PUNE, India, May 19, 2020 /PRNewswire/ -- A recent report by Infinium Global Research on "Over the Counter Drugs Market (By Route of Administration – Parenteral, Topical, Oral and Others; By Therapeutic Class - Pain Medications, Gastrointestinal Drugs, Dietary Supplements, Respiratory Drugs and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026" estimates that the market was worth USD 151.4 billion in 2019 and is projected to reach a value of USD 253 Billion by 2026, growing with a CAGR of 7.6% during the period of 2020 to 2026. The report provides a comprehensive research study based on survey conducted to analyze the buying patterns, consumer behavior and factors affecting buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local and/or global market. The study also provides insights into the factors affecting the buyer decisions, consumer preferences, and the demographic factors promoting the growth of the products of over the counter drugs market.
The report includes a detailed study on the buying and usage of various products in the market by the consumers. According to the survey results, majority of the people in the world buy dietary supplements more out of other types of over the counter drugs. The major factor driving the sale of dietary supplements includes growing awareness among the population regarding the dietary supplements and their health benefits. Moreover, the fast paced life, unhealthy habits and changing eating patterns is contributing to the deficiency of essential nutrients in the body. Thus, many people are taking dietary supplements to maintain the optimal levels of essential nutrients in the body. Furthermore, the consumers are offered a large variety of dietary supplements in the market to choose from. Availability of a large variety of dietary supplements to match the consumer needs encourage the consumers to buy more products.
Key Players in the Global Over the Counter Drugs Market are Focusing on New Product Launch & Gaining FDA Approvals
The global over the counter drugs market is highly competitive and consolidated in nature. The market is characterized by the presence of large multinational players along with few smaller and local players. Companies including Johnson & Johnson, GSK and Pfizer hold a large share in the global over the counter drugs market. Brand loyal consumers and higher economy of scale provide these companies with competitive edge. Moreover, local companies such as Cipla from India and Alkalon from Denmark are competing with the bigger market players in local as well as global market. The major players in the market are focusing on acquiring approvals from FDA for selling new drugs in the market. For instance, in February 2020, the U.S. FDA approved three drugs for OTC use through a process called a prescription-to-OTC switch. The FDA approved Voltaren Arthritis Pain for the temporary relief of arthritis pain; Pataday Twice Daily Relief and Pataday Once Daily Relief for the temporary relief of itchy and red eyes due to pollen, grass, or animal hair for nonprescription use. Moreover, several other key players are focusing on the online sales channel to enhance the distribution network and attracting more customers.
Over the Counter Drugs Market to Grow on the Backdrop of Growing Trend of Self Medication
The increase in the self medication trend around the world is the major driving force for the growth of the global OTC market. The rise in awareness among population regarding the symptoms of diseases and related OTC drugs is boosting the sale of the over the counter drugs. Moreover, many patients continue to buy the same drugs once they are initially prescribed by a doctor. The patients visit the nearest pharmacy or retail shops to buy the OTC drugs after noticing mild symptoms of diseases. Additionally, the medical insurance in several countries cover OTC drugs, which, in turn, fuels the sale of the drugs in the market.
Moreover, the other factors including rapid globalization, reduction of new product pipeline, increasing cost of new drug discovery, shrinking PLC of existing products, stringent safety rules of FDA and entry of new players in the market is expected to augment the demand for the over the counter drugs across the world. Furthermore, the advent of online sales channel is expected to offer growth opportunities to the players in the OTC drugs market. The major e-commerce platforms such as Amazon and Alibaba are now selling OTC drugs to their customers along with consumer goods. Through online sales, the OTC drugs companies are able to strengthen their distribution network and reach to a larger consumer base. This offers lucrative business opportunities to the market players.
Oral Medication to Augment the Sales of Over the Counter Drugs
The oral medication segment among the route of administration generated highest revenue in the global OTC drugs market in 2019. The domination of the segment attributed to the availability of the majority of OTC drugs in oral medication form. Various types of pain medications, gastrointestinal drugs, dietary supplements, and respiratory drugs are available in the form of tablets, capsules, syrups, or powders. These forms of medications are generally administered through oral route. The drugs administered through oral route undergo the first-pass metabolism and then mix in blood to reach the targeted organ. Moreover, the oral route of administration is more convenient and safer than others. Thus, most of the drug makers offer various types of drugs for oral route of administration. This, in turn, boosts the sale of orally administered drugs.
North America Generated Highest Revenue in the Global Over the Counter Drugs Market
In terms of geography, the North America region generated highest revenue in the global over the counter drugs market in 2018. The domination of North America region in the global market attributes to the better healthcare infrastructure and higher awareness regarding OTC drugs. Many people in North America visit the local pharmacist or retail shops to buy OTC drugs for even mild symptoms. A number of insurance policies in the US cover some of the OTC drugs, which further support the growth of the market in North America. Furthermore, the presence of the major market players such as Johnson & Johnson, and Pfizer in the region is expected to boost the demand for the over the counter drugs in North America.
This Report Offers Detailed Insights of the Market Including-
1. Comprehensive analysis of the factors promoting the growth in the over-the-counter drug market
2. Survey results for
a. Consumer preferences
b. Buying patterns
c. Spending habits
d. Purchase decision making
e. Preferred distribution channels
f. Choice of alternatives in case of unavailability of the product
g. Consumer feedback
h. Social listening
3. Competitive landscape in the leading country markets in the world
4. Worldwide competitive landscape and market trends in the over-the-counter drug market
5. Analysis of the worldwide market using analytical tools such as porter five forces, market drivers and opportunity analysis, product position matrix
Research Methodology and Data Collection Methods for the Report
Infinium Global Research published reports are based on extensive primary and secondary research methods. The research begins with extensive exploration through secondary sources followed by primary research. With these research methods we are able to estimate the market size of the hand sanitizer market, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
The secondary research primarily involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. While the primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents. The primary respondents generally include key opinion leaders associated with Infinium Global Research, internal and external subject matter experts, and professionals and participants from LinkedIn, Hoovers, Factiva and bloggers.
Contact: Mr. Shrikant Athavale Infinium Global Research Office No. 103 and 104, Suratwala Mark Plazzo, Hinjawadi, Pune, Maharashtra, Pin- 411057. USA: +1-888-500-3114 Email:[email protected]