Global OTC Drugs Market Analysis

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  • Type: Therapeutics Area
  • Published : March 2021
  • Region: Worldwide
  • Country: Other
  • Report ID : 364

  • Format: PPT, PDF

Global OTC Drugs Market: Segmented By Product Type (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral, and Supplements (VMS), Weight-loss/Dietary Products, Ophthalmic Products, Sleeping Aids and Other Product Types), and by Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) – Growth, Trends and Forecast, 2019-2028

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Report Overview

The global OTC drugs market size stood at around USD 143 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

Over-the-counter drugs, also known as non-prescription drugs, refer to medicines that can be bought without a prescription. These drugs are safe and effective when a consumer follows the directions on the label or as provided by a physician. Over-the-counter (OTC) drugs are primarily used to treat conditions that do not require direct consultation of a doctor. OTC drugs are safe and well tolerated.

Market Drivers

Increasing availability and manufacturing of OTC drugs for broad range of common disease conditions will significantly drive the over the counter drugs market revenue in the coming years. Repetitive occurrence of common flu and cold impels the demand for therapeutics. Moreover, awareness and demand for vitamin supplements and weight loss products will majorly contribute to the industry value during the forecast timeframe. Cost-benefits, positive results and broader accessibility are projected to highly fuel the demand for over-the-counter drugs.

High penetration in emerging market, product innovation and inclination of pharmaceutical companies toward OTC drugs from Rx drugs are the major market growth drivers. Significant cost savings due to OTC drug usage in Asia pacific and Latin America also drives the market growth.

Market Restraints

Probability of substance abuse and lack of awareness in rural areas are the major market growth restraints.

1. Global OTC Drugs Market Overview……………..…………………………………………..
A. Market Size
2. Market Growth Drivers…………………………………..……………………………….….
A. Product Innovation
B. High Penetration in Emerging Markets
C. Inclination of Pharmaceutical Companies Toward OTC Drugs from RX Drugs
3. Market Growth Restraints…………………………………..…………….………………….
A. Probability of Substance Abuse
B. Lack of Awareness in Rural Areas
4. OTC Drugs Market Segmentation……………..………………………………………………
A. By Product Type
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. By Geography
I. North America Market Analysis
II. Europe Market Analysis
III. Asia-Pacific Market Analysis
IV. Middle-East and Africa Market Analysis
V. South America Market Analysis
5. OTC Drugs Major Market Share……………………………………………………………..
A. Key Findings
B. Market Analysis, Insights and Forecast
6. Competitive Landscape………………………………………………………….………..
A. Major Players
B. Products in Pipeline
7. Key Company Profiles…………………………………………………………………….
A. Johnson & Johnson Company overview, Product & Services, Strategies & Financials
B. Bayer AG Company overview, Product & Services, Strategies & Financials
C. Sanofi Company overview, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape….………………………..…………
A. Regulatory Framework and Reimbursement Policies
9. Factors Driving Future Growth…………………………………………………………..
A. Key Industry Developments
B. Market Opportunities
10. Conclusion

Market Segmentation

By Product Type:

On the basis of product type, the market is segmented further into cough, cold and flu products, analgesics, dermatology products, gastrointestinal products, vitamin, minerals and supplements (VMS), weight-loss/ dietary products, ophthalmic products, sleeping aids and other product types.

The weight-loss and dietary products segment is believed to show the highest CAGR of 8.10% during the forecast period. This is majorly attributed to the rising awareness of the general population about health and 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. In fact, nearly 1/4th of the market belongs to this segment. 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 this is why 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 increasing unhealthy population.

By Region:

By geography, the OTC drugs market is segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa.

North America currently dominates the market for over the counter drugs and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the leading trend among pharmaceutical companies to switch from Rx to OTC drugs. Report of the National Institute of Health has stated that 93% of adults in the United States prefer to treat their minor ailments with OTC medicines before seeking professional care, and 85% of parents in the United States prefer to treat their children’s minor ailments with an OTC medicine before seeking professional care. This is resulting in the formation of the bigger market.

Top Major Players

The over the counter drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Companies, like Johnson and Johnson, Novartis AG, Bayer AG, Glaxosmithkline PLC, and Pfizer, holds significant market shares in the over the counter drugs market.

Some of the players are seeking portfolio expansion strategies to cater growing OTC drug market

Companies in this market are adopting strategies such as partnerships, acquisitions and collaborations to expand business performance. For instance, in July 2020, Stada AG, a Germany-based pharmaceutical company, announced the acquisition of 15 of deep-rooted OTC brands from GlaxoSmithKline in Europe. The acquisition will strengthen the company’s portfolio and presence in the consumer health business.

Factors driving future growth

Trends in the market

Cough, cold & Allergy: Alcohol, dry-free, or honey-containing cough / cold oral liquids

Digestive & Intestinal: Raft-forming oral suspensions gaining popularity (Ex. Gaviscon)

Pain: Increase in OTC oral and topical analgesics due to safety concerns with Rx analgesics like oxycodone

Topical: Rise of newer formats, often to accommodate on-the-go lifestyles, such as sprays and roll-ons

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

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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

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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