Pune, INDIA, JULY, 13, 2022 /MarketWatch/–The Insight Partners published latest research study on “OTC drug and dietary supplement Market to 2027 – Global Analysis and Forecast – by Product, Type, Form, Distribution Channel” the market is expected to reach US$ 4,92,102.49 million by 2027 from US$ 2,93,255.40 million in 2019. The market is estimated to grow with a CAGR of 6.8 % from 2020 to 2027.
Over the counter (OTC) drugs are available for the public for their general use. These drugs do not require a prescription from a physician. OTC medicines are available for various medical conditions such as coughs and colds, diarrhea, heartburn, constipation, acne, pain, and others. On the other hand, dietary supplements are available over the counter for fitness purposes. However, buying a dietary supplement with medicinal ingredients requires a prescription from a physicianwhen a person is critically ill or requires treatment. These OTC drugs and nutritional supplements have two forms: branded or generic.
OTC Drug and Dietary Supplement Market: Competitive Landscape and Key Developments
The market players operating in the OTC drug and dietary supplement market adopted the strategy of product innovation to cater to changing customer demand across the world, which also permits the players to maintain their brand name globally. GlaxoSmithKline plc.; Sanofi; Johnson and Johnson Services, Inc.; Abbott; AbbVie Inc.; Bausch Health Companies Inc.; Bayer AG; Procter & Gamble; Novartis AG;and Reckitt Benckiser Group Plc.are among the leading companies operating in the OTC drug and dietary supplement market.
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People nowadays are well aware of general health issues such as cold, cough, allergies, fever, pain, acidity, diarrhea, and skin-related conditions. Major population is focused on having healthy lifestyle by avoiding the consumption of junk food that leads to a rise in lifestyle-related diseases such as diabetes, obesity, and cardiovascular diseases. Growing preference toward maintaining the healthy lifestyle also leads to the consumption of weight-loss products and dietary supplements, such as vitamins, minerals, and supplements. Increase in exposure to the internet has led to greater access to dietary supplements and over the counter (OTC) drugs to consumers, at affordable prices.
The common health issues can be seasonal or they might occur due to minor changes in routine habits; hence, people prefer taking OTC medicines to treat them instead of visiting a doctor. In many cases, this saves time and money, and provides immediate relief. Several governments have initiated various programs toward health awareness, due to which there has been a quick and smooth adoption of everyday technology for healthcare and wellness, contributing to the industry’s overall growth. For instance, in India, the government is taking positive steps toward formalizing the use of OTC medicines. Prescription monitoring programs (PMPs) collect, monitor, and analyze electronically transmitted prescribing and dispensing data submitted by pharmacies and dispensing practitioners. This data is then used to prevent OTC drug abuse. Thus, promoting the sale of OTC drugs.
Advancements in the pharmaceutical industry, such as predictive modeling, mobile apps, robotics, and diagnostics, are opening new avenues for pharmacists, which can improve their ability to dispense medication, minimize errors, and monitor patient adherence. Rightly dispensed medicinal product will not result in any type of drug abuse, which further builds confidence of the repurchase of OTC products and dietary supplements. Thus, the awareness of general health concerns and advancements in the pharmaceutical industry are driving market growth.
OTC Drug and Dietary Supplement Market: Key Insights –Future Trend
The scope of the OTC drug and dietary supplements market includes product, type, form, distribution channel, and region. The market for OTC drug and dietary supplement is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the OTC drug and dietary supplements market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.
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Product launches and expansion strategies are commonly adopted by companies to expand their footprint and product portfolio worldwideas well as tomeet the growing demand.
OTC Drug and Dietary SupplementMarket: Segmental Overview
Based on the product, the OTC drug and dietary supplement market is segmented into the analgesics, cough and cold products, vitamins and dietary supplements, gastrointestinal products, antacids, ophthalmic products, sleep aids, oral care products, feminine care, and others. In 2019, the analgesics segment accounted for the highest share of the market. The growth of the segment is attributed to the highest sale of generic painkillers across the world. The sales of analgesics are widely made for acute and chronic pains. It does not require a prescription and easily available through different distribution channels. Additionally, the segment has received several product approvals in the market.
Based on product, the OTC drug and dietary supplement market is segmented into cough and cold products, vitamins and dietary supplements, analgesics, gastrointestinal products, sleep aids, oral care products, ophthalmic products, antacids, feminine care, and others.
In 2019, the analgesicssegment accounted for the highest share of the market. Growth of this segment is attributed to the growing awareness regarding general health issuesand growing preference for non-prescription drugs over prescription drugs across the world. However, vitamins and dietary supplementssegmentis likely to register the highest CAGR in the global OTC drug and dietary supplementsmarket during the forecast period.
Based on type, the OTC drug and dietary supplements market is segmented into branded and generic. The genericsegment held a larger share of the market in 2019; whereas, the samesegment is estimated to register a higher CAGR of 7.1% in the market during the forecast period.
Based on form, the OTC drug and dietary supplements market is segmented into tablets, capsules, powders, ointments, liquid, and others. The tabletssegment held the largest share of the market in 2019 and is estimated to register the highest CAGR of 7.5% in the market during the forecast period.
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The APAC countries are facing challenges due to increasing incidences of COVID-19. As per the data of Worldometer, the total number of COVID-19 cases stood at 5,739,512 in APAC on August 17, 2020. The COVID-19 pandemic has accelerated dependency on digital devices and consumers are becoming aware of the negative effects of prolonged use of these devices such as mobile and laptops. These factors have increased the demand of health supplements and presenting lucrative opportunities for market players to gain new customers.
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