, March 18, 2017 ) According to the report Global OTC Drugs Market, published by Market Data Forecast, the global market projected to reach USD 188.19 billion by 2021, at a CGSR of 7.4% from 2016 to 2021.
Over the counter (OTC) drugs are the safe and effective drugs, which can be bought at the local stores and pharmacies, over the counter, without doctors prescription. These drugs are seldom used for common ailments. They are dispensed by the pharmacists, after the verification of customers age and identification. Acetaminophen, ibuprofen and aspirin are the most common OTC drugs. Market is booming with the allowance of previously high-priced prescribed drugs, shifting to OTC drugs.
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OTC drugs are developed under OTC Monograph through or process New Drug Application (NDA) process. These drugs come with a monograph on which the dosage, ingredients of the drug, and user instructions are written. Easy accessibility, convenience, lower costs, customer-empowering qualities are the advantage of OTC drugs. With the increasing number of pharma and chemists dispensaries, the drugs are readily available.
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Public started showing positive approach towards OTC drugs. Public are also resorting to lower-priced alternatives due to raising costs in healthcare. The cultural shift in public towards self-reliance leads in gaining major acquisitions. These are some of the drivers that lead to rise of market growth. However, the market growth is restrained due to the issue of lack of awareness in under-developed areas and drug substance abuse.
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The Global OTC Drugs Market is segmented as following:
Based on Product Type
Cough, Cold and Flu Products
Vitamins and Minerals
Sleep Aid Products
Weight Loss/Diet Products
Based on Formulation Type:
Based on Distribution Channels:
Others (Online Drug Stores)
North America OTC Drugs Market
Europe OTC Drugs Market
Asia-pacific OTC Drugs Market
Latin America OTC Drugs Market
Middle East and Africa OTC Drugs Market
The key players in Global OTC Drugs Market are Johnson and Johnson, GlaxoSmithKline, Novartis, Bayer, Pfizer, Sanofi, GSK Boehringer Ingelheim, Takeda and PGT Healthcare. The maximum market share is possessed by GlaxoSmithKline, Novartis and Sanofi, Johnson and Johnson. The extension of OTC service for the drugs dealing with chronic diseases like hypertension and diabetes is a new trend to be noticed.
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The Global OTC Drugs Market study offers the following deliverables:
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porters five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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