Over-the-counter drug market will reach $410.48 billion
Pune, July 27, 2022 (GLOBE NEWSWIRE) — The Global Over-the-counter drug market it is expected that the clock ~$410.48 billion by 2030 due to growth impact seasonal infections and a new over-the-counter drug launched by market companies.
Growing interest of the people in staying healthy and growing adoption of over-the-counter drugs to treat common ailments are some of the key factors propelling the growth of the over-the-counter drugs market. Many pharmaceutical and nutraceutical companies are focused on developing and launching new drugs.
Request a sample copy of the research report: https://growthplusreports.com/inquiry/request-sample/over-the-counter-drugs-market/7735
Key Takeaways from the Over-the-Counter Drugs Market Report
- In January 2021, Hamdard Laboratories launched 12 new over-the-counter drugs in the Indian market to encourage immunity. The new product line includes plant-based ingredients. The company also announced sanitary vans for contribution-free samples of these products and expert talks.
- Key players operating in the Telemedicine Market report are Johnson & Johnson, Novartis AG, Teva Pharmaceuticals, GlaxoSmithKline plc, Bayer AG, PGT Healthcare, Pfizer Inc., Boehringer Ingelheim, Merck KGaA, Reckitt Benckiser Group PLC., Glenmark Pharmaceuticals Ltd., Sanofi-Aventis US LLC and Takeda Pharmaceutical Company Limited , among others.
- In April 2020, Takeda Pharmaceuticals entered into an agreement with Orifarm Group, a Danish pharmaceutical company, to divest a portfolio of certain non-essential over-the-counter and prescription pharmaceutical products sold in Europe.
The global over-the-counter drugs market has been analyzed from two angles: product, distribution channels, and region.
To know more about the latest highlights related to OTC Drugs, get an overview of the major highlights of the global OTC Drugs Market
Excerpts from “Segmentation by product
On the basis of product types, the global over-the-counter drugs market has been segmented into:
- Analgesics and analgesics
- Cold and flu products
- Vitamin and mineral supplements (VMS)
- Gastrointestinal products
- Dermatological products
- Ophthalmic products
- sleep aids
- Weight loss/food supplements
- Smoking cessation aids
Weight loss and OTC VMS drugs account for a large portion of the market, nearly a quarter of the market belongs to this segment. Unlike other more intense conditions, VMS and weight loss are not particularly critical. Over-the-counter products for these conditions are more preventative than therapeutic or curative. Therefore, the number of customers is relatively higher than for the other indicators. Large customer bases generate high demand, resulting in high revenue generation. Due to the increasing health problem of people in developed countries, VMS products are extremely popular. Additionally, in the wake of the coronavirus disease (COVID-19) outbreak, people are increasingly aware of the importance of self-care. This, in turn, increased the sales of nutritional supplements and boosted the growth of the market. Analgesics, on the other hand, are expected to grow rapidly over the forecast period. This is due to the aging of the population which increases the demand for painkillers, as well as the introduction of new drugs and over-the-counter painkillers. The desire to improve healthcare outcomes is driving global demand for painkillers. This includes pain management which, to be effective, requires a multidisciplinary approach.
Excerpts from ‘Segmentation by region’
Regionally, the global over-the-counter drugs market has been segmented into
- North America
- Asia Pacific
- Rest of the world
The over-the-counter drug market is highly competitive and includes several major players. North America holds the leading position in the global over-the-counter drug market, thanks to its well-established healthcare structure, Next comes Europe, due to the growing patient awareness of over-the-counter drug use and the management of self-medication practices. Europe would retain second place, due to growing awareness in the region of the availability of over-the-counter drugs. Asia-Pacific is expected to grow rapidly due to the increasing presence of many reputable manufacturers. Rising awareness among the population to use over-the-counter medications to treat minor health conditions such as colds, coughs, and headaches is driving the growth of the over-the-counter medications market in this region. Additionally, rising prevalence of obesity, aging population, and incessant new product launches by players in the region are driving the growth of the market.
Report Scope and Segmentation:
|Market size in 2021||~$169.1 billion|
|Revenue forecasts in 2030||~$410.48 billion|
|Rate of growth||CAGR of ~8.2% from 2022 to 2030|
|Base year for the estimate||2021|
|Segments Covered||Products, distribution channel|
|Regional scope||North America, Europe, Asia-Pacific and Rest of the World (ROW)|
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Fueled by free analyst hours and expert interviews with every report
- Comprehensive quantitative and qualitative information at segment and sub-segment level
- Trends and perspectives of the impact of Covid 19
- Granular information at global/regional/country level
- In-depth insights into market dynamics (drivers, restraints, opportunities) and business environment
- Global coverage of the competitive landscape
- Winning imperatives
- Comprehensive coverage of “strategic developments” recorded by major market players
- Distributor Landscape Assessment
- Pricing information
- Customer evaluation
- Analysis of investments and initiatives
- ‘Company Profile’ of key players
Request customization of this research report to: https://growthplusreports.com/inquiry/customization/over-the-counter-drugs-market/7735
Growth+Reports is part of GRG Health, a global healthcare knowledge services company. We are proud members of the EPhMRA (European Pharmaceutical Marketing Research Association).
The Growth+ portfolio of services leverages our core capabilities in secondary and primary research, market modeling and forecasting, benchmarking, analysis and strategy formulation to help clients create scalable and game-changing solutions. that prepare them for future growth and success.
We have been recognized by the prestigious CEO Magazine as “The Most Innovative Market Research Company in the Healthcare Market of 2020.