Over-the-Counter Drugs Market to witness major growth in coming years
Category: #health  By Rahul Varpe  Date: 2020-04-06
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Over-the-Counter Drugs Market to witness major growth in coming years

Over-the-Counter (OTC) Drugs Market will reach over USD 185 billion by 2025; as per a new research report.

Growing elderly population base, highly prone to suffer from several ailments such as joint pain will drive the demand of OTC drugs. Rising awareness about numerous diseases and accessibility of non-prescription for the same will continue to aid self-medication trend during the projection years. Expanding shift by pharmaceutical companies from Rx to OTC owing to favorable regulations will drive market growth. Moreover, increasing patent expiration will further motivate pharmaceutical companies to switch from Rx to OTC.

Growing trend of self-medication in developing economies and increasing dependency on internet to gain more information will further provoke self-treatment tendency among people over the forecast period.

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Over-the-counter market growth is likely to be hindered by concerns pertaining to substance abuse and incorrect diagnosis. Moreover, drug abuse leading to various health problems such as heart problems, memory loss, kidney failure should impede market growth during the forecast timeline.

Minerals and vitamins business dominated the industry in 2018 by accounting for over 28.5% of market share, owing to increasing trends towards using vitamins and minerals for improved health. Easy access to multivitamins and minerals, along with increasing usage of vitamin D will propel the business size during the forecast timeframe.

Across the globe, ophthalmic OTC drugs market will witness 6.0% CAGR in future because of demand arising from growing needs of elderly population vulnerable to eye related diseases.

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U.S. over-the-counter drugs market recorded to be the largest in 2016 and will grow at substantial rate owing to presence of huge geriatric patient pool, rising number of people suffering from chronic diseases associated pains and growing obesity among individuals.

Germany over-the-counter drugs market held over 18% market share of European industry in 2018 due to intensifying push towards licensing of over-the-counter medicines for treating chronic conditions. Also, increasing measures to improve health, wellbeing, fitness and willingness to invest in self-medication will augment industry growth.

Large baby boomer's population, escalating awareness and self-medication trend will support growth of the otherwise descending Japanese OTC drugs market during the projection years.

Growing demand for non-prescription drugs and high life expectancy coupled with healthcare infrastructure advancements will drive Australian market during the forecast period.

Some of the notable industry players are Bayer Corporation, GlaxoSmithKline, Sanofi, Johnson & Johnson, Pfizer, Sun Pharmaceutical Industries, Novartis, Cipla, Teva Pharmaceutical Industries, Dr. Reddy's Laboratories and Glenmark Pharmaceuticals.

Major industry players are increasing their focus on research activities for new product development. They are also emphasizing on acquisition and geographical expansion to enhance their position in over-the-counter market.



About Author

Rahul Varpe

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Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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