Pune, July 27, 2022 (GLOBE NEWSWIRE) -- The Global Over-the-Counter Drugs Market is expected to clock ~US$ 410.48 billion by 2030 owing to the growing incidence of seasonal infections and new OTC drug launched by companies in the market.
The growing focus of the population on staying healthy and increasing adoption of OTC drugs to treat common illnesses are some of the key factors, propelling the growth of the OTC drugs market. Many pharmaceutical and nutraceutical companies are focused on developing and launching new drugs.
Request a Sample Copy of the Research Report: https://growthplusreports.com/inquiry/request-sample/over-the-counter-drugs-market/7735
Key takeaways from the Over-The-Counter Drugs Market Report
- In January 2021, Hamdard Laboratories launched 12 new OTC drugs in the Indian market for encouraging immunity. The new product range comprises herbal ingredients. The company also announced health vans for contribution-free samples of these products and discussions by experts.
- Major players operating in telemedicine market report are Johnson & Johnson, Novartis AG, Teva Pharmaceuticals, GlaxoSmithKline plc, Bayer AG, PGT Healthcare, Pfizer Inc., Boehringer Ingelheim, Merck KGaA, Reckitt Benckiser Group PLC., Glenmark Pharmaceuticals Ltd., Sanofi-Aventis U.S. LLC, and Takeda Pharmaceutical Company Limited, among others.
- In April 2020, Takeda Pharmaceuticals entered into an agreement with Orifarm Group, a Danish pharmaceutical company to divest a portfolio of select non-core OTC and prescription pharmaceutical products sold in Europe.
The global over-the-counter drugs market has been analyzed from two perspectives: product, distribution channels, and region.
To read more about the latest highlights related to OTC Drug, get a snapshot of the key highlights entailed in the global over-the-counter drugs market
Excerpts from ‘By Product Segmentation
Based on product types, the global over the over-the-counter drugs market has been segmented into:
- Analgesics & Pain Relievers
- Cough
- Cold & Flu Products
- Vitamin & Mineral Supplements (VMS)
- Gastrointestinal Products
- Dermatological Products
- Ophthalmic Products
- Sleep Aids
- Weight Loss/Dietary Supplements
- Smoking Cessation Aids
- Others
Weight loss and VMS OTC drugs make up a large portion of the market, nearly one-fourth of the market belongs to this segment. Unlike other, more intense conditions, VMS and weight loss are not particularly critical. OTC products for these conditions are more precautionary than therapeutic or curative. As a result, the number of customers is relatively higher than for other indicators. Large customer bases generate high demand, which leads to high revenue generation. Because of the growing health problem of the population in developed countries, VMS products are extremely popular. In addition, as a result of the coronavirus disease (COVID-19) outbreak, people are becoming more aware of the importance of self-care. This, in turn, increased sales of nutritional supplements and boosted the market growth. Analgesics, on the other hand, are expected to grow rapidly during the forecast period. This is due to an aging population driving up demand for pain relievers, as well as the introduction of new over-the-counter (OTC) drugs and pain relievers. The desire to improve healthcare outcomes drives the global demand for analgesics. This includes pain management, which, in order to be effective, requires a multidisciplinary approach.
Excerpts from ‘By Region Segmentation’
Regionally, the global over-the-counter drugs market has been segmented into
- North America
- Europe
- Asia Pacific
- Rest of the World
Over-the-counter drugs market is highly competitive and comprises several major players. North America holds the leading position in the global over-the-counter drugs market, owing to its well-established healthcare structure, followed by Europe, owing to growing patient awareness involving the consumption of OTC drugs, and managing self-medication practices. Europe would remain in second place, owing to the region's growing awareness of the availability of over-the-counter drugs. Asia Pacific is expected to grow rapidly because of the increasing presence of numerous reputed manufacturers. Rising awareness among the population regarding the use of OTC drugs to treat minor health issues such as cold, cough, and headache is driving the growth of OTC drugs market in this region. Moreover, the increasing prevalence of obesity, the growing aging population, and incessant new product launches by the players in the region are boosting the market growth.
Report Scope & Segmentation:
| Report Coverage | Details |
| Market Size in 2021 | USD ~ 169.1 billion |
| Revenue forecast in 2030 | USD ~ 410.48 billion |
| Growth Rate | CAGR of ~ 8.2% from 2022 to 2030 |
| Base year for estimation | 2021 |
| Forecast period | 2022-2030 |
| Segments covered | Products, Distribution Channel |
| Regional scope | North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
Request for customization of this research report at: https://growthplusreports.com/inquiry/customization/over-the-counter-drugs-market/7735
About Us:
Growth+Reports is part of GRG Health, a global healthcare knowledge service company. We are proud members of EPhMRA (European Pharmaceutical Marketing Research Association).
Growth+ portfolio of services draws on our core capabilities of secondary & primary research, market modelling & forecasting, benchmarking, analysis and strategy formulation to help clients create scalable, ground-breaking solutions that prepare them for future growth and success.
We were awarded by the prestigious CEO Magazine as "Most Innovative Healthcare Market Research Company in 2020.
