Australia OTC Drugs Market Analysis

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  • Type: Therapeutics Area
  • Published : April 2021
  • Region: APAC
  • Country: Australia
  • Report ID : 4022

  • Format: PPT, PDF

Australian OTC Drugs Market: Segmented by Product (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral, and Supplements (VMS), Weight-loss/Dietary Products, & Other Product Types), by Distribution (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, & Others)- Growth, Trends, and Forecasts (2019 – 2028)

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Report Overview

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.

Market Drivers

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.

1. Australian OTC Drugs Market Overview…………………………………
A. Market Size
2. Market Growth Drivers…………………………………………….……………………….
A. Growing Consumer Concerns Around Safety and Health
B. Rise in Demand for Several Treatments
C. Growth of Smartphone Use and Life-Tracking Habits
3. Major OTC Innovation Trends……………………………………………………….…
A. Treatment Based
B. Format Based
C. Lifestyle Based
D. Extended Offering
4. OTC Drugs Market Segmentation…………………………………………
A. Product
I. Cough, Cold, and Flu Products
II. Analgesics
III. Dermatology Products
IV. Gastrointestinal Products
V. Vitamins, Mineral, and Supplements (VMS)
VI. Weight-loss/Dietary Products
VII. Ophthalmic Products
VIII. Sleeping Aids
IX. Other Product Types
B. Distribution
I. Hospital Pharmacies
II. Retail Pharmacies
III. Online Pharmacies
IV. Others
5. OTC Drugs Major Products Market Share…………………….…………
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape……………………………………………………………………
A. Major Players
B. Products in Pipeline
7. Key Company Profiles………………………………………………………………….
A. Reckitt Benckiser Group plc overview, Product & Services, Strategies & Financials
B. Suntory Group overview, Product & Services, Strategies & Financials
C. Pfizer Inc Company overview, Product & Services, Strategies & Financials
D. GlaxoSmithKline Plc Company overview, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape……………………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth…………………………………………………………
A. New Trends and Development of OTC Drugs market
B. Future Opportunities
10. Conclusion

Market Segmentation

By Product:

The weight-loss and dietary products segment is believed to show the highest CAGR during the forecast period. This is majorly attributed to the rising awareness of the general population about health and the 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. 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 therefore, 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 increasingly unhealthy population.

By Distribution:

Based on the distribution channel, the market for OTC Drugs market can be segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others. Since these OTC Drugs come under non-prescriptive drugs so most people prefer online and retail pharmacies to hospital pharmacies. During many uncertain situations, Online mode OTC drug distribution helps a lot for both players i.e., the customer as well as the supplier.

Major Players

The key players in the OTC drugs market are leveraging the brand equity of the major products during their patent period to improve sales and revenue. This, in turn, is majorly driving the over-the-counter drugs market. Moreover, the growing trend of self-medication among the population is also contributing to the growing demand for OTC drugs. The patients continue to buy a particular medicine following an initial prescription from the doctor. Key players covered in the Australian OTC Drugs market are GlaxoSmithKline Plc, Johnson and Johnson, Bayer AG, Reckitt Benckiser Group plc, Pfizer, Suntory Group, and others.

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

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  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
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  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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