From $223 Billion to $335 Billion, Over the Counter (OTC) Drugs Market Poised for Dramatic Expansion By 2023
Over The Counter (OTC) Drugs & Dietary Supplements Market was valued at $223 billion in 2016, and is expected to reach $335 billion by 2023, registering a CAGR of 5.9% from 2017 to 2023. OTC drugs are also known as non-prescription medicines, as these can be availed without prescriptions. OTC medicines are safe if they are administered according to the instructions provided by healthcare professionals. However, dietary supplements contain dietary ingredients, which are used to provide nutrients to the body to fulfill the nutrient balance of the body. In addition, they provide non-nutrient chemicals, which provide biological benefit to the body.
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Over the counter (OTC) drugs are basically non-prescription medicines, which are sold without the doctors prescription. Hence, retrieving OTC drugs has become an easy task due to the wide availability of OTC drugs in pharmacies and online health websites. In addition, OTC drugs are regulated by active pharmaceutical ingredients (APIs) and not by the final product. Moreover, dietary supplements are intended to deliver desired nutrients to the body to increase the quantity of an individuals diet consumption. Furthermore, these supplements provide additional non-nutrient chemicals, which are claimed to have biologically beneficial effects in the body.
The global market is driven by improvement in lifestyle & ageing of baby boomers, rise in awareness about general health concerns, and increase in trend among individuals to opt for OTC drugs for self-medication. However, strict regulations by governing bodies, such as FDA, have led to the delayed approval of drugs, restraining the market growth. Conversely, several key players have undertaken R&D activities to enhance OTC drugs for the treatment of various ailments such as laxatives, oral antiseptics, analgesics, and anti-smoking products, providing opportunities for the market players.
The cough & cold products segment is expected to grow at a robust CAGR of 6.1% from 2017 to 2023, owing to blockbuster sales of these drugs. As cold & cough is the most commonly acquired ailment among all age groups across the globe, the sales of OTC drugs has increased in the recent years. Gastrointestinal products are the attractive segment due to increased OTC drug sales for treating gastrointestinal disorders such as diarrhea, constipation, indigestion, bouts of vomiting among others.
The tablets segment generated the highest revenue in 2016, accounting for about two-ninths share of the global market, and is expected to maintain this trend during the forecast period. This is due to high prevalence of diseases coupled with the advantages of consuming tablets and provision of accurate dosage level for different patient type. Furthermore, the soft capsules segment is expected to grow at the highest CAGR of 6.6% during the forecast period.
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Based on region, this market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America In 2016, Asia-Pacific and LAMEA collectively accounted for about half share of the global market, and is expected to continue this trend throughout the forecast period. The factors driving the market growth include increase in awareness about OTC drugs, dietary supplements, and occurrence of common ailments such as cold & cough, infectious diseases, oral diseases, and others. In addition, increase in the availability of these drugs specifically in China, India, and the other developing economies to meet the growing demand for OTC products is expected to drive the market growth. Moreover, large population base and growth in economy catering to the establishment of healthcare facilities boost the market growth.
The report provides a comprehensive analysis of the key players operating in the global market such as
• Pfizer Inc.,
• Novartis International AG.,
• Roche Holding AG,
• Merck & Co., Inc.,
• Sanofi S.A,
• Johnson & Johnson,
• Gilead Sciences,
• GlaxoSmithKline plc.,
• Bayer Healthcare AG, and
• AstraZeneca plc.
The other players in the value chain of the global market include Allergan, Plc., Reckitt Benckiser Plc., AbbVie Inc., Sun Pharma, Daiichi Sankyo Co., Ltd., Alcon Inc., Alfresa Pharma Corporation, Alkalon A/S, Alliance Healthcare, and Allergan, Plc.