Global OTC Drug and Dietary Supplement Market: Overview
Over the past few years, the market for over-the-counter (OTC) drugs and dietary supplements has witnessed rapid growth. The increasing prevalence of self-medication for the treatment of primary health conditions and the growing demand for dietary supplements in daily consumption have provided momentum to the growth of the OTC drugs and dietary supplement market. Development of strong regulatory policies governing the sale of OTC drugs and the focus of manufacturers to adhere to higher quality standard and correct branding and labeling of dietary supplements have intensified their interest in the marketing of these products. All these factors are anticipated to give impetus to the market across the globe.
The research report is prepared with extensive inputs from a wide range of market participants that include business executives, product managers, clinical specialists, healthcare organizations, and leading trade associations. The report provides in-depth analysis of the current and emerging trends, key drivers and restraining factors, changes in regulatory landscape and their impact on competitive dynamics, and strategies adopted by the leading market players. The study tracks recent developments in drug making and key R&D activities undertaken by pharmaceutical companies making dietary supplements. The report provides insights into labeling and branding strategies of manufacturers that conform to various regulatory environments in major regions. A wide array of graphical data corroborated by SWOT analysis of major end-use industry segments are also covered in the study.
Global OTC Drug and Dietary Supplement Market: Trends and Opportunities
The growth in the OTC drugs and dietary supplement market is driven by the growing awareness on general health concerns and advancements in pharmaceutical industry. The rising trend among people to opt for OTC drugs for a range of minor ailments without doctor consultation and proliferation of information available in different media regarding the functions of dietary supplements have fuelled the growth of the market in major regions. Vast range of youth population seeking medical counsel over the Internet has propelled the demand for OTC drugs and dietary supplements.
Stringent regulations by the FDA regarding the safety and efficacy testing of OTC drugs have delayed their approval. In addition, the continued monitoring about the health claims of the dietary supplements by regulatory agencies and regulatory requirements for correct rebranding are likely to impede the market’s growth. However, R&D activities undertaken by market players to offer enhanced OTC drugs for the treatment of a range of ailments, such as heartburn remedies, laxatives, oral antiseptics, anti-smoking products, nutrition aids, and analgesics, are expected to create vast opportunities for the market players.
Global OTC Drug and Dietary Supplement Market: Regional Outlook
The Americas is a prominent market for OTC drug and dietary supplements. Growth in the region is driven by the increasing sale of OTC gastrointestinal drugs and wide preference for non-prescription drugs over prescription drugs in various countries such as Mexico and Brazil. In addition, robust healthcare practices and the initiatives to control burgeoning healthcare costs have boosted the regional market.
Global OTC Drug and Dietary Supplement Market: Competitive Landscape
Prominent players operating in the market include Pfizer, Novartis, Sun Pharma, Proctor and Gamble, GlaxoSmithKline, and Bayer AG. Leading companies launch new products and adopt mergers and acquisitions as the key strategy to consolidate their market shares.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.