OTC Drug and Dietary Supplement Market Growing Awareness Regarding General Health Issues
OTC Drug and Dietary Supplement Market Insight
According to our new market research study on “OTC drug and dietary supplement Market to 2027 – Global Analysis and Forecast – by Product, Type, Form, Distribution Channel” the market is expected to reach US$ 4, 92,102.49 million by 2027 from US$ 2, 93,255.40 million in 2019. The market is estimated to grow with a CAGR of 6.8 % from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
Over the counter (OTC) drugs are available for the public for their general use. These drugs do not require a prescription from a physician. OTC medicines are available for various medical conditions such as coughs and colds, diarrhea, heartburn, constipation, acne, pain, and others. On the other hand, dietary supplements are available over the counter for fitness purposes. However, buying a dietary supplement with medicinal ingredients requires a prescription from a physicianwhen a person is critically ill or requires treatment. These OTC drugs and nutritional supplements have two forms: branded or generic.
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OTC Drug and Dietary Supplement Market Competitive Landscape
GlaxoSmithKline plc.; Sanofi; Johnson and Johnson Services, Inc.; Abbott; AbbVie Inc.; Bausch Health Companies Inc.; Bayer AG; Procter & Gamble; Novartis AG;and Reckitt Benckiser Group Plc.are among the leading companies operating in the OTC drug and dietary supplement market.
The scope of the OTC drug and dietary supplements market includes product, type, form, distribution channel, and region. The market for OTC drug and dietary supplement is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the OTC drug and dietary supplements market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.
Growing Awareness Regarding General Health Issues
People nowadays are well aware of general health issues such as cold, cough, allergies, fever, pain, acidity, diarrhea, and skin-related conditions. Major population is focused on having healthy lifestyle by avoiding the consumption of junk food that leads to a rise in lifestyle-related diseases such as diabetes, obesity, and cardiovascular diseases. Growing preference toward maintaining the healthy lifestyle also leads to the consumption of weight-loss products and dietary supplements, such as vitamins, minerals, and supplements. Increase in exposure to the internet has led to greater access to dietary supplements and over the counter (OTC) drugs to consumers, at affordable prices.
The common health issues can be seasonal or they might occur due to minor changes in routine habits; hence, people prefer taking OTC medicines to treat them instead of visiting a doctor. In many cases, this saves time and money, and provides immediate relief. Several governments have initiated various programs toward health awareness, due to which there has been a quick and smooth adoption of everyday technology for healthcare and wellness, contributing to the industry's overall growth. For instance, in India, the government is taking positive steps toward formalizing the use of OTC medicines. Prescription monitoring programs (PMPs) collect, monitor, and analyze electronically transmitted prescribing and dispensing data submitted by pharmacies and dispensing practitioners. This data is then used to prevent OTC drug abuse. Thus, promoting the sale of OTC drugs.
OTC Drug and Dietary Supplement Market: Segmentation
Based on product, the OTC drug and dietary supplement market is segmented into cough and cold products, vitamins and dietary supplements, analgesics, gastrointestinal products, sleep aids, oral care products, ophthalmic products, antacids, feminine care, and others.
Based on type, the OTC drug and dietary supplements market is segmented into branded and generic. The generic segment held a larger share of the market in 2019; whereas, the same segment is estimated to register a higher CAGR of 7.1% in the market during the forecast period.
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