The Brazil OTC drug market size was valued at USD 4.5 billion in 2019 and is expected to expand up to xx billion, showing a CAGR of xx% during the forecast period.
OTC refers to over the counter drugs or non-prescription drugs. These types of drugs are safe for use without prescription. Brazil is the biggest market for OTC drugs because of its increasing population and Covid-19 pandemic, due to which people are resistive of going to hospitals for consultation, which has led to surge in their demand.
Adoption of western lifestyle, over the counter product marketing and promotion and increased healthcare spending are some common market boosters.
But main growth drivers are, growth of middle class and higher disposable income of the population. Accessibility of retail channel and supermarket is another important factor, which affects the growth in rural areas majorly. Lower cost of many such drugs is another reason for opting them.
The present competition in market is a major hindrance. Also, there’s a higher likelihood of substance abuse because of lack of awareness, majorly in rural population of country. Misdiagnosis is another factor which has led to its unpopularity in market.