Global OTC Drugs Market value was over USD 114 Billion in 2016 with its growth estimated to reach over 5% CAGR from 2017 to 2024.Customers rely on over-the-counter (OTC) medicines for the treatment of commonly occurring medical conditions. As per Consumer Healthcare Products Association (CHPA), U.S. households spend about $338 per year on OTC products and 81% of adults use OTC medicines for minor ailments that lead to increased adoption of OTC drugs. Thus, due to growing demand of OTC drugs in customers, pharmaceutical manufacturers are focusing on switching from production of Rx drugs to OTC drugs. This will boost the OTC drugs market growth in the forecast period.
Increasing trend of self-medication has led to rise in demand of OTC drugs. Affordability issues of the increasing geriatric population are resolved due to availability of generic drugs that are cost-effective and do not require doctor’s prescription. As per CHPA, easy access of medicines such as heartburn reducers, antihistamines, nicotine replacement therapies have helped individuals to eliminate the need to visit doctors. This has fueled the demand for OTC drugs.
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Threat of addiction and side-effects such as allergic reactions, caused due to OTC medicines may lead to decrease in OTC drugs sales. Moreover, incorrect diagnosis and increased cases of drug abuse may lead to removal of certain drugs from the market. This will hamper the growth of OTC drugs market.
Significant revenue share will be generated from minerals and vitamins supplement product category is attributable to its extensive use in developed countries. Vitamins and minerals play a key role in promoting tissue strength, supporting cellular metabolism, preventing heart diseases, maintaining bone health and fertility health. As per National Institutes of Health, more than one-third of Americans take multivitamins and its use increases with age resulting into more than 40% intake of multivitamins by adults. Increasing consumption coupled with aforementioned advantages will propel the business growth.
Substantial share is estimated from U.S. market, owing to their accessibility and affordability. As per CHPA, the number of allergy sufferers using OTC drugs in U.S. has increased from 66% in 2009 to 75% in 2015 due to more convenient and affordable options available in OTC drugs. Busy lifestyle of people in the developed economy has led to raised adoption rates of OTC drugs thereby minimizing the time and expenditure on visiting doctors. Many renowned pharmaceutical industries such as Pfizer, Novartis AG and Johnson & Johnson in U.S are switching from manufacturing of Rx drugs to OTC drugs. This will promote market growth of OTC drugs in the forecast time-frame.
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Some of the industry prominent players are Sanofi, Pfizer, Cipla, Johnson & Johnson, Takeda, Bayer, Dr. Reddy’s Laboratories, GlaxoSmithKline and many others. The strategic initiatives adopted by these companies are mergers and acquisitions that strengthen their base in the existing market and generate more revenue. For instance, on March 2018, GlaxoSmithKline announced a joint venture with Novartis to sell products such as Panadol headache tablets, Nicotinell nicotine patches and Sensodyne toothpaste, thus enhancing their product portfolio.
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