The OTC drug and dietary supplement market was valued at US$ 2, 93,255. 40 million in 2019 and is projected to reach US$ 4, 92,102. 49 million by 2027; it is expected to grow at a CAGR of 6. 8% from 2020 to 2027.
New York, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "OTC Drug and Dietary Supplement Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product ; Type ; Form ; Distribution Channel, and Geography" - https://www.reportlinker.com/p05967899/?utm_source=GNW
The growth of the OTC drug and dietary supplements marketis mainly attributed to the factors such as growing awareness regarding general health issues and growing preference for non-prescription drugs over prescription drugs. However, the market is likely to get impacted by the drawbacks associated with the stringent FDA regulations related to safety and efficacy of OTC drugs during the forecast period.
Government and consumers mounting pressure on reducing pricing would help accelerate the prescription to OTC (Rx-to-OTC) transition.There is a widespread support for OTC usage among physicians for fever, cold/cough, and minor ailments of that nature; beyond that, the physicians do have some reservations.
Although there are generic prescription medications that are cheaper than OTC drugs, most of the OTC drugs are cheaper than prescription drugs.OTC drugs need to be ingested in lower dosages compared to prescription drugs.Although there are a few prescription drugs available as OTC drugs, their dosage requirements are much lower when sold OTC, than when they are bought via prescription.
In recent years, many prescription allergy medicines such as chlorpheniramine , cetirizine , fexofenadine among othershave been switched to OTC.According to the Consumer Healthcare Products Association, 81% of adults in the US use OTC medicines as their first line of treatment for minor illnesses.
On an average, consumers in the country make ~26 trips every year to buy OTC medications. Further, they visit their doctors roughly thrice per year.
Based on Product, the OTC drug and dietary supplement market is segmented into cough and cold products, vitamins and dietary supplements, analgesics, gastrointestinal products, sleep aids, oral care products, ophthalmic products, antacids, feminine care, and others.In 2019, the analgesicssegment accounted for the highest share of the market.
Growth of this segment is attributed to the growing awareness regarding general health issues related to body painand growing preference for non-prescription drugs over prescription drugs across the world. However, vitamins and dietary supplementssegment is likely to register the highest CAGR in the global OTC drug and dietary supplements market during the forecast period.
Based on type, the OTC drug and dietary supplementsmarket is segmented into branded and generic. The generic segment held a larger share of the market in 2019 and is estimated to register a higher CAGR of 7.1% in the market during the forecast period.
Based on form, the OTC drug and dietary supplementsmarket is segmented into tablets, capsules, powders, ointments, liquid, and others. The tablets segment held the largest share of the market in 2019 and is estimated to register the highest CAGR of 7.5% in the market during the forecast period.Based on distribution channel, the OTC drug and dietary supplements market is segmented into hospital and retail pharmacies, retail stores, online channels, and others. The hospital and retail pharmacies segment held the largest share of the market in 2019; whereas, theonline channels segment is estimated to register the highest CAGR of 7.5% in the market during the forecast period.
The Consumer Healthcare Products Association, Council for Responsible Nutrition consumer survey, National Center for Biotechnology Information, The Global Burden of Disease Study, US Food and Drug Administration (FDA),Council for Responsible Nutrition (CRN), and World Health Organization (WHO), are among the major primary and secondary sources referred for preparing this report.Read the full report: https://www.reportlinker.com/p05967899/?utm_source=GNW
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