Market Dynamics
The inclination of pharmaceutical companies toward OTC drugs from Rx drugs is one of the major driving factor leading to the growth of the OTC drugs market. The increasing patent expiration rates are resulting in switching from Rx to OTC by the companies as a counter-strategy.
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Market Segmentation
By Type
l Weight loss products
l Analgesics
l Cold, cough and flu products
l Gastrointestinal products
l Skin products
l Mineral and Vitamin supplements
l Sleeping Aids
l Ophthalmic products
l Others
By Mode of intake
l Oral
l Topical
l Parenteral
By End-User
l Online pharmacies
l Hospital pharmacies
l Retail pharmacies
Market Segmentation – By Type – Analgesics
Analgesics are drugs that are commonly used for the treatment and management of headaches, fever, toothache, musculoskeletal injuries and disorders, as well as menstrual cramps. The issues related to pain are major reasons for the self-medication of analgesics. According to the article published in Indian Journal of Palliative Care in October 2018, Indian adults’ population survey about Chronic Pain (CP) found a higher prevalence of CP as compared to other Asian pain prevalence studies.
Geographical Analysis – North America
Several factors attribute to high market share in the region. Few include – leading trend among pharmaceutical companies to switch from Rx to OTC drugs, increasing drug development, and ease of availability of the drugs. According to the National Institute of Health, 93% of adults in the United States prefer to treat their minor ailments with OTC medicines before seeking professional care, and 85% of parents in the United States prefer to treat their children’s minor ailments with an OTC medicine before seeking professional care.
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Competitive Landscape
Based on end-users, the global OTC Drugs market is segmented into retail pharmacies, hospital pharmacies, online pharmacies, among others. The online sales segment of over-the-counter drugs is changing the market, menacing major OTC drug manufacturers and permitting minor companies to get their share in the market. Bayer’s Aleve is one of the best-selling drugs in America, with a revenue of around $YY million in case of sales in 2016. But there was a drop in sales by 10% in 2017. This was attributable to the availability of alternative drugs online from small manufacturers. This shows that power is gradually shifting toward e-commerce, making it difficult for the major players.
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