The Canadian OTC Drugs market size stood at around USD 2.5 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
As increasing numbers of people refrain from visiting hospitals due to concerns over the spread of the novel coronavirus, sales of over-the-counter drugs, including cold medicines, have surged at pharmacies across Canada. Shifting the focus of Pharmaceutical companies on OTC drugs over prescription drugs is fuelling the growth of the over-the-counter drugs market in Canada. 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 Canadian OTC Drugs market in the forecasted period.
Growing consumer concerns around safety and health, rise in demand for treatments of minor injuries, the patients continuing to buy a particular medicine following an initial prescription from the doctor, and growth of smartphone use and life-tracking habits are the major driving factors for Canadian over the counter drugs market. 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 are giving 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.