Yahoo Finance Global OTC Drugs & Dietary Supplements Market is projected to grow at a CAGR of 5.7% By 2031: Visiongain Research Inc
Global OTC Drugs & Dietary Supplements Market Report Forecast up to 2031 (COVID Impact Analysis):- Market Segment by Distribution Channel (Pharmacies/Drugstores, Supermarkets/Hypermarkets, Convenience Stores, Online Drugstores, Health Food Stores, Other Distribution Channel) Market Segment by Category (Cough, Cold and Flu Drugs, Analgesics, Dermatological, Vitamins and Minerals, Weight Loss/Diet Products, Gastrointestinal Drugs, Allergy, Other Category) Market Segment by Product Type (Branded Drugs, Generic Drugs, Other Product Types) Market Segment by Dosage Form (Tablets, Hard Capsules, Powders, Ointments, Soft Capsules, Liquids, Other Dosage Forms) Market Segment by Allergy Type (Eye Allergy, Rhinitis, Asthma, Skin Allergy, Food Allergies, Other Allergies) Market Segment by Allergy Drugs (Antihistamines, Corticosteroids, Decongestants, Other Allergy Drugs) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global OTC drugs & dietary supplements market was valued at US$197.2 billion in 2020 and is projected to grow at a CAGR of 5.7% during the forecast period 2021-2031. Self-care in the global health system becomes a primary public resource. Globally, self-drugs have been accepted as a major element of primary health care by most nations. The usage of medications and dietary supplements is a matter of self-care. In many countries, the use of traditional treatments and supplements is an ancient practice.
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How has COVID-19 had a significant negative impact on the OTC Drugs & Dietary Supplements Market?
During the outbreak of Severe ARS2 (SARS-CoV-2), the World Health Organization (WHO) on 30 December 2020 was recognized as a worldwide public-medical emergency. Although pharmacies were still open, some customers buying on the e-commerce channel rather than the regular channels because, for example, they changed to remote work or restricted other departures. The limits established have resulted in a decreased number of visitors and, therefore, OTC sales through the retail chain were reduced. As other health practitioners were not accessible at this time, the pressure on the health system was lessened by local pharmacists, diverting patient intake from hospitals through triage and screening. During COVID-19, Community pharmacists played different roles in the support of the health system.
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Visiongain’s 593+ page report provides 311 tables and 302 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global OTC drugs & dietary supplements market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for OTC Drugs & Dietary Supplements. Get the financial analysis of the overall market and different segments including distribution channel, product type, category, allergy type, allergy drugs and capture higher market share. We believe that high opportunity remains in this fast-growing OTC drugs & dietary supplements market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximize the productivity of the company.
What are the current market drivers?
Self-Care in The Global Health System Becomes a Primary Public Resource
People in emerging and industrialized countries are now aware of their health, and fitness and wellness programs are growing worldwide. Immunization and vaccination, precautionary steps to decrease mortality among children and raise children's immunity, improved living standards in many healthy dietary countries and nutritional supplements are major efforts that have been adopted globally to extend people's life expectancy.
Importance of Dietary Supplement Quality Education Campaigns
Public health agencies, enforcement agencies, associations, industry and other groups should invest in educational programs which provide advice on picking food supplements of quality and describe potential risks of goods that are not self-assured in their identity or quality. Consumers should be made aware that independent verification procedures from third parties can help establish the representations of products and ingredients. Sensitizing campaigns should focus on the most sensitive or expected physiological impacts of low-quality foodstuffs in consumers' segments (e.g. senior citizens, pregnant women, military peoples etc.)
Where are the market opportunities?
Growth Opportunities Will Emerge as a Result of Demographic and Economic Changes
The increasing worldwide population will expand OTC's client base and significantly increase the older population by buying more OTC items. As individuals live longer, they require more medicine to treat age-related conditions, many of which are chronic and require medication throughout their lives. Concerning economic developments in China and the effect of falling oil prices on the economy, there is a strong consensus that the world economy is going to achieve some balance that is likely to reflect sales growth on many OTC markets in 2017, despite currency fluctuations and volatility in the last couple year. From a long-term perspective, the rapid growth of the mid-class economy will enhance the demand for OTC products in emerging economies such as China, India and Brazil.
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Emerging Markets Are Booming.
Many economies such as China and India are also striving to enhance the provision and access to healthcare, although these objectives were mostly achieved in existing markets. As a result, during the forecast period, emerging markets will likely remain moderately to highly growing markets. For this research, many companies have noted that their revenues continue to expand in overseas markets compared to their home revenues.
Competitive Landscape
The major players operating in the OTC drugs & dietary supplements market are Taisho Pharmaceutical Holdings Co., Ltd, Nippon Chemiphar Co., Ltd., H Lundbeck A/S, Teva Pharmaceutical Industries Ltd, Novartis AG, Pfizer Inc., Mylan N.V., Abbott Laboratories, Fresenius SE & Co KgaA, Sun Pharmaceutical Industries, Sanofi SA, Roche Holding AG, Lupin, Alcon AG, Sato Pharmaceutical, Herbalife Nutrition Ltd, Bayer AG., Glanbia plc, Nature’s Sunshine Products, Inc. (NSP), Danisco. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launches.
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