OTC Drugs Market Growth, Competitive Analysis, Future Prospects and Forecast 2027
OTC Drugs Market size is expected to witness a lucrative growth during the forecast timeframe owing to the growing trend of self-medication in developing economies
Delaware , United States – August 5, 2021 /MarketersMedia/ —
Rise in demand for healthcare products at an affordable price point could spur the OTC drugs market growth. Increasing inclination towards self-medication in developed, as well as developing countries, will positively impact OTC drug business growth. Shift of manufacturers from RX to OTC drugs could favor new product launches over time. Furthermore, increasing demand for lifestyle-associated products including nutrient supplements will foster industry expansion. According to Global Market Insights, the market size was valued over USD 151.7 billion in 2020 and is expected to witness a 5.1% CAGR during the projected period.
Shedding light on some of the trends emerging in the OTC drugs market landscape:
1) Impact incurred due to the COVID-19 pandemic
The COVID-19 pandemic has impacted businesses globally in many ways. However, the healthcare sector is the one that has seen an exponential growth during this crisis. The requirement for multivitamins drugs and immunity boosters has spurred in recent times, vastly influencing the sales of some categories of OTC drugs.
During the pandemic, consumers were strongly focusing on being healthy and boosting their immunity by consuming various vitamin supplements, and products to keep common flu and cold at bay. People were seen to refrain from making visits to a doctor for common cold, flu treatment due to the threat of being affected by the coronavirus. These aspects has led to a considerable growth in the sales of OTC drugs to treat common disease conditions.
To access a sample copy or view OTC drugs market report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/1884
OTC drugs help in saving the treatment cost related to visits to clinics. During the pandemic, people were treating themselves at home due to the strict lockdowns and rising number of coronavirus cases globally. Growing focus on living a healthy life and body fitness offers profitable demand for vitamins and mineral supplements in emerging provinces. The existence and availability of an extensive variety of OTC medicines and their collective adoption will arouse the market revenue worldwide.
2) Rise in cases of cold, cough, and flu
The cold, cough, and flu segment in the OTC drugs market witness huge demand in the year 2020. The segment growth is primarily accredited to the frequent manifestation of cough, cold, and flu illnesses among the population. As per a report, in 2020, OTC drug market for cold, cough, and flu segment constituted about USD 31.8 billion in revenue, and is projected to grow exponentially over the analysis period (2020 – 2026). The increasing number of cases of cold, cough, and seasonal flu owing to climatic changes and weather conditions will further propel product demand, thereby augmenting market share.
3) Asia Pacific to hold a major market share
The Asia Pacific OTC drugs market held more than 37.7% market share in 2020 and is anticipated to foresee robust growth during the forecast timeframe. According to the NCDC (National Centre for Disease Control), in 2019, India recorded total of 6,701 swine flu/seasonal influenza (H1N1) cases. Instances like these could spike the demand for OTC drugs to treat such diseases.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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