The China OTC Drugs market size stood at around USD 17.155 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
The term over the counter (OTC) is meant for the drugs which are sold over the counter without any prescription. The OTC medicine in China is characterized by a late start but accounts for large growth in comparison to mature western OTC markets and it accounts for approximately XX% of total pharmaceutical sales in China
The Chinese economy continues a high-speed growth that has been stirred by the successive increase of consumer consumption, import & export, industrial output, and capital investment for over two decades. The aging population will trigger a higher demand for health facilities, since the elderly population has weaker immune systems, resulting in a high incidence of sickness, Currently, the elderly population generates 40 to 50 percent of the OTC drug market.
Major factors that are driving the growth of the market are growing healthcare expenditure internally, increased manufacture and export, improvement, and government investment for better healthcare. The factors that are restraining the growth of the market are Competition in China is key to a fierce among the major companies, which are seeking to penetrate the market. Intricate knowledge of the region and pricing will decide who gets ahead, whereas newcomers face.