What is OTC Drug Market Scope?
Every year the trend of OTC drug use has increased steadily in the last few years. Several reasons such as easy availability, affordability, and increased awareness among patients are responsible for this trend. Over-the-Counter Drugs Used Primarily for Medical Care and reimbursable with just an outsider receipt. No recommendation from a healthcare provider is required, easily accessible and are used for the treatment of minor illness. These drugs are similar in nature to regular consumables, such as food and cosmetics products. According to the research in the United States more than 80 class of over the counter medication amounting up to 1,00,000 products, additionally, the estimation also shows that each year, OTC drugs save USD 102billions in the United States and 25 Billion saved due to its use and USD 77 billion is saved as the hospital visits are avoided.
The OTC Drug market study is being classified by Type (Class A and Class B), by Application (Allergy Prevention & Treatment, Antacids and Acid Reducers, Anticandial, Antihistamines, Antidiarrheal and Laxatives, Anti-fungal, Asthma and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global OTC Drug market throughout the predicted period.
Eli Lily (United States), Pfizer (United States), Sanofi (France), Abbott Laboratories (United States), Amgen(United States), AstraZeneca (United Kingdom), Merck & Co. (United States), Novartis (Switzerland), Roche Holdings (Switzerland) and Johnson & Johnson (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Lifecare Innovations (India) and GlaxoSmithKline (United Kingdom).
Analyst at AMA have segmented the market study of Global OTC Drug market by Type, Application and Region.
On the basis of geography, the market of OTC Drug has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Most recently in January 2019, clinical protection giant Anthem dispatched an association program with Walmart for policyholders of Medicare Advantage Plans, protection for old individuals, to give them better admittance to OTC medications. The arrangement gives protection inclusion to OTC medications bought at Walmart by those senior shoppers
Influencing Market Trend
- The ongoing industry reorganization involving acquisitions in recent years has led to a tendency among pharmaceutical companies.
- The growing trend of self-medication in developing economies
- Increased percentage of middle schools adopting an OTC Medicine Safety module as part of the health program
- The growing demand of the developing countries market
- Incorrect dosage can be led to dangerous
- Preference for prescription based medicine
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, OTC Drug Manufacturers, Government Regulatory and Research Organizations and End-Use Industry
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