North America to hold the leading
position in the global over-the-counter drugs market, owing to well established
healthcare structure
On the basis of geography, the
global Over-The-Counter
Drugs Market is segmented into North America, Latin America, Europe, Asia
Pacific, Middle East, and Africa. North America holds a dominant position in
the global over-the-counter drugs market, followed by Europe, owing to growing
patient awareness regarding consumption of OTC drugs, leading to
self-medication practices. According to Consumer Healthcare Protection Act
2015, an estimated 81% adults in the U.S. use OTC medicines as their first
response to minor ailments. Moreover, the same data states that U.S. had an
around 54,000 pharmacies in 2015 and over 750,000 retail outlets selling OTC
drugs. Asia Pacific economies such as China and India are expected to witness
rapid growth in OTC market over the forecast period due to increasing public
awareness regarding the treatment of minor diseases as well as increasing
number market players tapping into emerging markets of the region. For
instance, Takeda Pharmaceuticals in March 2016, started overseas sales of OTC
brand—Alinamin in Vietnam, India, Hong-Kong, and China.
Over-the-counter (OTC) drugs also
called as non-prescription drugs are medicines that do not require prescription
from healthcare professionals for selling it to consumers. Consumer can follow
the instruction mentioned on label and these drugs are safe to use. These drugs
are available at pharmacies, supermarkets, general stores, and gas stations
across several countries.
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However, these drugs are solely
authorized for dispense by pharmacists, after confirming age, identity, and
patient’s knowledge regarding the product and its utility.Non-prescription
drugs such as analgesics, dermatologics, and digestive medicines are used to
treat minor health issues. OTC drugs are regulated and manufactured under OTC
Monograph or New Drug Application (NDA) processes.
Increasing prevalence of
digestion disorders, common flu, and cold is driving growth of the market
According to American Nutrition
Association, 2016, around 70 million people suffer from some form of digestion disorder
such as indigestion, acid reflux, irritable bowel syndrome, and constipation
daily. Patients suffering from these conditions are reported to use
non-prescription medicines. OTC drugs widely used to treat symptoms of cold and
flu worldwide. Increasing prevalence of viral infections causing cold and flu
is creating a favorable environment for growth of OTC drugs market. According
to Australian Health Direct, over 200 viruses present worldwide can cause cold
and adults are susceptible to these viruses around 2-4 times annually. The same
source also suggests that the cold and flu symptoms are usually mild to
moderate and self-limiting, which is propelling demand for over-the-counter
drugs, in turn fueling growth of the market.
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Increasing awareness regarding
self-medication to boost OTC drugs market growth
Increasing inclination of the
populace towards self-medication for treatment of minor health conditions, low
pricing of these drugs, convenience of direct purchase, as well as innovations
and developments in the dosage forms of these drugs is fueling growth of the
market. According to Consumer Healthcare Products Association, in the U.S
number of allergy sufferers using OTC medication increased from 66% in 2009 to
75% in 2015. However, increasing number of market players, high possibilities
of addiction and substance abuse are major factors restraining growth of the
market. Side-effects associated with consumption of wrong medications due to
lack of awareness among the rural population in emerging economies is further
restraining growth of the OTC drugs market.
Key players are focusing into
strategic alliances and partnerships with companies in distant geographies to
increase visibility of product. For instance, in January 2018, Nuvo
Pharmaceuticals, 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 Alkem
Laboratories Limited, GlaxoSmithKline Plc., Boehringer Ingelheim GmbH, Glenmark
Pharmaceuticals Ltd., Cipla Ltd., Johnson and Johnson Inc., Pfizer, Inc.,
Novartis AG, Merck KGaA, Sun Pharmaceutical Industries Ltd., and Teva
Pharmaceutical Industries Ltd.
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