North America to hold the leadingposition in the global over-the-counter drugs market, owing to well establishedhealthcare structure
On the basis of geography, theglobal Over-The-CounterDrugs Market is segmented into North America, Latin America, Europe, AsiaPacific, Middle East, and Africa. North America holds a dominant position inthe global over-the-counter drugs market, followed by Europe, owing to growingpatient awareness regarding consumption of OTC drugs, leading toself-medication practices. According to Consumer Healthcare Protection Act2015, an estimated 81% adults in the U.S. use OTC medicines as their firstresponse to minor ailments. Moreover, the same data states that U.S. had anaround 54,000 pharmacies in 2015 and over 750,000 retail outlets selling OTCdrugs. Asia Pacific economies such as China and India are expected to witnessrapid growth in OTC market over the forecast period due to increasing publicawareness regarding the treatment of minor diseases as well as increasingnumber market players tapping into emerging markets of the region. Forinstance, Takeda Pharmaceuticals in March 2016, started overseas sales of OTCbrand—Alinamin in Vietnam, India, Hong-Kong, and China.
Over-the-counter (OTC) drugs alsocalled as non-prescription drugs are medicines that do not require prescriptionfrom healthcare professionals for selling it to consumers. Consumer can followthe instruction mentioned on label and these drugs are safe to use. These drugsare available at pharmacies, supermarkets, general stores, and gas stationsacross several countries.
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However, these drugs are solelyauthorized for dispense by pharmacists, after confirming age, identity, andpatient’s knowledge regarding the product and its utility.Non-prescriptiondrugs such as analgesics, dermatologics, and digestive medicines are used totreat minor health issues. OTC drugs are regulated and manufactured under OTCMonograph or New Drug Application (NDA) processes.
Increasing prevalence ofdigestion disorders, common flu, and cold is driving growth of the market
According to American NutritionAssociation, 2016, around 70 million people suffer from some form of digestion disordersuch as indigestion, acid reflux, irritable bowel syndrome, and constipationdaily. Patients suffering from these conditions are reported to usenon-prescription medicines. OTC drugs widely used to treat symptoms of cold andflu worldwide. Increasing prevalence of viral infections causing cold and fluis creating a favorable environment for growth of OTC drugs market. Accordingto Australian Health Direct, over 200 viruses present worldwide can cause coldand adults are susceptible to these viruses around 2-4 times annually. The samesource also suggests that the cold and flu symptoms are usually mild tomoderate and self-limiting, which is propelling demand for over-the-counterdrugs, in turn fueling growth of the market.
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Increasing awareness regardingself-medication to boost OTC drugs market growth
Increasing inclination of thepopulace towards self-medication for treatment of minor health conditions, lowpricing of these drugs, convenience of direct purchase, as well as innovationsand developments in the dosage forms of these drugs is fueling growth of themarket. According to Consumer Healthcare Products Association, in the U.Snumber of allergy sufferers using OTC medication increased from 66% in 2009 to75% in 2015. However, increasing number of market players, high possibilitiesof addiction and substance abuse are major factors restraining growth of themarket. Side-effects associated with consumption of wrong medications due tolack of awareness among the rural population in emerging economies is furtherrestraining growth of the OTC drugs market.
Key players are focusing intostrategic alliances and partnerships with companies in distant geographies toincrease visibility of product. For instance, in January 2018, NuvoPharmaceuticals, Inc. acquired ex-U.S. product and existing royalty streams for‘Resultz’, an OTC treatment for head lice from Piedmont Pharmaceuticals LLC.Key players operating in the global over-the-counter drugs market include AlkemLaboratories Limited, GlaxoSmithKline Plc., Boehringer Ingelheim GmbH, GlenmarkPharmaceuticals Ltd., Cipla Ltd., Johnson and Johnson Inc., Pfizer, Inc.,Novartis AG, Merck KGaA, Sun Pharmaceutical Industries Ltd., and TevaPharmaceutical Industries Ltd.
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