According to this report, the global Rx-to-OTC switches market was valued at US$ 33 billion in 2020 and is predicted to expand at a CAGR of over 5% during the forecast period (2021-2031).
Scientifically, it is a rigorous and highly regulated process that allows consumers to purchase OTC access to a growing range of medicines. For a medicine to be granted under OTC status, it must comply with the regulatory standards associated with its efficacy, have a wide safety margin, and bolster labelling to ensure proper usage of the product.
The increasing prevalence of diseases with common self-treatable symptoms, such as cold and flu, headaches, allergies, and others has fuelled the demand for OTC drugs. Thus, growing sales of nonprescription drugs have pushed pharmaceutical companies to focus on Rx to OTC switches to meet customer needs thereby gaining high revenue in the market.
It was observed in 2020, Rx-to-OTC activity was driven by growing regulatory approvals and increased OTC sales. The COVID-19 outbreak has restricted patients to visit hospitals and clinics suffering from common illnesses. Consequently, delays in prescribed medication have shifted the customer preference towards the OTC drug consumption. As a result, the COVID 19 outbreak bolstered the demand for OTC products, which in turn has supported the adoption of Rx-to-OTC switches.
The Food and Drug Administration (FDA) introduced the non-prescription safe use regulatory expansion (NSURE) panel in 2013 that has supported a new wave of Rx-to-OTC switches, with a focus on creating conditions for switches in new therapeutic classes.
The introduction of the panel aimed to promote switches which had gained consumer attention, which in turn has aided the demand for the OTC drugs in the market.
- Allergy and respiratory drugs are anticipated to gain a revenue share of more than 25% with a CAGR of 5.7% owing to the rising prevalence of lifestyle-based ailments.
- Retail pharmacies are anticipated to grow at a CAGR of 5.1% over the forecast period owing to the rise of e-commerce and the procurement of cost-effective medicines.
- The U.K. holds the lead in Europe, holding a share of over 33% owing to the implementation of favorable government policies.
- The U.S. will account for over 77% of the North America market by 2031, supported by a matured healthcare and pharmaceutical sector and favorable reimbursement policies.
- China is the largest and fastest growing market in East Asia estimated to account for close to 49% of the global market, owing to the country's large-scale pharmaceutical requirements.
Who is Winning?
Rx to OTC switches have led the pharmaceutical companies to shift focus from patients to consumers in terms of end users. In addition to strategic collaborations, acquisitions, expansion, product launches, agreements and research sponsorships are the key strategies adopted by manufacturers to expand their research and development (R&D) capabilities increasing sales in wider geographical base to strengthen product portfolios in the Rx-to-OTC switches market.
For instance, in January 2021, Boehringer Ingelheim entered into a collaborative agreement with Google Quantum AI (Google), focusing on researching and implementing cutting-edge use cases for quantum computing in pharmaceutical research and development (R&D).
Key Topics Covered
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Market Background
4.1. Macro-Economic Factors
4.1.1. Global GDP Growth Outlook
4.1.2. Global Healthcare Outlook
4.1.3. Per Capita Healthcare Expenditure Outlook
4.2. Forecast Factors - Relevance & Impact
4.2.1. Growing Demand and Sales for OTC Medication
4.2.2. Cost of OTC Medication
4.2.3. Availability of OTC Drugs
4.3. Market Dynamics
4.3.3. Opportunity Analysis
5. COVID19 Crisis Analysis
5.1. Current COVID19 Probable Future Impact
5.2. Current GDP Projection and Probable Impact
5.3. Current Economic Projection as compared to 2008 Economic analysis
5.4. COVID19 and Impact Analysis
188.8.131.52. Revenue By Drug Categories
184.108.40.206. Revenue By Distribution Channel
220.127.116.11. Revenue By Region
5.5. 2020 Market Scenario
5.6. Recovery Scenario - Short term, Midterm and Long Term Impact
6. Key Success Factors
6.1. Business Model
6.2. Key Regulations
6.3. Go-To-Market Strategy
6.4. Adoption Rate of OTC drugs, By Region
7. Global Rx-to-OTC Switches Market Demand (in US$ Mn) Analysis 2016-2020 and Forecast, 2021-2031
7.1. Historical Market Value (US$ Mn) Analysis, 2016-2020
7.2. Current and Future Market Value (US$ Mn) Projections, 2021-2031
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Global Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031, by Drug Category
8.1. Introduction / Key Findings
8.2. Historical Market Size (US$ Mn) Analysis By Drug Category, 2016-2020
8.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Drug Category, 2021-2031
8.3.1. Allergy and Respiratory
8.3.2. Fungal Infections & Other infections
8.3.3. Overactive Bladder
8.3.4. Oral Contraceptives
8.3.5. Gastrointestinal Drugs
8.3.6. Hair Loss Treatments
8.3.7. Smoking Cessation
8.3.8. Analgesic, Inflammation and pain management
8.3.9. Others (lice, Acne, weight loss, laxative)
8.4. Market Attractiveness Analysis By Drug Category
9. Global Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031, by Distribution Channel
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Mn) Analysis By Distribution Channel, 2016-2020
9.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Distribution Channel, 2021-2031
9.3.1. Retail Pharmacies
9.3.2. Hospital Pharmacies
9.3.3. Drug Stores
9.3.4. Online Pharmacies
9.4. Market Attractiveness Analysis By Distribution Channel
10. Global Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031, by Region
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Mn) Analysis By Region, 2016-2020
10.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Region, 2021-2031
10.3.1. North America
10.3.2. Latin America
10.3.4. South Asia
10.3.5. East Asia
10.3.7. Middle East & Africa
10.4. Market Attractiveness Analysis By Region
11. North America Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031
12. Latin America Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031
13. Europe Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031
14. East Asia Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031
15. South Asia Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031
16. Oceania Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031
17. Middle East and Africa Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031
18. Key and Emerging Countries Rx-to-OTC Switches Market Analysis 2016-2020 and Forecast 2021-2031
19. Market Structure Analysis
19.1. Market Analysis by Tier of Companies
19.2. Market Share Analysis of Top Players
19.3. Market Concentration
20. Competition Analysis
20.1. Competition Dashboard
20.2. Competition Deep Dive
20.2.1. GlaxoSmithKline plc.
18.104.22.168. Product Portfolio
22.214.171.124. Profitability by Market Segments (Product/Channel/Region)
126.96.36.199. Sales Footprint
188.8.131.52. Strategy Overview
184.108.40.206.1. Marketing Strategy
220.127.116.11.2. Product Strategy
18.104.22.168.3. Channel Strategy
20.2.3. Merck KGaA
20.2.4. Johnson & Johnson
20.2.5. Bayer AG
20.2.7. Boehringer Ingelheim Consumer Healthcare
20.2.8. Bausch and Lomb (A Subsidiary of Bausch Health)
20.2.9. Galderma SA
20.2.11. Arbor Pharmaceuticals
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