DUBLIN--(BUSINESS WIRE)--The "Asia-Pacific over the Counter (OTC) Drugs Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The growth propelling factors of the Asia-pacific over the counter (OTC) drugs market are product innovations, high penetration in the emerging countries like India and China, and inclination of pharmaceutical companies toward OTC drugs from Rx drugs. This can be attributed to the rapidly growing population, an increase in disposable income of the population, which will add critical mass to the population available to access OTC medication.
Along with new channels of the accessibility in emerging markets in retail outlets, supermarkets are also contributing to the growth of the OTC medication market in the Asia Pacific region.
However, majorly due to the absence of any legal framework, chemists are selling some commonly used prescription-only drugs, for cold and cough as well, over the counter. Thus, the rising tendency to self-medicate helps in the growth of the overall market.
Key Market Trends
Cough, Cold, and Flu Products Segment Holds Significant Market Share
The OTC market has been witnessing strong growth resulting from rising need and demand for/by consumers to self-medicate. Also, in India, patients generally rely on their neighborhood chemist to prescribe the appropriate medicines for illnesses, such as cough, cold, nasal congestion, or fever.
The frequency of certain ailments, like common colds and headaches, are found to be on a rise in India. At the same time, consumers are becoming more prone to fight with this on their own, seeking over-the-counter (OTC) remedies and medicines rather than checking in with their physicians.
In India, consumers are found to be dependent on OTC for cough, cold, or flu medicines, as that is a first response to get relief from its symptoms. Owing to their easy procurement, the sale of OTC drugs for cough, cold, and flu has increased. Thus, the rising population also serves as one of the primary drivers in this region.
The over the counter drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. For instance, in April 2018, Procter & Gamble Company acquired the Consumer Health business of Merck KGaA, Darmstadt, Germany.
Companies, like Johnson and Johnson, Novartis, Bayer AG, GlaxoSmithKline PLC, and Pfizer, holds significant market shares in the over the counter drugs market.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Product Innovation
4.2.2 High Penetration in Emerging Markets
4.2.3 Immense Cost Savings
4.2.4 Inclination of Pharmaceutical Companies to Switch from Rx to OTC Drugs
4.3 Market Restraints
4.3.1 Lack of Awareness among the Rural Regions
4.3.2 Incorrect Self-diagnosis
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Cough, Cold, and Flu Products
5.1.3 Dermatology Products
5.1.4 Gastrointestinal Products
5.1.5 Vitamins, Mineral, and Supplements (VMS)
5.1.6 Weight-loss/Dietary Products
5.1.7 Ophthalmic Products
5.1.8 Sleeping Aids
5.1.9 Other Product Types
5.2 Distribution Channel
5.2.1 Hospital Pharmacies
5.2.2 Retail Pharmacies
5.2.3 Online Pharmacy
5.2.4 Other Distribution Channels
5.3.1 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Johnson & Johnson
6.1.4 GlaxoSmithKline PLC
6.1.5 Boehringer Ingelheim
6.1.6 PGT Healthcare
6.1.7 Abbott Laboratories
6.1.8 Dabur India Limited
6.1.9 Procter & Gamble
6.1.10 Reckitt Benckiser
6.1.11 Takeda Pharmaceutical Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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