Over the Counter (OTC) Drugs Market, June 2021 Report On SWOT Analysis, Size, Share, Growth Rate, Application, Types, Future Demand, Business Opportunity, Key Indicators, and Forecast 2030

In a recently published report, Over the Counter (OTC) Drugs Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Over the Counter (OTC) Drugs Market products.

Download Sample of This Strategic Report: https://www.kennethresearch.com/sample-request-10325251

Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

In a recently published report, Over the Counter (OTC) Drugs Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Over the Counter (OTC) Drugs Market products.

Download Sample of This Strategic Report: https://www.kennethresearch.com/sample-request-10325251

Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Over the Counter (OTC) Drugs Market is valued approximately USD 266 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6% over the forecast period 2020-2027. Over the Counter (OTC) drugs are also referred as non-prescription medicines, as these can be bought without doctor’s prescriptions. OTC drugs are safe if they are dispensed as per the instructions given by healthcare professionals. OTC drugs are normally regulated according to their active pharmaceutical ingredient (API) instead of final products. By regulating APIs rather than specific drug formulations, government bodies allow manufacturers the autonomy to formulate ingredients, or mixtures of materials, into proprietary combinations. Also, it contains non-nutrient chemicals, which offers biological benefit to the body. Further, the demand for disinfectant products is remarkably growing, as a preventive measure for COVID-19, which has resulted in the rise in demand for OTC drugs & painkillers. That is the short-term impact to market growth. As the production of OTC drugs is less significant due to the lockdown in various countries. Thus, it has forced the companies to develop the post-COVID strategies to avoid decline and promote market growth in the near future. Increasing consumption of dietary supplements, improvement in lifestyle and age-related diseases and growing awareness regarding general health concerns are the few factors responsible for high CAGR of the market over the forecast period.

For instance, according to Council for Responsible Nutrition, the U.S.-based trade association, about 76% of Americans of all of all ages are using dietary supplements, an increase of around 64% from 2008. Among all ages, the adults aged 55 & above consume the dietary supplements most, which is about 80% in 2017 increased from 74% since 2016. This, in turn, is expected to accelerate the demand for Over the Counter (OTC) Drugs, thus contributing to the growth of the global market. However, stringent regulatory policies by governing bodies and lack of seamless reclassification of drugs are the few factors expected to hamper the growth of the market over the forecast period of 2020-2027.

The regional analysis of global Over the Counter (OTC) Drugs market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the trend among pharmaceutical companies to switch from Rx to OTC drugs and increasing consumption of dietary supplements in the region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027, due to growing awareness among individuals about the use of OTC drugs to cure minor health issues, especially in China and India.

Major market player included in this report are:
Johnson and Johnson
Novartis AG
Bayer AG
Sanofi
Pfizer
GlaxoSmithKline PLC
Perrigo Company PLC
Reckitt Benckiser Group PLC
Takeda Pharmaceutical Company Ltd.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product Type:
Cough, Cold, and Flu Products
Analgesics
Dermatology Products
Gastrointestinal Products
Vitamins, Mineral, and Supplements (VMS)
Weight-loss/Dietary Products
Others

Request For Full Report:https://www.kennethresearch.com/sample-request-10325251

By Distribution Channel:
Hospital Pharmacies
Retail Pharmacies
Online Pharmacy
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Over the Counter (OTC) Drugs Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

Contact Us

Kenneth Research

Email : Sales@kennethresearch.com

Phone: +1 313 462 0609

Leonard Thomas is an energetic and versatile freelance writer for 5 years, he pen down any type of articles and web content. he is a Cambridge University Business English Certificate (Europe Level) holder . he is analytical, enthusiastic and ingenious, with the essence to work variously, strives to emerge as a lucrative individual who has a grasp on market. Congenial Interpersonal skills and the competence to grab every single trivia with foolproof analysis is something he primarily posses .

Leave a Reply