According to a new report published by Allied Market Research, titled, Over the Counter (OTC) Drugs & Dietary Supplements Market by Category, Dosage Form, Product, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global over the counter (OTC) drugs & dietary supplements market was valued at $223 million in 2016, and is projected to reach $335 million by 2023, growing at a CAGR of 5.9% from 2017 to 2023. The vitamins and dietary supplements (VDS) segment accounted for maximum share of about half the global market share in 2016.
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Over the counter (OTC) drugs are basically non-prescription medicines, which are sold without the doctors prescription. Hence, retrieving OTC drugs has become an easy task due to the wide availability of OTC drugs in pharmacies and online health websites. In addition, OTC drugs are regulated by active pharmaceutical ingredients (APIs) and not by the final product. Moreover, dietary supplements are intended to deliver desired nutrients to the body to increase the quantity of an individuals diet consumption. Furthermore, these supplements provide additional non-nutrient chemicals, which are claimed to have biologically beneficial effects in the body.
The global market is driven by improvement in lifestyle & ageing of baby boomers, rise in awareness about general health concerns, and increase in trend among individuals to opt for OTC drugs for self-medication. However, strict regulations by governing bodies, such as FDA, have led to the delayed approval of drugs, restraining the market growth. Conversely, several key players have undertaken R&D activities to enhance OTC drugs for the treatment of various ailments such as laxatives, oral antiseptics, analgesics, and anti-smoking products, providing opportunities for the market players.
The cough & cold products segment is expected to grow at a robust CAGR of 6.1% from 2017 to 2023, owing to blockbuster sales of these drugs. As cold & cough is the most commonly acquired ailment among all age groups across the globe, the sales of OTC drugs has increased in the recent years. Gastrointestinal products are the attractive segment due to increased OTC drug sales for treating gastrointestinal disorders such as diarrhea, constipation, indigestion, bouts of vomiting among others.
The tablets segment generated the highest revenue in 2016, accounting for about two-ninths share of the global market, and is expected to maintain this trend during the forecast period. This is due to high prevalence of diseases coupled with the advantages of consuming tablets and provision of accurate dosage level for different patient type. Furthermore, the soft capsules segment is expected to grow at the highest CAGR of 6.6% during the forecast period.
Key Findings Of The Over the Counter (OTC) Drugs & Dietary Supplements Market:
- The U.S. was the major shareholder in the North America over the counter (OTC) drugs & dietary supplements market in 2016.
- The branded OTC drugs segment occupied about three-fifths share of the global market by product in 2016, and is expected to retain its dominant position throughout the forecast period.
- Japan occupied about one-third share of the Asia-Pacific market in 2016, whereas China is expected to grow rapidly registering a CAGR of 6.6%.
- The pharmacies segment accounted for about half of the global market share in 2016, whereas the online pharmacy segment is expected to witness a high CAGR of 6.9%.
In 2016, Asia-Pacific and LAMEA collectively accounted for about half share of the global market, and is expected to continue this trend throughout the forecast period. The factors driving the market growth include increase in awareness about OTC drugs, dietary supplements, and occurrence of common ailments such as cold & cough, infectious diseases, oral diseases, and others. In addition, increase in the availability of these drugs specifically in China, India, and the other developing economies to meet the growing demand for OTC products is expected to drive the market growth. Moreover, large population base and growth in economy catering to the establishment of healthcare facilities boost the market growth.
The report provides a comprehensive analysis of the key players operating in the global market such as Pfizer Inc., Novartis International AG., Roche Holding AG, Merck & Co., Inc., Sanofi S.A, Johnson & Johnson, Gilead Sciences, GlaxoSmithKline plc., Bayer Healthcare AG, and AstraZeneca plc.
The other players in the value chain of the global market include Allergan, Plc., Reckitt Benckiser Plc., AbbVie Inc., Sun Pharma, Daiichi Sankyo Co., Ltd., Alcon Inc., Alfresa Pharma Corporation, Alkalon A/S, Alliance Healthcare, and Allergan, Plc.