives to control burgeoning healthcare costs have boosted the regional market.
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Global OTC Drug and Dietary Supplement Market: Competitive Landscape
Prominent players operating in the market include Pfizer, Novartis, Sun Pharma, Proctor and Gamble, GlaxoSmithKline, and Bayer AG. Leading companies launch new products and adopt mergers and acquisitions as the key strategy to consolidate their market shares.
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