Global Over-the-Counter Drugs Market (2019 to 2025) - North America Generates the Highest Revenue - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Over-the-Counter Drugs Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and their Market Strategies" report has been added to ResearchAndMarkets.com's offering.

The global over-the-counter drug market was valued at USD 141.6 billion in 2018 and it is expected to grow with a CAGR of 7.6% over the forecast period of 2019-2025.

The key players in the OTC drugs market are leveraging the brand equity of the major products during their patent period to improve sales and revenue. This, in turn, is majorly driving the global over-the-counter drugs market. Moreover, the growing trend of self-medication among the population is also contributing to the growing demand for OTC drugs. The patients continue to buy a particular medicine following an initial prescription from the doctor. In addition, factors such as increasing globalization, shrinking new product pipeline, increasing cost of new drug discovery, stringent safety rules of FDA, and entry of new players in the market are further augmenting the growth of the global over-the-counter drugs market.

The survey conducted by The author found that majority of people across the world take advice from the pharmacist before buying an OTC medication. The relation between the local pharmacists and the consumers or patients plays an important role in the higher trust of the consumer on pharmacists. The frequent visits to the local pharmacy stores lead to higher interaction with the pharmacists. This, in turn, improves the relationship between consumers and pharmacists, which ultimately impacts the decision making of the consumers. Moreover, the pharmacists are easy to access than the professional physicians or doctors. If a patient wants to consult a doctor regarding a common health issue, he or she has to get an appointment first, and sometimes doctors could charge fees for their counseling or advice. Thus, people tend to take advice from pharmacists rather than doctors regarding common health conditions and their OTC treatment.

The United States, China, and Germany among Top Markets for Over-The-Counter Drugs

According to the findings in the report, the United States of America and China along with countries in Europe are the best markets for over-the-counter drugs. Europe and North America together make nearly 60% of the total sales of OTC drugs in the world. The US is the leading country in terms of sales in the global over-the-counter drug market followed by China and Germany. The increasing trend of self-medication and rising need to cut healthcare costs are the major drivers for the sale of OTC drugs in western countries. Moreover, the higher geriatric population and availability of numerous products in the community pharmacies are the major factors contributing to the growth of Chinese OTC drugs market. On the flip side, the sale of over-the-counter drugs in developing countries such as India is anticipated to grow rapidly. Factors including improving economic and healthcare conditions and higher prevalence of common ailments are majorly influencing the sale of over-the-counter drugs in developing countries.

North America Generated the Highest Revenue from Over-The-Counter Drugs

In terms of geography, North America generated the highest revenue in the global OTC drugs market. The growing trend of self-medication among the population in the region drives the growth of the over-the-counter drugs market in North America. Patients purchase OTC drugs from a nearby retailer for any visible mild symptoms without visiting a medical institution. Moreover, favorable reimbursement policies support the growth of the OTC drug market in the North American region. Several insurance policies available in the US offer some coverage for OTC drugs. Moreover, the Asia Pacific region is projected to grow with the fastest rate owing to the increasing number of approvals given for several prescription drugs to be sold as OTC drugs. For instance, in Japan, the antipyretic analgesic Loxonin S and Alesion, treatment for allergic rhinitis were approved for OTC sales in 2010.

Market Dynamics

Drivers

• Growing trend of self medication
• Higher brand equity of Drugs
• Increasing cost of new Drugs development

Restraints

• Side effects of overuse

Opportunities

• Growing number of patent expiration of Drugs

Companies Mentioned

• Johnson & Johnson Services, Inc.
• Takeda Pharmaceutical Company Ltd.
• Bayer AG
• Pfizer Inc.
• Sanofi S.A.
• GlaxoSmithKline Plc
• Novartis International AG
• Cipla Limited
• Dr. Reddy's Laboratories
• Himalaya Global Holdings Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/byech0