Report Description of the Japan OTC Analgesics Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Japan OTC Analgesics Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Japan OTC Analgesics Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Japan OTC Analgesics Market Analysis Executive Summary
OTC stands for “Over the Counter Drugs” and means that the medicines sold to customers without any prescription from health care professionals, whereas the prescription drugs only sold on prescription to the patients. Size of the OTC market in this research is calculated by totalling the shipment amounts of both OTC (including guidance-needed medicines, first, second, and third-category non-prescription drugs) and designated quasi drugs (which are items that became quasi drugs designated by Ministry of Health, Labour and Welfare).
Market Size and Key Findings
The Japan OTC Analgesics Market Analysis size stood at around USD 6.32 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 1.86% during the forecast period.
Revenue in the OTC Pharmaceuticals market amounts to US$6,302m in 2021. The market is expected to grow annually by 1.86% (CAGR 2021-2028).
Market Growth Drivers Analysis
The major factors boosting the growth of the market studied include the increasing demand in topical analgesics, growth in the geriatric population resulting in the rising prevalence of various diseases, and the cost-efficiency of OTC analgesics drugs. With the growing aging population, the demand for pain relief solutions is increasing, as aged people are more prone to chronic pain. The growing awareness of the internet medication in the developed nations is boosting the market growth.
Most of the patients are preferring self-medications without consulting a doctor or a pharmacist. These medicines can be bought by individuals without a doctor’s prescription and are safe for consumption without the doctor’s consent.
COVID-19 impact on “Japan OTC Analgesics Market”
COVID-19 is an infectious disease caused by the novel coronavirus. Largely unknown before this outbreak across the world, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2021.
The market studied is fragmented in nature, owing to the presence of many small and large market players. Some of the major players are Bayer AG, Boehringer Ingelheim International GmbH, Johnson & Johnson, GlaxoSmithKline PLC, Pfizer Inc., Reckitt Benckiser Group PLC, Sanofi SA, Sun Pharmaceutical Industries Ltd, and Takeda Pharmaceutical Company Limited.
Products in Pipeline
- In March 2021, Hisamitsu Pharmaceutical Co., Inc. launched Salonpas Arthritis Pain Relief Gel. This medicine is prescription-strength diclofenac, which was approved by the FDA for over-the-counter (OTC) use in 2020.
- In September 2020, Dr Reddy’s Laboratories launched over-the-counter Diclofenac Sodium topical gel, used for arthritis pain, in the United States market
Notable Recent Deals
Daiichi Sankyo’s shares edged up nearly 2% in early trading, after the Japanese pharma major released
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
OTC market in 2017 has grown against a backdrop of contribution of some drug efficacies becoming included in new OTC products to invigorate the market and continued stable growth of inbound tourism demand though it subdued from once frantic status. On the other hand, the market in terms of domestic demand tends to be and continues slowing down. Now that the impact of inbound tourism demand to the market has been on the decline, the market needs to be earnestly stimulated in order for it to keep on growing.
The following can be the solutions:
- Introducing *switch OTC to the new area of demands, creating a new market using switch OTC that have new efficacies,
- Generation of new demand by promoting new products with unprecedented angles,
- Finding out potential demands from the existing efficacy by making an appeal from different point of view
- Creating a system to communicate and consult with retailers,
- Expanding new opportunities of selling the products in association with increase of new entry from different retailing business. These attempts of new product promotions and enhancement of providing information may improve awareness of self-medication and action reform.
Switch OTC is a kind of OTC permitted by MHLW to include ingredients that used to be permitted to contain in ethical drugs that require prescriptions.