OTC Drug and Dietary Supplement Market is projected to reach US$ 4, 92,102.49 million by 2027; it is expected to grow at a CAGR of 6.8% from 2020 to 2027
NEW YORK, UNITED STATES , November 15, 2021 /EINPresswire.com/ — According to our new market research study on “OTC drug and dietary supplement Market to 2027 – Global Analysis and Forecast – by Product, Type, Form, Distribution Channel” The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
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.
Report Coverage (Details)
Market Size Value in (US$ 2, 93,255.40 million in 2019)
Market Size Value by (US$ 4, 92,102.49million by 2027)
Growth Rate (CAGR of 6.8%from 2020to 2027)
Forecast Period (2020- 2027)
Base Year (2020)
No. of Pages (200)
No. Tables (110)
Segments covered (By Product, Type , Form , Distribution Channel; and Geography)
Regional scope (North America; Europe; Asia Pacific; Latin America; MEA)
Country scope (US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage (Revenue forecast, company ranking, competitive landscape, growth factors, and trends)
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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.
Growing Awareness Regarding General Health Issues
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.
People nowadays are well aware of general health issues such as cold, cough, allergies, fever, pain, acidity, diarrhea, and skin-related conditions. Major population is focused on having healthy lifestyle by avoiding the consumption of junk food that leads to a rise in lifestyle-related diseases such as diabetes, obesity, and cardiovascular diseases. Growing preference toward maintaining the healthy lifestyle also leads to the consumption of weight-loss products and dietary supplements, such as vitamins, minerals, and supplements. Increase in exposure to the internet has led to greater access to dietary supplements and over the counter (OTC) drugs to consumers, at affordable prices.
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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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.
OTC drug and dietary supplement Market: Competitive Landscape and Key Developments
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.
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More Research: https://www.biospace.com/article/otc-drug-and-dietary-supplement-market-growing-awareness-regarding-general-health-issues/
Source: EIN Presswire