The new report by Transparency Market Research presents the impact of changing market dynamics on the global over-the-counter (OTC) drugs market. The report, titled “Over-the-Counter Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” has been compiled using primary and secondary research methodologies.
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The researchers have also studied the market using a SWOT analysis and Porter’s five forces analysis. The SWOT analysis offers an understanding of strengths, weaknesses, opportunities, and threats impacting the segments of the global market. On the other hand, the Porter’s five forces analysis explains the intensity of the competitive rivalry, the threat of the new entrants, and the bargaining power of suppliers and buyers.
The easy availability of OTC drugs, as no prescriptions are required for the same, has augmented their demand significantly over the past few years. The affordable treatment offered by these drugs is making them popular amongst users. The wide range of drugs for various conditions has also garnered a sizeable customer base. The OTC drugs are popularly used for treating cough, cold, pain, flu, and dermatological issues amongst others.
The global market also includes products such as sleep aids, weight loss products, smoking cession aids, ophthalmic products, mineral supplements, vitamin supplement, and gastrointestinal products. Research indicates that analgesics and pain relievers hold a dominant share in the global market due to their effectiveness and affordability. Analysts predict that aids for sleeping and weight loss are also likely to gain momentum in the near future as consumers shift their preference towards leading a healthy lifestyle.
Geographically, the global OTC market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, North America and Europe hold a significant share in the global market. Asia Pacific and Latin America have been deemed as emerging markets as the regions boast huge population bases with unmet medical needs. The growing awareness of health issues amongst the population of developing countries is anticipated to boost the demand for OTC drugs in the near future.
Some of the key players operating in the global over-the-counter drugs market are Alkem Laboratories Limited, Bayer AG, Cipla, Inc., Boehringer Ingelheim GmbH, GlaxoSmithKline Plc., Johnson & Johnson Services, Inc., Glenmark Pharmaceuticals Limited, Pfizer, Inc., Merck KGaA, Novartis AG, Sanofi, Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd.
The research report explains the competitive landscape of the global market in complete detail to help the readers gain an objective outlook. Additionally, the research also gives its readers an insight into the market drivers and opportunities changing the trajectory of the global market and determining its future.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.Editor's Details
Last updated on: 27/09/2016
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