The Australian OTC Drugs market size stood at around USD 20.13 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
The current and potential value of OTC drugs in saved visits to the doctor is approximately $5 billion. Every $1 spent by consumers on the eight categories of OTC drugs saves the Australian economy $4. There are interesting developments “beyond-the-pill” to treat ailments with gadgets, but most come from companies that are new players in the Pharma industry. A few well-known OTC players have released interesting gadget solutions that supplement their traditional portfolios. All this key Innovation will enable the players to be more competitive and this drive the growth of the Australian OTC Drugs market in the forecasted period.
Growing consumer concerns around safety and health create an opportunity for more natural and safer solutions: sugar-free, dye-free, safety-coated, natural ingredients. The disappearing boundaries between pharma treatments and food supplements are a challenge for the industry.
The OTC platform provides the solution for the rise in demand for several treatments simultaneously, together with solutions that offer around-the-clock treatment, adapting to different needs throughout the day.
The growth of smartphone uses and life-tracking habits among consumers give way too many opportunities through branded apps that help users better understand and treat their ailments, offering value-added content and enabling peer communities to help OTC brands become partners in their daily life.
Major OTC Innovation Trends
Based on the current OTC Innovation trends we have them under 4 major buckets namely Treatment Based, Format Based, Lifestyle Based, & Extended Offering. In all the listed buckets innovation remains the key tool for progression in the competitive market. Innovation based on the treatment solutions, for different levels of ailments & symptoms Ailment intensity, Treatment intensity, Ailment diversity, Dual action and multi-symptom, All-in-one treatments, & Added benefits.