About OTC Drug
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.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
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. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global OTC Drug market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage. Additionally, the Players which are also part of the research coverage are Lifecare Innovations (India) and GlaxoSmithKline (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global OTC Drug market by Type (Class A and Class B), Application (Allergy Prevention & Treatment, Antacids and Acid Reducers, Anticandial, Antihistamines, Antidiarrheal and Laxatives, Anti-fungal, Asthma and Others) 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). If we see Market by , the sub-segment i.e.
will boost the OTC Drug market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Form, the sub-segment i.e. Liquid will boost the OTC Drug market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospital will boost the OTC Drug market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The ongoing industry reorganization involving acquisitions in recent years has led to a tendency among pharmaceutical companies. and The growing trend of self-medication in developing economies
Market Growth Drivers:
Increased percentage of middle schools adopting an OTC Medicine Safety module as part of the health program
Challenges:
Preference for prescription based medicine
Restraints:
Incorrect dosage can be led to dangerous
Opportunities:
The growing demand of the developing countries market
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
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, OTC Drug Manufacturers, Government Regulatory and Research Organizations and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.