Over-The-Counter Drug Market To Rise At A Steady Growth Rate In The Coming Years
Over-the-counter drugs, also known as non-prescription drugs, refer to medicines that can be bought without a prescription. Over-the-counter (OTC) drugs are primarily used to treat conditions that do not require direct consultation of a doctor. OTC drugs are safe and effective when directions on the label are followed. These provide inexpensive treatment and also help to reduction the workload of physicians. The OTC drugs helps to build a diverse product portfolio of healthcare businesses for pharmaceutical companies. OTC drugs are easily available in pharmacies. Some restricted class of drugs include emergency contraception, pseudoephedrine, and some schedule V controlled drugs. These products are considered OTC, however, these are not directly dispense on pharmacy counters. In addition, pharmacist dispense such drug after confirming age, identity, and patient knowledge regarding usage of product.
The strong growth is expected in healthcare industries due to increase in the health expenditure of government to develop healthcare industries. Factors driving over-the-counter drugs market are changes in cultural attitudes regarding self-medications required for minor health problems, increasing patent expiration rates results in switching from medical prescriptions to OTC by companies. Convenience of direct purchase, affordability of over-the-counter drugs, high adoption and acceptance in developing markets, and price of OTC’s drug as compared to prescribed drugs are expected to drive the growth of global OTC market.
Increasing competition among the existing players, high possibilities of substance misuse and addiction, complications and severity involved in taking wrong medications due to incorrect self-diagnosis, and lack of awareness among the rural population in developing and underdeveloped economies are expected to inhibit the growth of the global OTC market to a certain extent.
The global over-the-counter drugs market has been segmented based on product type, route of administration and region. Among all product type segments, analgesics segment dominates the global OTC market share. Weight loss products and smoking cession aids are likely to witness high growth in the next few years due to increase in awareness about healthy lifestyle.
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Currently, the market in North America dominates the global over-the-counter drugs market in terms of revenue. The over-the-counter drugs market in Asia-pacific countries such as China, India, and Brazil are projected to expand at high growth rate during the forecast period due to increase in awareness among the population about usage of over-the-counter drugs to treat minor health issues.
Major players operating in the OTC market include Alkem Laboratories Limited, Bayer AG, Boehringer Ingelheim GmbH, Cipla, Inc.,GlaxoSmithKline Plc., Glenmark Pharmaceuticals Limited, Johnson & Johnson Services, Inc., Merck KGaA, Novartis AG, Pfizer, Inc., Sanofi S.A., Teva Pharmaceutical Industries Ltd., and Sun Pharmaceutical Industries Ltd.