The Asia Pacific over-the-counter drugs market held more than 37.7% market share in 2020 and is anticipated to foresee robust growth during the forecast timeframe. According to the NCDC (National Centre for Disease Control), in 2019, India recorded total of 6,701 swine flu/seasonal influenza (H1N1) cases. Instances like these could spike the demand for OTC drugs to treat such diseases.
The COVID-19 pandemic has impacted businesses globally in many ways. However, the healthcare sector is the one that has seen an exponential growth during this crisis. The requirement for multivitamins drugs and immunity boosters has spurred in recent times, vastly influencing the sales of some categories of OTC drugs.
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During the pandemic, consumers were strongly focusing on being healthy and boosting their immunity by consuming various vitamin supplements, and products to keep common flu and cold at bay. People were seen to refrain from making visits to a doctor for common cold, flu treatment due to the threat of being affected by the coronavirus. These aspects has led to a considerable growth in the sales of OTC drugs to treat common disease conditions.
OTC drugs help in saving the treatment cost related to visits to clinics. During the pandemic, people were treating themselves at home due to the strict lockdowns and rising number of coronavirus cases globally. Growing focus on living a healthy life and body fitness offers profitable demand for vitamins and mineral supplements in emerging provinces. The existence and availability of an extensive variety of OTC medicines and their collective adoption will arouse the over-the-counter drugs market revenue worldwide.
Rise in demand for healthcare products at an affordable price point could spur the OTC drug market growth. Increasing inclination towards self-medication in developed, as well as developing countries, will positively impact OTC drug business growth. Shift of manufacturers from RX to OTC drugs could favor new product launches over time. Furthermore, increasing demand for lifestyle-associated products including nutrient supplements will foster over-the-counter drugs market expansion.
Based on the product bifurcation, cold, cough and flu segment had registered an appreciable valuation of about USD 31.8 billion in 2020 and is expected to grow exponentially over the coming years. The growth can be attributed to increasing product adoption due to frequent incidences of cold and flu among the global population. In fact, as per the Centers for Disease Control and Prevention report, millions of cases of common cold are reported almost every year in the U.S. Besides, an increase in the number of patients suffering from seasonal flu from climatic and weather changes is as well fueling the adoption of OTC medicines and drugs.
Moreover, presence of eminent manufacturers who are inclined on expanding their business in the region will complement the over-the-counter drugs market growth further. Quoting an instance, in 2019, the Competition Commission of India had approved the joint venture of two eminent pharmaceutical companies namely Pfizer and GlaxoSmithKline for the distribution of OTC drugs and healthcare supplements across India.
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Partial Chapter of the Table of Content
Chapter 4 Over-the-counter Drugs Market, By Product
4.1 Key segment trends, by product
4.2.1 Market size, by region, 2016 – 2027 (USD Million)
4.3 Cold, cough & flu products
4.3.1 Market size, by region, 2016 - 2027 (USD Million)
4.4 Weight loss products
4.4.1 Market size, by region, 2016 - 2027 (USD Million)
4.5 Gastrointestinal products
4.5.1 Over-the-counter Drugs Market size, by region, 2016 - 2027 (USD Million)
4.6 Skin products
4.6.1 Over-the-counter Drugs Market size, by region, 2016 - 2027 (USD Million)
4.7 Mineral and vitamin supplements
4.7.1 Market size, by region, 2016 - 2027 (USD Million)
4.8 Sleeping aids
4.8.1 Market size, by region, 2016 - 2027 (USD Million)
4.9 Ophthalmic products
Charts & Figures
FIG. 1 OTC drugs industry 3600 synopsis, 2016 – 2027
FIG. 2 Industry segmentation
FIG. 3 Global Over-the-counter drugs market, 2016 – 2027 (USD Billion)
FIG. 4 Growth potential analysis, by product
FIG. 5 Porter’s analysis
FIG. 6 PESTEL analysis
FIG. 7 Key segment trends, by product
FIG. 8 Competitive dashboard, 2020
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