European Over-the-Counter Drugs Market will achieve significant growth on account of growing consumer appetite for self-medication and alarming need to curb the healthcare cost.
SELLBYVILLE, Del. /PRNewswire/ -- UK Over-the-Counter Drugs Market should witness substantial growth due to increasing awareness pertaining to self-treatment medication. Increased availability of OTC medicines in country will help government to minimize the healthcare cost and provide better access to public and propel business growth over the forecast timeframe.
Global Over-the-Counter Drugs Market will exceed USD 185 billion by 2025, according to a new research report by Global Market Insights. Expanding geriatric population base, which is highly susceptible to suffer from several diseases such as joint pain, will drive global Over-the-Counter drugs market demand over the forecast period. Growing healthcare awareness among people and cost-effectiveness associated with OTC drugs will further fuel industry growth.
Pharmaceutical companies' switch from Rx to OTC drugs serves as high-impact rendering factor on industry growth over the forecast period. This will provide potential growth opportunities for companies to rejuvenate an off-patent brand into a new life-cycle growth phase.
Issues pertaining to substance abuse and less awareness in emerging and underdeveloped economies about medicines are major growth-restraining factors. Furthermore, risk associated with taking wrong medicines due to improper self-diagnosis is most likely to make regulations more stringent.
Analgesics accounted for around 11.7 percent market share in 2019. OTC analgesics have application in the treatment of fever, headaches, flu, colds, musculoskeletal injuries and disorders, arthritis, toothaches and menstrual cramps, which will spur demand. Frequent body pain experienced by geriatric population, increasing incidences of arthritis, cancer and cardiovascular disease, and increasing investment in R&D by public and private sector, with major focus to formulate new therapeutics, will drive industry growth.
Cold, cough and flu segment should witness 5.9 percent CAGR over the forecast timeframe. The growth is attributed by demand from increasing number of individuals catching colds and flu multiple times in a year. Non-life-threatening nature of these infections makes OTC medication a viable choice for the patient, resulting in escalating demand. Moreover, increasing awareness through media such as TV, social media home pages and print circular will propel industry growth.
U.S. over-the-counter drugs market size witnesses lucrative growth over the forecast period to reach over USD 44 billionby 2025. Increasing preference for the drugs for minor injuries, along with increasing self-medication and self-care, will spur demand. Moreover, rising healthcare expenditure, favorable regulatory scenario and presence of major players in the country will fuel industry growth.
India over-the-counter drugs market held significant revenue share of nearly 9.3 percent of Asia Pacific OTC drugs market in 2018. Growing healthcare expenditure, unhealthy dietary habits, expanding population and growing healthcare awareness will drive industry growth. Geriatric population in the country is prone to acquire diseases such as asthma, arthritis, angina, depression and diabetes which will spur demand.
Some of the companies operating in OTC drugs market include Johnson & Johnson Pfizer, Cipla, Dr. Reddy's Laboratories, Takeda, Teva Pharmaceuticals, Sanofi, Bayer and GlaxoSmithKline. Industry players are focusing on new product development and acquisition strategy to gain market share.
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