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OTC Drugs: Worldwide Market Insights & Projections to 2024
DUBLIN, March 12, 2019 /PRNewswire/ -- The "Over the Counter Drugs Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global over the counter drugs market was valued at USD 303.51 billion in 2018, and it is estimated to be valued at USD 491.02 billion in 2024, witnessing a CAGR of 8.5%.
The growth propelling factors of this market are product innovations, high penetration in the emerging market, favorable regulatory framework, and inclination of pharmaceutical companies toward OTC drugs from Rx drugs.
The global over the counter (OTC) drugs market is likely to record the highest growth rate in the emerging markets of Latin America and Southeast Asia over the coming years. This can be attributed to the rapidly growing population, coupled with the growing middle class in these regions and increase in disposable income of the population, which will add critical mass to the population available to access OTC medication. Along with new channels of the accessibility in emerging markets in retail outlets, supermarkets are also contributing to the growth of the OTC medication market in the emerging economies.
Key Market Trends
Weight-loss and Dietary Products Segment Expected to Grow with a High CAGR
The weight-loss and dietary products segment is believed to show the highest CAGR of 8.1% during the forecast period. This is majorly attributed to the rising awareness of the general population about health and rise in the consumption of junk food, which is leading to the rise in lifestyle-related diseases. The VMS (vitamins, minerals, and supplements) segment is believed to have the largest market share.
VMS and weight loss OTC drugs contribute the most to the overall market. In fact, nearly 1/4th of the market belongs to this segment. The reason for this major share is the vast customer base for various products under this category. Unlike other conditions, which are intense in nature, the VMS and weight loss conditions are not very bothersome. OTC products for these conditions are more of precautious nature than that of treatment or cure - and this is why the number of customers is relatively high than the ones for other indications. Large customer pools give rise to high demand, which, in turn, results in high revenue generation. VMS products are very popular in developed countries because of the increasing unhealthy population
North America is Expected to Dominate the Market in the Forecast Period
North America currently dominates the market for over the counter drugs and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the leading trend among pharmaceutical companies to switch from Rx to OTC drugs. Report of the National Institute of Health has stated that 93% of adults in the United States prefer to treat their minor ailments with OTC medicines before seeking professional care, and 85% of parents in the United States prefer to treat their children's minor ailments with an OTC medicine before seeking professional care. This is resulting in the formation of the bigger market.
The over the counter drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices.
Companies, like Johnson and Johnson, Novartis AG, Bayer AG, Glaxosmithkline PLC, and Pfizer, holds significant market shares in the over the counter drugs market.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 Product Innovation
4.2.2 High Penetration in Emerging Markets
4.2.3 Favorable Regulatory Framework
4.2.4 Inclination of Pharmaceutical Companies Toward OTC Drugs from RX Drugs
4.3 Market Restraints
4.3.1 Probability of Substance Abuse
4.3.2 Lack of Awareness in Rural Areas
4.4 Industry Attractiveness of Porter's Five Forces Analysis
5 Market Segmentation
5.1 By Product Type
5.1.1 Cough, Cold, and Flu Products
5.1.3 Dermatology Products
5.1.4 Gastrointestinal Products
5.1.5 Vitamins, Mineral, and Supplements (VMS)
5.1.6 Weight-loss/Dietary Products
5.1.7 Ophthalmic Products
5.1.8 Sleeping Aids
5.1.9 Other Product Types
5.2 By Distribution Channel
5.2.1 Hospital Pharmacies
5.2.2 Retail Pharmacies
5.2.3 Online Pharmacy
5.2.4 Other Distribution Channels
5.3.1 North America
5.3.4 Middle East & Africa
5.3.5 South America
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Johnson and Johnson
6.1.2 Novartis AG
6.1.3 Bayer AG
6.1.6 GlaxoSmithKline PLC
6.1.7 Perrigo Company PLC
6.1.8 Reckitt Benckiser Group PLC
6.1.9 Takeda Pharmaceutical Company Ltd.
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/d5psrm/otc_drugs?w=5
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