Over-the-counter drugs, also known as non-prescription drugs, refer to medicines that can be bought without a prescription. These drugs are safe and effective when a consumer follows the directions on the label or as provided by a physician. Over-the-counter (OTC) drugs are primarily used to treat conditions that do not require direct consultation of a doctor. OTC drugs are safe and well tolerated. These provide affordable treatment and also help to decrease the workload of physicians. The OTC drugs helps to build a diverse product portfolio for health care business of pharmaceutical companies also it helps to extend product range for consumer brands of consumer goods companies. OTC drugs are easily available in pharmacies. Hence, some of these drugs have restrictions in the U.S. This restricted class of drugs include emergency contraception, pseudoephedrine, and some Schedule V controlled drugs. These products are considered OTC; however, these are not directly kept on pharmacy counters and must be dispensed by a pharmacist after confirming age, identity, and patient knowledge regarding usage of product.
The global over-the-counter drugs market has been segmented based on product type and geography. Based on product type, the market has been categorized into analgesics & pain relievers, cough, cold and flu products, dermatological products, vitamin supplements, mineral supplements, gastrointestinal products, sleep aids, weight loss products, smoking cession aids, ophthalmic products, and other products. Analgesics & pain relives, cough, cold and flu products, dermatological products, vitamin supplements, and mineral supplements are the major market segment. Among all major segments analgesics & pain relives hold the maximum market share. Weight loss products and smoking cession aids are likely to witness high growth in the next few years due to increase in awareness about healthy lifestyle.
Geographically, the over-the-counter drugs market has been segmented into five major regions: North America (U.S. and Canada), Europe (Germany, France, U.K., etc.), Asia Pacific (Australia, China, Japan, India, etc.), Latin America, and Middle East & Africa. North America is the leading market for OTC drugs in terms of revenue, followed by Europe. Asia Pacific and Latin America are emerging markets, which are expected to witness strong growth during the forecast period from 2016 to 2014. The strong growth is anticipated due to increase in healthcare industries and increase in the investment of government to develop health care industries. The over-the-counter drugs market in countries such as China, India, and Brazil are projected to expand at high growth rate during the forecast period due to increase in awareness among the population about usage of over-the-counter drugs to treat minor health issues.
Other factors that drive the over-the-counter drugs market are changes in cultural attitudes regarding self-medications required for minor health problems, convenience of direct purchase, affordability of over-the-counter drugs, high adoption and acceptance in developing markets, savings enabled by the usage of over the counter drugs, and innovations and developments in drugs. The market is also experiencing certain restraints such as stiff competition among the existing players, high possibilities of substance abuse and addiction, complications and severity involved in taking wrong medications due to misdiagnosis or incorrect self-diagnosis, and lack of awareness among the rural population in developing and underdeveloped economies.
Major players operating in the OTC market include Alkem Laboratories Limited, Bayer AG, Boehringer Ingelheim GmbH, Cipla, Inc., GlaxoSmithKline Plc., Glenmark Pharmaceuticals Limited, Johnson & Johnson Services, Inc., Merck KGaA, Novartis AG, Pfizer, Inc., Sanofi, Teva Pharmaceutical Industries Ltd., and Sun Pharmaceutical Industries Ltd.
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.