Asia-Pacific Over the Counter (OTC) Drugs Market - Segmented by Product, Distribution Channel, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific over the counter (OTC) drugs market is expected to witness a CAGR of 6.2% during the forecast period, 2018-2023. North America currently holds the largest share in the market, due to the increasing expenditure in healthcare.
Inclination of Pharmaceutical Companies to Switch from Rx to OTC Drug
The switch from Rx to OTC treatment by the pharmaceutical companies, have expanded significantly. And this has resulted in a huge capital savings for the global healthcare system. By this switch, companies are able to brand their products and increase their sales across the world. The lack of regulations or the lack of enforcement of regulations, in developing nations, has boosted the OTC market. This has created a huge opportunity for manufacturers of both Rx and OTC drugs, allowing them to take the advantage of increasing sales force across the OTC product portfolio. Many big firms are coming together to benefit from this promising segment. Recently, a consumer health joint venture of GlaxoSmithKline and Novartis, and Bayer’s USD 14.2 billion acquisition of Merck are indications of the objectives of big companies to exploit the OTC market.
The other factors include, product innovation, high penetration in emerging markets, immense cost savings, and the favorable regulatory framework.
Incorrect Self Diagnosis
The consumers usually prefer to avoid doctor’s visit to save money, and prefer the OTC drugs over prescription medication. For a range of illnesses, 8 in 10 consumers use OTC medicines to get relief from their symptoms without having to see a healthcare professional. Although there is a huge demand for self-medication/OTC medication, there are a few issues that are hindering the growth of the OTC drugs. Some of the consumers are unaware or cannot diagnose the symptoms on their own. Hence it is always recommended that a patient should visit a physician to get the right diagnosis for the symptoms. The incorrect self-diagnosis in using the OTC drugs may have serious health issues, which leads to the damage of consumer’s health. This is a factor of hampering the growth of the OTC drugs market.
The other restraining factors also include, probability of substance abuse and the lack of awareness among the rural regions.
Asia-Pacific Expected to Dominate the Market in the Future
Asia-Pacific is expected to dominate the market due to the increasing access through new channels, players keen to promote self-medication, and key players building strong brand existence. China is predicted to be one of the largest OTC drugs markets by 2021 and the growth is fueled by factors, such as self-medication by patients. After Asia-Pacific, Europe is another lucrative region in the global OTC drugs market. The demand is huge and widespread in this region. Countries, such as France and Germany, in Europe, rank among the top five market places in the world.
Key Developments of the Market
February 2017: Sanofi announced that the US Food & Drug Administration (FDA) has approved Xyzal Allergy 24HR as an over-the-counter (OTC) treatment for the relief of symptoms associated with seasonal and year-round allergies.
February 2017: Sanofi agreed to sell some over-the-counter (OTC) products to Ipsen SA.
Major Players: JOHNSON & JOHNSON, NOVARTIS AG, BAYER AG, SANOFI, PFIZER, GLAXOSMITHKLINE PLC, BOEHRINGER INGELHEIM, PGT HEALTHCARE, AND TAKEDA PHARMACEUTICAL COMPANY, amongst others
Reasons to Purchase the Report
Current and future market outlook for the over-the-counter (OTC) drugs, in the developed and emerging markets
Analyze various perspectives on the market, with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support along with the market estimate sheet (in Excel)
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