OTC Drug and Dietary Supplement Market Latest Trends, Demand and Advancement 2020 to 2027

January 29 17:41 2021
OTC Drug and Dietary Supplement Market was valued at US$ 2, 93,255.40million in 2019and is projected to reach US$ 4, 92,102.49millionby 2027; it is expected to grow at a CAGR of 6.8%from 2020to 2027

The scope of the OTC drug and dietary supplements market includes product, type, form, distribution channel, and region. The market for OTC drug and dietary supplement is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the OTC drug and dietary supplements market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.

Based on the product, the OTC drug and dietary supplement market is segmented into the analgesics, cough and cold products, vitamins and dietary supplements, gastrointestinal products, antacids, ophthalmic products, sleep aids, oral care products, feminine care, and others. In 2019, the analgesics segment accounted for the highest share of the market. The growth of the segment is attributed to the  highest sale of generic painkillers across the world. The sales of analgesics are widely made for acute and chronic pains. It does not require a prescription and easily available through different distribution channels. Additionally, the segment has received several product approvals in the market.

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GlaxoSmithKline plc.; Sanofi; Johnson and Johnson Services, Inc.; Abbott; AbbVie Inc.; Bausch Health Companies Inc.; Bayer AG; Procter & Gamble; Novartis AG;and Reckitt Benckiser Group Plc.are among the leading companies operating in the OTC drug and dietary supplement market.

Over the counter (OTC) drugs are available for the public for their general use. These drugs do not require a prescription from a physician. OTC medicines are available for various medical  conditions such as coughs and colds, diarrhea, heartburn, constipation, acne, pain, and others. On the other hand, dietary supplements are available over the counter for fitness purposes. However, buying a dietary supplement with medicinal ingredients requires a prescription from a physicianwhen a person is critically ill or requires treatment. These OTC drugs and nutritional supplements have two forms: branded or generic.

Advancements in the pharmaceutical industry, such as predictive modeling, mobile apps, robotics, and diagnostics, are opening new avenues for pharmacists, which can improve their ability to dispense medication, minimize errors, and monitor patient adherence. Rightly dispensed medicinal product will not result in any type of drug abuse, which further builds confidence of the repurchase of OTC products and dietary supplements. Thus, the awareness of general health concerns and advancements in the pharmaceutical industry are driving market growth.

The common health issues can be seasonal or they might occur due to minor changes in routine habits; hence, people prefer taking OTC medicines to treat them instead of visiting a doctor. In many cases, this saves time and money, and provides immediate relief. Several governments have initiated various programs toward health awareness, due to which there has been a quick and smooth adoption of everyday technology for healthcare and wellness, contributing to the industry’s overall growth. For instance, in India, the government is taking positive steps toward formalizing the use of OTC medicines. Prescription monitoring programs (PMPs) collect, monitor, and analyze electronically transmitted prescribing and dispensing data submitted by pharmacies and dispensing practitioners. This data is then used to prevent OTC drug abuse. Thus, promoting the sale of OTC drugs.

To comprehend global OTC Drug and Dietary Supplement market dynamics in the world mainly, the worldwide market is analyzed across major global regions: North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia), South America (Brazil, Argentina), Middle East & Africa (Saudi Arabia, UAE, Egypt and South Africa)

Reasons to Buy:

  1. The nature of OTC Drug and Dietary Supplement business opportunities has grown in complexity with the industry evolving at a greater pace, making it increasingly difficult going without adequate information on markets and companies.
  2. Gain a complete understanding of Global OTC Drug and Dietary Supplement industry through the comprehensive analysis
  3. Evaluate the pros and cons of investing/operating in country level OTC Drug and Dietary Supplement markets through reliable forecast model results
  4. Identify potential investment/contract/expansion opportunities
  5. Drive your strategies in the right direction by understanding the impact of latest trends, market forecasts on your OTC Drug and Dietary Supplement business
  6. Beat your competition through information on their operations, strategies and new projects
  7. Recent insights on the OTC Drug and Dietary Supplement market will help users operating in the market to initiate transformational growth

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