Rising cognizance regarding general health, increasing pervasiveness of age-related diseases, evolving lifestyle, and growing consumption of dietary supplements are the key factors driving the growth of global over the counter (OTC) drugs market.
According to the report titled ‘Global Over the Counter (OTC) Drugs Market Size study with COVID-19 impact, by Product Type (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral, and Supplements (VMS), Weight-loss/Dietary Products, Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global over the counter (OTC) drugs market was worth USD 266 billion in 2019 and is projected to record a CAGR of 6% during 2020-2027.
Rising cognizance regarding general health, increasing pervasiveness of age-related diseases, evolving lifestyle, and growing consumption of dietary supplements are the key factors driving the growth of global over the counter (OTC) drugs market. In addition, surging demand for painkillers & OTC drugs and disinfectant products as preventive measure for COVID-19 spread is also contributing to the market outlook.
Notably, non-prescription medicines or over the counter drugs (OTC) can be bought without doctor’s prescription and are safe if distributed according to the instructions of healthcare professionals. They are usually regulated as per their active pharmaceutical ingredient (API) rather than final products.
Request Sample copy of this Report @ https://www.marketstudyreport.com/request-a-sample/2730792/
Government bodies give producers the autonomy to formulate ingredients, or mixtures, into proprietary combinations by controlling APIs instead of drug formulations. OTC drugs also consist of non-nutrient chemicals providing biological benefits to the body.
As per Council for Responsible Nutrition, 76% of Americans of all age groups used dietary supplements in 2017, which is a significant increase from 64% in the year 2008. Adults aged between 55 years and above consume dietary supplements the most out of all age groups, percentage being 80% in 2017. Consumer inclination towards dietary supplements is augmenting global over the counter (OTC) drugs market share. However, strict regulatory policies by government and lack of seamless reclassification of drugs may hamper the industry expansion over the assessment period.
From regional perspective, the report states that North America presently holds a significant share of global over the counter (OTC) drugs industry, primarily driven by growing trend of switching from Rx to OTC drugs among pharmaceutical firms and rising intake of dietary supplements across the region.
Meanwhile, Asia Pacific over the counter (OTC) drugs market is likely to witness a considerable growth during the analysis timeframe, owing to rising cognizance regarding usage of OTC drugs among individuals to heal minor health issues, specially in India and China.
Major players in global over the counter (OTC) drugs industry sphere are Takeda Pharmaceutical Company Ltd., Reckitt Benckiser Group PLC, Perrigo Company PLC, GlaxoSmithKline PLC, Pfizer Inc., Sanofi S.A., Bayer AG, Novartis AG, and Johnson & Johnson.
To access a sample pages of this report titled “Global Over the Counter (OTC) Drugs Market Size study with COVID-19 impact, by Product Type (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral, and Supplements (VMS), Weight-loss/Dietary Products, Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Others) and Regional Forecasts 2020-2027” in detail along with the table of contents, please click the link below:
https://www.marketstudyreport.com/reports/global-over-the-counter-otc-drugs-market-size-research
Related Report:
Global Allergy Immunotherapy Market Size and Regional Forecasts 2020-2027
Global Allergy Immunotherapy Market is valued approximately USD 2.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.85 % over the forecast period 2020-2027. Allergy immunotherapy is a treatment for the avoidance of allergic reactions caused, among other factors, by fruit, grass pollen, dust, and bee venom. Among other common allergies, allergy immunotherapy helps control symptoms among people suffering from allergies such as rhinitis, asthma, and conjunctivitis. Immunotherapy for allergies requires daily doses that usually raise the dose in order to develop resistance in the patient. Due to the improved development of blocking antibodies that battle the foreign compounds that induce allergies, the patient's immune mechanism becomes less vulnerable with a gradual rise in dose.
About US:
Market Study Report, LLC. is a hub for market intelligence products and services.
We streamline the purchase of your market research reports and services through a single integrated platform by bringing all the major publishers and their services at one place.
Our customers partner with Market Study Report, LLC. to ease their search and evaluation of market intelligence products and services and in turn focus on their company's core activities.
If you are looking for research reports on global or regional markets, competitive information, emerging markets and trends or just looking to stay on top of the curve then Market Study Report, LLC. is the platform that can help you in achieving any of these objectives.
Contact Us:
Corporate Sales,
Market Study Report LLC
Phone: 1-302-273-0910
Toll Free: 1-866-764-2150
Email: sales@marketstudyreport.com