Over the counter medications are the medicines that can be obtained without a prescription from the doctor and also called as non-prescription drugs. OTC drugs are dignified by the government regulatory associations to be inoffensive for the self-medication. When the directions on the label are followed, these drugs are effective and harmless. Moreover, such drugs are predominantly utilized for the treatment of the health situations that can be self-medicated. According to the Food and drug administration (FDA), there are more than 300,000 OTC drug manufactured goods are marketed. Some of the common applications of OTC drugs are aches, pains, itches, and others. Additionally, with the effective applications, the market will increase across the globe more positively in the short span of time. However, the key players of this market are doing significant developments in the technology of making a product which increases the demand of the product and the player is able to attain the highest market share across the globe in the short span of time.
According to the report analysis, ‘Global OTC Drugs Market Analysis’ states that there are several key players which are recently functioning in this market more actively for leading the fastest market growth and acquiring the handsome amount of share by doing attractive developments in the product with the innovative ideas of producing it which further improve the quality and available easily in the market at a reasonable price includes Bayer AG, GlaxoSmithKline Plc., Johnson & Johnson, Sanofi, Teva Pharmaceutical Industries Ltd., Pfizer, Synergy Pharmaceuticals Inc, Innovus Pharmaceuticals, Procter & Gamble Company, Merck & Co, Takeda Pharmaceutical Co, Ltd, Boehringer Ingelheim GmbH and Sun Pharmaceutical Industries Ltd., and several others. Nevertheless, small companies are also fronting patent litigation problems, making their entry more problematic into the market. For instance, Bayer AG filed patent litigation against Perrigo Company plc’s Finacea Foam in the US district court in February 2018.
The Global Over the counter drugs market is projected to witness an effective CAGR of 6.1% during the forecast period of 2017-2023. Whereas, on the basis of region, the market is spread across the globe which majorly includes North America, Europe, Asia Pacific, and Rest of the World (ROW). North America registers for the principal share of the global over the counter drugs market, followed by Europe, Asia Pacific, and Rest of the World. Additionally, many of the focused key players of this market are established their e-commerce platform for accomplishing the growing demand of the consumer and generating a high amount of revenue. Similarly, online sales of over the counter drugs are renovating the market, intimidating foremost OTC drugs manufacturers and authorizing small companies to acquire their share in the market. In 2016, the Aleve by Bayer is one of the best-selling drugs in America with revenue of USD 485 million in sales. But in 2017, there was a drop-in sale by 10%. This was owing to the obtainability of substitute drugs online from small producers.
Although, it is expected that in the near future, the market of over the counter drugs will increase around the globe more positively over the recent few years as mergers and acquisitions have always been a trend in the pharmaceutical industry.
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Global OTC Drugs Market 2018-2024
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