Allied Market Research, titled, Over the Counter (OTC) Drugs & Dietary Supplements Market by Category, Dosage Form, Product, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global over the counter (OTC) drugs & dietary supplements market was valued at $223 million in 2016, and is projected to reach $335 million by 2023, growing at a CAGR of 5.9% from 2017 to 2023. The vitamins and dietary supplements (VDS) segment accounted for maximum share of about half the global market share in 2016.
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Comprehensive analyzes of the fastest-growing Over the Counter (OTC) Drugs & Dietary Supplements Market provide insights that help stakeholders identify opportunities and challenges. The markets of 2022 could be another significant year for Over the Counter (OTC) Drugs & Dietary Supplements. This report provides insight into the company’s activities and financial condition (a company profile is required if you wish to raise capital or attract investors), recent developments (mergers and acquisitions), and recent SWOT analyses. This report focuses on the Over the Counter (OTC) Drugs & Dietary Supplements market over the 2023 assessment period.
“The global market is driven by improvement in lifestyle & ageing of baby boomers, rise in awareness about general health concerns, and increase in trend among individuals to opt for OTC drugs for self-medication. However, strict regulations by governing bodies, such as FDA, have led to the delayed approval of drugs, restraining the market growth.”
The over-the-counter drugs market has witnessed rapid growth in recent years due to changing lifestyles and aging of the baby boomers, increasing awareness of general health issues, and increasing inclination of individuals to opt for over-the-counter drugs. However, strict regulations from governing bodies such as the FDA have led to delays in drug approvals, which act as a hindrance to market growth. On the other hand, increasing research and development activities by market players to improve over-the-counter drugs for the treatment of conditions such as laxatives, oral antiseptics, analgesics, and anti-smoking products offers many opportunities to market players.
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Among the categories mentioned in the report, the cough and cold products segment is likely to grow at a CAGR of 6.1% during the forecast period 2017-2023. As coughs and colds are the most common ailments encountered by consumers worldwide, sales of OTC medicines have increased. The gastrointestinal products segment is also an attractive segment due to the increasing sales of over-the-counter drugs for the treatment of gastrointestinal disorders such as diarrhea, constipation, indigestion, vomiting, etc.
Among pharmaceutical forms, the largest market in 2016 was the tablet segment, which accounted for almost two-ninths of the market. It is likely that this trend will continue during the period under review. This is due to the increasing number of diseases worldwide along with the benefits of consuming tablets and providing suitable dosage levels for different types of patients. Additionally, the soft capsules segment is likely to grow at the fastest CAGR of 6.6% by 2023.
Key Findings Of The Over the Counter (OTC) Drugs & Dietary Supplements Market:
The U.S. was the major shareholder in the North America over the counter (OTC) drugs & dietary supplements market in 2016.
The branded OTC drugs segment occupied about three-fifths share of the global market by product in 2016, and is expected to retain its dominant position throughout the forecast period.
Japan occupied about one-third share of the Asia-Pacific market in 2016, whereas China is expected to grow rapidly registering a CAGR of 6.6%.
The pharmacies segment accounted for about half of the global market share in 2016, whereas the online pharmacy segment is expected to witness a high CAGR of 6.9%.
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