NEW YORK, Jan. 23, 2024 /PRNewswire/ — The Over-The-Counter Drug Market report has been added to Technavio’s offering. The over-the-counter drug market is estimated to grow by USD 58.54 billion during 2022-2027, growing at a CAGR of 6.53%. The report includes information on the product launches, sustainability, and prospects of leading vendors including Abbott Laboratories, Achelios Therapeutics Inc., AstraZeneca Plc, Bayer AG, BioGaia AB, Boehringer Ingelheim International GmbH, Bukwang Pharmaceutical Co. Ltd., Chr Hansen Holding AS, Cipla Ltd., CVS Health Corp., Eli Lilly and Co., GlaxoSmithKline Plc, Johnson and Johnson Services Inc., Lupin Ltd., Mankind Pharma Ltd., Novartis AG, Pfizer Inc., Reckitt Benckiser Group Plc, Sanofi SA, and Zydus Lifesciences Ltd.. More details on Market size and coverage with Historic and forecast opportunities (2017 to 2027). Download a Free Sample Report in minutes!
The Over-The-Counter (OTC) Drug Market is driven by the escalating prevalence of acute and chronic diseases globally. Rising cases of cardiovascular, neurological, orthopedic, and respiratory diseases, often associated with risk factors like diabetes, hypertension, tobacco use, and obesity, increase the demand for effective and convenient treatment options. The surge in chronic diseases propels the widespread use of pharmaceuticals, such as aspirin, ibuprofen, and acetaminophen, fostering market growth during the forecast period.
The increasing geriatric population and increasing health care expenses is an emerging trend fueling the growth, while factors including price sensitivity issues hamper the growth, says a senior analyst at Technavio.
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Over-The-Counter Drug Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.53% |
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Market growth 2023-2027 |
USD 58.54 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.37 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
The over-the-counter drug market is fragmented; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
By Route Of Administration,
- The Over-The-Counter (OTC) Drug Market witnesses significant growth in the oral segment during the forecast period. Oral administration, involving tablets, capsules, or liquids, is the most practical and common drug delivery method. It offers advantages such as non-invasiveness, patient compliance, and convenient drug delivery, making it the preferred route for drug administration.
Major applications
Market dynamics include pharmaceutical companies, FDA regulations, generic drugs, branded drugs, drug safety, consumer healthcare, retail pharmacies, health supplements, pain relievers, cold and flu remedies, allergy medications, digestive health, and various market trends, reflecting consumer behavior and global market conditions. Regulatory compliance, patent expirations, marketing strategies, healthcare costs, aging population, lifestyle diseases, pediatric OTC drugs, health and wellness trends, product innovation, skin care products, nutraceuticals, and effective supply chain management contribute to the competitive landscape.
Related Reports:
The advanced drug delivery systems market size is expected to increase to USD 91.79 billion from 2021 to 2026, at a CAGR of 7.41%.
The injectable drug delivery devices market size is expected to increase by USD 22.29 billion from 2021 to 2026, at a CAGR of 8.48%.
ToC
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Route of Administration
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
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Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
