Europe Over the Counter (OTC) Drugs Market
The European market for over-the-counter (OTC) drugs is estimated to be USD 32.5 billion in the year 2016 and is expected to reach USD 37.7 billion by the end of the year 2021. During this period, the market is expected to grow at a CAGR of 3.00%.
Europe Over-the-Counter (OTC) Drugs Market-Market Dynamics
The report details several factors driving and restraining the market. Some of these are discussed below.
Contributing to the growth of the market is the growing inclination of the pharmaceutical sector to convert their product line from Rx to OTC drugs and brand their products accordingly. In addition, the ever-increasing awareness among the masses about the potential benefits of OTC drugs and the convenience of avoiding a visit to the doctor for minor health issues, thereby saving a lot of money are also factors driving the market. Also, the savings made by the healthcare industry on a yearly basis due to the OTC market are high. This has made the healthcare industry promote the sale or issue of OTC drugs in Europe, which has driven the market’s growth.
Although there is a considerable amount of demand for the OTC drugs in Europe, there are certain factors hindering the market’s progress. These factors are mainly the potential abuse of drugs when supplied without the need of a prescription (can be used for recreational purposes) and use of the drugs for an incorrect self-diagnosis, which may cause major health problems. Along with this, the emergence of the developing markets and the prospects they offer have been a drawback for the European market’s growth.
The market is segmented on the basis of the type of product and geography. The product segment can be further divided into categories such as analgesics, cold & cough, dermatological, gastrointestinal, minerals, vitamins, sleep aids and weight-loss products.
The report also offers a detailed analysis and market forecasts for the different European nations. Germany is estimated to be the largest market in Europe with a share as high as 25%, followed by Italy, which holds a market share of more than 13%. However, the annual growth is decreasing for the developed nations of Europe whereas developing nations such as Poland are showing growth aspects mainly due to the lack of penetration and the lenient regulatory framework. The UK is also one of the market leaders in Europe with a market share of nearly 10%.
Some of the key players in the market are:
Boehringer Ingelheim GmbH
Bristol- Myers Squibb
Johnson & Johnson
Merck & Co
What the Report Offers
Market definition for the European OTC drugs market along with identification of key drivers and restraints for the market.
Market analysis for the European OTC drugs market, with region-specific assessments and competition analysis on a global and regional scale.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities and identification of key companies that can influence the market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A comprehensive analysis of the major trends, innovations and associated prospects for market growth over the coming half a decade.
An ideal opportunity for industry consultants and other interested and allied parties to gain a critical insight into the factors driving and restraining the market, in addition to opportunities offered.
Wide-ranging information provided about the leading market players and the major strategies adopted by them.