Over-The-Counter Drug Market size is set to grow by USD 58.54 billion from 2023-2027, Abbott Laboratories, Achelios Therapeutics Inc. and AstraZeneca Plc, and more to emerge as Some of the Key Vendors, Technavio
NEW YORK, April 22, 2024 /PRNewswire/ -- The global over-the-counter drug market size is estimated to grow by USD 58.54 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.53% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 41%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Abbott Laboratories, Achelios Therapeutics Inc., AstraZeneca Plc, Bayer AG, BioGaia AB, Boehringer Ingelheim International GmbH, Bukwang Pharmaceutical Co. Ltd., Chr Hansen Holding AS, Cipla Ltd., CVS Health Corp., Eli Lilly and Co., GlaxoSmithKline Plc, Johnson and Johnson Services Inc., Lupin Ltd., Mankind Pharma Ltd., Novartis AG, Pfizer Inc., Reckitt Benckiser Group Plc, Sanofi SA, Zydus Lifesciences Ltd.
Analyst Review
The Over-The-Counter (OTC) Drug Market plays a significant role in B2C spend, particularly in the realm of consumer healthcare. Pharmacies and hospitals serve as key distribution channels for these products. The modeling approach to understanding OTC drug market trends involves analyzing self-medication associations and consumer healthcare spending. Pharma giants face patent expiry concerns, leading to increased competition in the market. Substance abuse and incorrect diagnosis can lead to drug abuse, resulting in fatal cases. Kidney failure, memory loss, heart problems, and nausea are common health issues addressed by OTC drugs. Pharmacists and doctors often advise patients for minor ailments such as cough, cold, allergies, pain, fever, acidity, and diarrhea. OTC drugs are readily available for these ailments, making health system accessibilities more convenient. However, it's crucial to ensure proper usage and consult a healthcare professional for severe or persistent symptoms.
Key Market Drivers
The Over-The-Counter (OTC) drug market is a thriving sector in medical tourism, with pharmacists and doctors playing pivotal roles in treating minor ailments such as cough, cold, allergies, pain, fever, acidity, diarrhea, and skin-related conditions. Pharmaceutical companies continue to innovate, with recent approvals like Novartis' Leqvio (siRNA therapy for high cholesterol), joining the ranks of nonprescription drugs. Patient awareness programs are crucial for self-medications' safe and effective use. B2C spend on OTC medicines contributes significantly to global markets, with pharmacies and hospitals as key distribution channels. Modeling approaches and self-medication associations guide consumer healthcare spending, ensuring health system accessibilities' affordability and awareness. However, concerns over patent expiry, substance abuse, incorrect diagnosis, and peer-reviewed journals' clinical scenarios are essential considerations for OTC drug practices. Pharma giants navigate these challenges, balancing innovation and accessibility in the dynamic OTC market.
Challenges and Opportunities
The Over-The-Counter (OTC) drug market faces significant challenges, including price sensitivity. Customers prioritize affordability when purchasing OTC drugs, leading to increased demand for generic alternatives and self-medications. This trend puts pressure on pharmaceutical companies to maintain competitive pricing, which can impact profit margins and hinder investments in research and development. Despite these challenges, the OTC market continues to grow, with major categories including gastrointestinal products, pain relievers, and medicines for minor ailments like cough, cold, allergies, and skin-related conditions. Historical data reveals an increasing number of cases related to digestive cancers, heartburn, constipation, nausea, and diarrhea. Pharmacists and doctors play crucial roles in patient awareness programs, ensuring proper usage and safety of OTC drugs. The retail pharmacy segment and medical tourism contribute significantly to the market's expansion. Report attributes and peer-reviewed journals provide valuable insights into clinical scenarios and guidelines for OTC drug practices. Fatal cases linked to drug abuse and kidney failure, as well as heart problems, highlight the importance of adhering to recommended dosages and seeking professional advice for conditions like memory loss and other serious health issues. Nonprescription drugs, while conveniently available, should not replace prescription medications or proper medical consultations.
The Over-The-Counter (OTC) drug market is experiencing significant growth due to the increasing B2C spend and product sales in the face of a burgeoning geriatric population. With approximately 1.5 billion people aged 65 and above anticipated by 2050, particularly in developing countries like China, India, Japan, Bangladesh, and South Korea, the demand for self-medication is on the rise. Pharmacies and hospitals are key players in this market, with modeling approaches used to forecast consumer healthcare spending and health system accessibilities. The GDP of various countries significantly impacts the OTC drug market, with Pharma giants closely monitoring patent expiry concerns to capitalize on market opportunities. Self-medication associations play a crucial role in promoting the use of OTC drugs for managing minor ailments such as cough, cold, allergies, pain, fever, acidity, diarrhea, and skin-related conditions. However, concerns regarding substance abuse, incorrect diagnosis, drug abuse, kidney failure, memory loss, and heart problems persist, leading to fatal cases. Historical data and report attributes, including gastrointestinal products like laxatives, antacids, and digestive cancer cases, heartburn, constipation, and nausea, are essential for market analysis. The retail pharmacy segment, medical tourism, and the roles of pharmacists and doctors in advising patients on OTC drug usage further contribute to the market dynamics.
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Market Overview
The Over-The-Counter (OTC) drug market plays a significant role in healthcare, providing easy access to essential medicines and treatments. Products range from analgesics like aspirin and paracetamol, to antacids, laxatives, and allergy medications. The market is highly competitive, with major players including Modeling, Abuse, Consumer Healthcare Products, and others. Drugs are sold without a prescription, making them convenient for consumers. However, self-medication comes with risks, and proper use and dosage are crucial. Common drugs include digests, antihistamines, and pain relievers. Proper labeling and clear instructions are essential to ensure safe and effective use. The OTC market also offers a wide range of vitamins and supplements, such as calcium and multivitamins. Overall, the OTC drug market offers affordable and accessible healthcare solutions, but consumers must exercise caution and consult healthcare professionals when necessary.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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