NEW YORK, March 13, 2017 /PRNewswire/ -- Use this report to:
- Receive information concerning the dynamics and forecasts in the OTC drugs and dietary supplements market
- Receive information pertaining to the major regional trends in the global OTC drugs and dietary supplements market
- Identify the key initiatives and strategies to control regulatory and supply chain issues for market growth
- Understand the competitive thrust of the market
- The global market for over the counter (OTC) drugs and dietary supplements reached $164.7 billion in 2016 and should reach $220.8 billion in 2021, with a compound annual growth rate (CAGR) of 6.0%.
- Dietary supplements as a segment reached $55.8 billion in 2016 and should reach $74.8 billion in 2021, with a CAGR of 6.1%.
- Oral medical care as a segment reached nearly $22.9 billion in 2016 and should reach $32.1 billion 2021, with a CAGR of 7.0%.
STUDY GOALS AND OBJECTIVES
The study goal of this report is to understand the OTC drugs and dietary supplement market and provide five-year forecasts for the same.
The objective of the study is to inform stakeholders of the OTC drugs and dietary supplement industry about market dynamics of the industry that will help them in planning strategic initiatives.
REASONS FOR DOING THE STUDY
Over the counter (OTC) drugs and dietary supplements encourage people to engage in responsible self-care and to access safe and effective OTC drugs and dietary supplements at the nearest retail counters.
The market for OTC drugs and dietary supplements is still instable due to lack of clear policies on various issues such as contents on the package, sales authorization in stores other than pharmacies, policies on advertising and promoting OTC drugs at point of sales, policies for pharmacy only or behind the counter drugs, and many more. Issues regarding sales promotion and sales in outlets other than pharmacies raise higher concerns.
Regulatory issues are big hurdles in the growth of the OTC drugs market. The latest issue is that of refunds and reimbursing OTC drugs bills. People from various countries produce claims for OTC bills where irregularities were identified that were trying to move prescription drugs to OTC and did not help reduce the public health burden. Many nations are now making it compulsory to produce a prescription for compensating OTC drugs under medical billing. This has again brought sales of OTC drugs down since 2010.
There are no common policies and regulations worldwide and some countries follow US FDA guidelines and other follow the UK MHRA. Another key issue the industry faces is lack of a seamless reclassification of drugs from prescription to OTC. Drugs classified as OTC in one country are restricted in other country and need a prescription. This is another big issue in supply chain management and distribution of drugs especially for online pharmacies and multinational pharmacy chains.
BCC Research identified a need for the study of present markets for OTC drugs and dietary supplements on the basis of regulatory and supply chain issues and decided to find out what are the key initiatives and strategies worldwide to control these issues for market growth.
SCOPE OF REPORT
The report considers only western or modern drugs for this report and excludes any other type of drugs such as alternative therapies.
This study aims at understanding the dynamics and forecasts for OTC drugs and dietary supplements markets worldwide and provides key market propositions within the next five-year period.
The report covers developed and emerging markets in order to help readers understand:
- The current state of the OTC drugs and dietary supplements market and the key markets for its future development.
- New regulations that will influence the development of the OTC drugs and dietary supplements market.
- Market drivers of and threats to the OTC drugs and dietary supplements industry.
- Major regional trends in the global OTC drugs and dietary supplements market.
- The competitive thrust of the market.
- Executives of pharmaceutical companies that are currently marketing OTC drugs and dietary supplements.
- Executives of companies that provide third-party manufacturing and development facilities for OTC drugs and dietary supplements.
- Manufacturers of bulk active ingredients and inactive ingredients such as base, resins, pigments and other raw materials for the manufacturing of OTC drugs and dietary supplements.
- FMCG companies that intend to enter the OTC drugs and dietary supplements market.
- Entrepreneurs, management consultants, and merger and acquisition (M&A) consultants.
- Financial institutions, venture capitalists and angel investors.
- Manufacturers and exporters of alternate OTC drugs and food supplements.
- Government agencies, public health departments and organizations working in regulations and process development of OTC drugs and dietary supplements.
The information and analysis presented in this BCC Research report are based on firsthand information from primary executives, product managers and clinical specialists; background information obtained from various government, business, medical journal and trade magazines; and statistical data from various governmental organizations and trade associations.
Key information from published literature was used to conduct interviews with industry participants in order to validate and obtain expert opinion on current and future trends. Interviews were also used to confirm and/or adjust market size and market share estimates as well as to formulate market projections Data are expressed in 2015 U.S. dollars. The base year is 2015. Historical data are provided for 2014 and forecast data are provided for 2016 and 2021. Historical, base year and forecast data are provided for each market segment and sub-segment.
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