Global Over the Counter Drugs Market
Global Over the Counter Drugs Market Overview:
The global counter-drug market was valued at USD 303.51 billion in 2018, estimated at USD 491.02 billion in 2024, an 8.5 percent CAGR. This markets growth driving factors are product innovations, elevated emerging-market penetration, favorable regulatory framework, and pharmaceutical companies tendency toward Rx drug OTC drugs.
The global counter drug market OTC is likely to record the largest growth rate in Latin America and Southeast Asias emerging markets over the coming years. This can be ascribed to the quickly increasing population, combined with the increasing middle class in these areas and increased population disposable income, adding critical mass to the population available for access to OTC medication. Along with fresh accessibility channels in emerging retail outlets, supermarkets are also contributing to the development of the developing economies OTC drug market.
Global Over the Counter Drugs Market Scope of the Report:
As per this reports scope, counter drugs are called non-prescription drugs. These drugs can be purchased without doctor’s prescription by a person and are secure for consumption without doctors permission.
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Global Over the Counter Drugs Market Key trends:
Weight-loss and Dietary Products Segment Expected to Grow with a High CAGR
During the forecast period, the weight-loss and nutritional goods section is thought to show the highest CAGR of 8.10%. This is primarily attributed to the general populations growing knowledge of health and increased consumption of junk food, leading to increased lifestyle-related illnesses. Segment VMS vitamins, minerals, and supplements is thought to have the biggest market share.
OTC drugs add the most to the general industry. Nearly 1/4th of the market belongs to this segment. This significant share is due to the vast client base for multiple products in this category. Unlike other circumstances that are severe in nature, VMS and weight loss situations are not very disturbing. For these conditions, OTC products are more precautious than treatment or cure. And thats why customer numbers are comparatively large for other signs. Large client pools generate high demand, resulting in high income generation. VMS products are popular in developed countries due to growing unhealthy population.
North America is Expected to Dominate the Market in the Forecast Period:
North America currently dominates the counter-drug industry and is anticipated to continue its stronghold for a few years. In the future, this region is anticipated to increase its market share, due to the major trend among pharmaceutical companies to move from Rx to OTC. National Institute of Health report indicated that 93 percent of adolescents in the U.S. prefer to treat their minor ailments with OTC drugs before seeking professional care, and 85 percent of relatives in the U.S. prefer to treat minor ailments with OTC medicine before seeking professional care. This results in forming the larger market.
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Global Over the Counter Drugs Market Competitive Landscape:
The market for counter-drugs is extremely competitive, with several significant players. On market share, few significant players presently dominate the market. With technological advances and product innovation, mid-size to smaller businesses increase their market presence by introducing fresh products with lower prices. Companies like Johnson and Johnson, Novartis AG, Bayer AG, Glaxosmithkline PLC, and Pfizer hold substantial market shares in the counter-drug industry.
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