The Over-the-Counter (OTC) Drugs market is expected to register a growth rate of 5.8% over forecast period. The introduction on new products into market is expected to accelerate the adoption of Over-the-Counter (OTC) Drugs and hence drive the market growth. The worldwide Over-the-Counter (OTC) Drugs Market was valued over US$ 120 Bn in the year 2018.
The global Over-the-Counter (OTC) Drugs market is segmented into product, and region. On the basis product, the global Over-the-Counter (OTC) Drugs market is segmented into Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Mineral and Vitamin Supplements, Sleeping Aids, Ophthalmic Products. On the basis of region the global Over-the-Counter (OTC) Drugs market is bifurcated into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific.
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In terms of demand the Over-the-Counter (OTC) Drugs in the type of minerals, vitamins and supplement are dominating the global market in 2018. This segment is holding major market share of over 25%. The demand for minerals, vitamins and supplement is very high in the developed economies including U.S., Japan, and others. In addition to this, increasing healthcare issues to due changing eating habits is fuelling the demand for minerals, vitamins and supplement as the Over-the-Counter (OTC) Drugs in developing regions as well. Such factors are increasing demand for Over-the-Counter (OTC) Drugs and hence boosting the market growth.
Shifting of pharmaceutical industries to OTC
The shift of pharmaceutical industries to Over-the-Counter (OTC) Drugs is expected to be one of the major industry trends. The change in the approach from pharmaceutical industry is observed due to changing consumer demand for carrying out self-medication. This trend is majorly observed in the developing countries as the consumers in this region are more focused on cost reduction by saving the consultation cost required to pay. For improving the sales of Over-the-Counter (OTC) Drugs, the pharmaceutical manufacturers can leverage the advertising.
On the other hand, the fact that substance abuse and incorrect diagnosis are some of the major challenges affecting the growth of Over-the-Counter (OTC) drugs market. Also, due to some chemical composition failures or allergic reactions of Over-the-Counter (OTC) drugs have made call back of drugs from stores several times in past years this significantly affects the market in a negative way.In addition, the less adoption rate for Over-the-Counter (OTC) drugs in underdeveloped economies due to inclination towards the traditional medication areas is expected to be one of the restraining factor for the growth of market.
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The rise in allergic reactions, frequent aching, and other diet deficiency problems due to changing eating habits and busy lifestyles is boosting the adoption of Over-the-Counter (OTC) drugs at global level. The developed region are becoming increasingly focused on controlling the usage of Over-the-Counter (OTC) drugs to promote the physicians consultations and promote the importance of clinical visits which is limiting the growth of Over-the-Counter (OTC) drugs market in this region. Considering such factors, the North America region is expected to register moderate growth rate. On the other hand,the developing region such as APAC region is expected to witness significant increase in terms of demand for Over-the-Counter (OTC) drugs and China market is holding a significant market share with over 15% of global over-the-counter drugs market share. The strong presence of Over-the-Counter (OTC) drugs manufacturers and increasing production of pharmaceuticals in this region is boosting the demand for drugs.
Over-the-Counter (OTC) drugs market is significantly dominated by some of the potential economies including U.S., Japan, and China. The major economies are foreseen to capture significant market share in the Over-the-Counter (OTC) drugs market in 2018. Considering the demand from consumers for Over-the-Counter (OTC) drugs, the U.S and Japan are expected to register moderate growth rate over forecast period due to saturation in terms of demand and strong regulatory parameters present in these countries.
The key players catering in the Over-the-Counter (OTC) drugs market involves companies including Johnson & Johnson, Merck KGaA, GloxoSmithKline,Bayer, Sun Pharmaceutical Industries Ltd., Pfizer, Sanofi, Takeda, Cipla,Alkem Laboratories Limited, Dr. Reddy’s Laboratories, Glenmark Pharmaceuticals Limited, and others. The manufacturers of Over-the-Counter (OTC) drugs are focusing on developing drugs as per the regulations and standards enforced by governments and different organizations and associations.
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