Selbyville, Delaware, Jan. 26, 2021 (GLOBE NEWSWIRE) --
According to latest report “Over-the-counter Drugs Market by Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids, Ophthalmic Products), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of OTC drugs will cross $209 billion by 2027. Increase in product launches offering treatment at significantly lower cost will spur the market growth.
Incidence of COVID-19 has positively impacted the sales of some categories of OTC drugs in 2020. COVID-19 has shifted population focus on personal health that has influenced the demand for vitamin supplements, common flu and cold products and minerals. With education about medication for common disease conditions, the market has witnessed considerable growth. Thus, preference for OTC products to avoid hospital visits during coronavirus outbreak has moderately augmented the industry revenue.
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The use of OTC drugs leads to cost savings related to treatment drugs as well as associated with clinic visits. These medicines offer cost-effective treatment for broad range of common conditions such as cold, flu, vitamin deficiency and skin conditions. Rising focus on adoption of healthy life and body fitness offers lucrative demand for mineral and vitamin supplements in developing regions. Therefore, with availability of broad range of OTC medicines and its increasing acceptance will stimulate the market expansion across the globe.
Cold, cough and flu segment in the OTC drugs market valued at USD 31.8 billion in 2020 led by frequent occurrence of flu and cold illnesses among the population. According to the Centers for Disease Control and Prevention, there are millions of cases reported with common cold every year in the U.S. Increase in number of patients with seasonal flu due to weather and climatic changes will boost the product demand, thereby enhancing the segment growth. Moreover, COVID-19 outbreak has further contributed to revenue growth with inclined sales owing to preference for self-medication during pandemic as primary care.
Asia Pacific OTC drugs market accounted for more than 37.7% of the revenue share in 2020. According to the National Centre for Disease Control (NCDC), India recorded total cases of 6701 H1N1 (swine flu or seasonal influenza) in 2019, favoring the spread of flu in the country. Thus, with growing target population pool, the market potential will expand in future. Presence of leading manufacturers and adoption of business expansion strategies further drive the regional growth. Additionally, increase in switching from Rx to OTC manufacturing impels the market value that will positively foster the overall APAC region expansion.
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Major players operating in the over-the-counter drugs market include Bayer, Pfizer, GlaxoSmithKline, Takeda, Johnson & Johnson, Dr. Reddy’s Laboratories and Cipla among others. Established companies in OTC drugs are broadening their market presence by adopting several strategies such as augmentation of their service portfolio and collaborations.
Table of Contents (ToC) of the report:
Chapter 3 Over-the-counter (OTC) Drugs Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
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https://www.gminsights.com/toc/detail/over-the-counter-otc-drugs-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.