The analysts forecast the global over-the-counter (OTC) drug market to grow at a CAGR of 6.19% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global over-the-counter (OTC) drug market for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of OTC drugs used to treat disorders, including gastrointestinal disorders, pain, and dermatological and respiratory disorders.
OTC drugs are medicines that can be bought without a prescription from a doctor because the US FDA considers them safe for use without medical supervision. These drugs are used to treat conditions that do not necessarily require a doctor's advice, such as pain, itches, cough and cold, sleeping problems, smoking cessation, weight problems, gastrointestinal problems, and tooth decay. They are sold through hospitals, pharmaceutical stores, grocery stores, catalogs, and online retail stores.
Promotion and marketing initiatives will be a key trend for market growth. Vendors in this market are spending heavily on promotional activities targeted at both the healthy population and those with illnesses. They are trying to build a larger consumer base through marketing campaigns and activities through different media platforms. Marketing strategies for OTC products are very important, especially since these products lose the patent and enter the generic market, resulting in competition.
According to the report, one of the key drivers for market growth will be rise in self-medication. The growing healthcare costs and an increase in the older population demand the need for better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs play an important role in this and help in improving the accessibility and cost-benefits of healthcare services. Apart from this, the increase in self-care and self-medication is influenced by factors such as lifestyle, socioeconomic factors, and easy accessibility of drugs.
Further, the report states that presence of counterfeit drugs will be a challenge for the market. The sale of counterfeit OTC drugs in the market is increasing, and this problem is usually unreported to the regulatory authorities in majority of the cases.
For instance, in April 2014, it was reported that over 2 million counterfeit drugs were seized from France, which included about 1 million packets of fake aspirin, which contained sugar in place of the API. It is estimated that counterfeit drugs account for 10% of the global market, as compared to 1% in the developed world, and the market for these drugs is on a rise. In the US, allergy OTC drugs are among the most counterfeited. Similarly, in 2015, over $100,000 worth fake medicines from the Philippines drugs market were seized.
- Bayer HealthCare
- GlaxoSmithKline (GSK)
- Johnson & Johnson
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: OTC drugs: An overview
Part 06: Market landscape
Part 07: Market segmentation by therapeutic class
Part 08: Global respiratory OTC drugs market
Part 09: Global dietary supplements market
Part 10: Global gastrointestinal OTC drugs market
Part 11: Global OTC pain medications market
Part 12: Market segmentation by route of administration
Part 13: Geographical segmentation
Part 14: Market drivers
Part 15: Impact of drivers
Part 16: Market challenges
Part 17: Impact of drivers and challenges
Part 18: Market trends
Part 19: Vendor landscape
Part 20: Key vendor analysis
For more information about this report visit http://www.researchandmarkets.com/research/85mrgd/global
Related Topics: Over the Counter (OTC) Drugs