Key Prominent Players Covered in the OTC Drugs Market are Johnson & Johnson Services Inc. (New Jersey, US), Bayer AG (Leverkusen, Germany) , Novartis AG (Basel, Switzerland), Sanofi S.A (Paris, France), Pfizer (New York, US), GlaxoSmithKline Plc (Brentford, UK), Boehringer Ingelheim International GmbH (Ingelheim, Germany), Reckitt Benckiser Group PLC (Slough, UK), Takeda Pharmaceutical Company Ltd (Tokyo, Japan), Other Players
Pune, India, June 25, 2021 (GLOBE NEWSWIRE) -- The global OTC drugs market is set to gain momentum from the increasing inclination of manufacturers towards over the counter medications from prescription drugs. In 2019, Bayer AG, for instance, mentioned that it is planning to change a few of its prescriptive products that are suitable for self-care to OTC.
This information is given by Fortune Business Insights™ in a report, titled, “OTC Drugs Market, 2021-2028.” As per the report, the market size is projected to grow from USD 157.0 billion in 2021 to USD 233.6 billion in 2028 at a CAGR of 5.8% in the forecast period. It stood at USD 148.0 billion in 2020.
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Cough & Cold Remedies Segment Held 21.8% Share in 2020: Fortune Business Insights™
Based on the product type, the market is divided into analgesics, cold & cough remedies, digestives & intestinal remedies, skin treatment, vitamins & minerals, and others. Out of these, the cough & cold remedies segment earned 21.8% in terms of the OTC Drugs Market share in 2020. The cold & cough remedies segment is anticipated to dominate in the near future because of the surging prevalence of cough and cold owing to seasonal changes among populations.
The report aims to analyze this industry by considering contributions, prospects, and trends. It offers detailed profiles of every key company operating in the industry to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as collaborations, new product launches, partnerships, mergers, joint ventures, and acquisitions.
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Drivers & Restraints-
Increasing Launch of Innovative Products by Companies to Bolster Growth
The presence of multiple OTC drug manufacturers in the market is set to aid growth across the globe. Most of them are persistently striving to introduce novel over-the-counter drugs by conducting extensive research and development activities. In December 2020, for instance, Sonoma Pharmaceuticals, Inc. joined hands with Crown Laboratories, Inc. to market and sell their products in the U.S. OTC dermatological market. It would enable the latter to sell Sonoma’s Microcyn technology gels and dermal sprays targeting pain and itch. Such initiatives by major companies are expected to accelerate the OTC drugs market growth in the upcoming years.
However, drug addiction and drug abusing practices by using pain relief, diarrhea, and cough medicines may restrain the market growth. As per a report by the Substance Abuse and Mental Health Services Administration (SAMHSA) and the Addiction Center, 3.1 million people belonging to the age group of 12 to 15 years have used cold and cough medication for getting high in the U.S.
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Surging Preference for OTC Drugs to Help North America Dominate
Geographically, North America generated USD 58.4 billion in 2020 in terms of revenue and is likely to remain at the forefront throughout the forthcoming years. The rising shift of people towards OTC drugs compared to prescription products is set to boost growth.
In Europe, the increasing awareness among people regarding the availability of these drugs would help it to remain in the second position. Asia Pacific is set to showcase the highest CAGR because of the affordability of these drugs and rising aging populations.
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Key Players Focus on Unveiling State-of-the-art Medicines to Intensify Competition
The global market contains a large number of companies that are currently trying to conduct R&D activities for launching innovative drugs to cater to the high demand worldwide. A few others are also participating in the partnership strategy to co-develop and distribute new products. Below are the two industry developments:
A list of reputed OTC drug manufacturers operating in the global market:
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