Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) -- The global OTC drugs market size is projected to grow from USD 157.0 billion in 2021 to USD 233.6 billion in 2028. The rising number of private label products is set to affect growth positively. In the U.S., shares of these products reached 31.0% in 2018 from 26.0% in 2009. Also, numerous companies are collaborating with e-commerce platforms to launch their products on their platforms. Amazon.com, Inc., for instance, introduced Perrigo’s over-the-counter healthcare products in February 2018. Fortune Business Insights™ mentioned this in a published report, titled, “OTC Drugs Market, 2021-2028.” The report further states that the market stood at USD 148.0 billion in 2020. It is set to showcase a CAGR of 5.8% in the forecast period during 2021-2028.
Dr Reddy's Laboratories Unveils Famotidine Tablets in U.S. to Treat GERD
In October 2020, Dr Reddy's Laboratories, a multinational pharmaceutical company headquartered in India introduced the Famotidine tablet, an OTC drug for the treatment of gastroesophageal reflux disease (GERD) in the U.S. The tablets are similar to Pepcid AC, a product of Johnson & Johnson. These will be used to relieve and prevent sour stomach occurring because of drinking or eating certain beverages and foods, as well as heartburn happening because of acid indigestion. This launch would enable the company to fulfil a significant therapy gap created because of the withdrawal of Ranitidine in the U.S. antacids market.
Demand for Nutritional Supplements Increases amid COVID-19 Pandemic Globally
The COVID-19 pandemic has had varied impacts on OTC products worldwide. It has bolstered the demand for nutritional supplements, minerals, and vitamins because of the rising awareness of self-care among people. On the contrary, the surging hygiene measures and precautions to prevent transmission of the coronavirus have resulted in the declining demand for cough and cold medicines. At the same time, drugs required for the treatment of digestives & intestinal remedies and skin problems have also reduced amid the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/over-the-counter-otc-drugs-market-105433
We aim to provide the best market research solutions under one roof to help our clients choose the best strategy as per their requirements. Our syndicated or custom reports deliver accurate statistics and a comprehensive analysis on revenue. The competitive landscape section contains detailed profiles of leading manufacturers. They also include company description, revenue, and sales generated in the chlorooctane business.
Drivers & Restraints-
Rising Investments in Supply Chain through Retail Stores to Boost Growth
The cost-effectiveness and accessibility of various OTC type of drugs in several retail stores across the globe is anticipated to propel the over the counter drugs market growth in the upcoming years. In emerging and developed countries, the private sector is increasingly investing in the enhancement of the supply chain through numerous distribution outlets and retail stores. The Consumer Healthcare Products Association, for instance, stated in February 2021 that there are around 54,000 pharmacies in the U.S. alone. Also, more than 750,000 retail outlets are currently selling OTC products.
However, often, people consume wrong medicines because of incorrect self-diagnosis. Drugs used for the treatment of cough and cold have caused adverse effects because of errors. A study published by Academic Pediatrics declared that there were around 5,000 cases of harmful effects of CCM during 2009 to 2016.
Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/over-the-counter-otc-drugs-market-105433
Cold & Cough Remedies Segment to Dominate Backed by its Surging Prevalence
Based on the distribution channel, the market is segregated into drug stores & retail pharmacies, hospital pharmacies, and online pharmacies. By the product type, it is classified into analgesics, cold & cough remedies, digestives & intestinal remedies, skin treatment, vitamins & minerals, and others. Amongst these, the cold & cough remedies segment is likely to dominate the market throughout the forthcoming years. This growth is attributable to the rising prevalence of cough and cold among people on account of season changes. In 2020, the cough & cold remedies segment earned 21.8% in terms of the OTC drugs market share.
Presence of Cipla Inc., Procter & Gamble, and TajPharma to Favor Growth in Asia Pacific
In 2020, North America procured USD 58.4 billion in terms of revenue. It is set to remain at the forefront backed by the high demand for OTC drugs, as compared to prescription ones. Asia Pacific is expected to grow rapidly because of the increasing presence of numerous reputed manufacturers, such as TajPharma, Procter & Gamble, The Himalaya Drug Company, GlaxoSmithKline plc, and Cipla Inc. in this region. Europe would remain in the second position, followed by North America owing to the surging awareness of the availability of over the counter drugs in the region.
Collaborations & New Product Launches — Vital Strategies of Key Companies
The global market houses a large number of companies that are mainly implementing a wide range of strategies to cater to the high consumer demand. Johnson and Johnson is considered to be the leading company. It sells its products through multiple retail stores and e-commerce platforms to the general public. Some of the other firms are engaging in partnerships, new agreements, and product launches to compete in this market. Below are the two industry developments:
- January 2021: Hamdard Laboratories launched 12 new OTC drugs in the Indian market for boosting immunity. The new product range contains ingredients, such as Jamun powder, Gilo, Kalonji, Zafran, and Aswagandhi. The company also introduced health vans for offering free samples of these products and consultations by experts.
- April 2020: Takeda Pharmaceutical Company Limited signed an agreement with Orifarm Group to divest a range of non-core prescription and OTC products sold in Europe. It also includes two sites located in Poland and Denmark. The deal was worth USD 670 million.
Fortune Business Insights™ presents a list of OTC drug manufacturers operating in the global market. They are as follows:
- Johnson & Johnson Services Inc. (New Jersey, US)
- Bayer AG (Leverkusen, Germany)
- Novartis AG (Basel, Switzerland)
- Sanofi S.A (Paris, France)
- Pfizer (New York, US)
- GlaxoSmithKline Plc (Brentford, UK)
- Boehringer Ingelheim International GmbH (Ingelheim, Germany)
- Reckitt Benckiser Group PLC (Slough, UK)
- Takeda Pharmaceutical Company Ltd (Tokyo, Japan)
- Other Players
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245