The growth propelling factors of the Asia-Pacific over-the-counter (OTC) drugs market are product innovations, high penetration in the emerging countries, like India and China, and the inclination of pharmaceutical companies toward OTC drugs from prescription drugs. This can be attributed to the rapidly growing population, an increase in disposable income of the population, which will add critical mass to the population available to access OTC medication. Along with new channels of the accessibility in emerging markets in retail outlets, supermarkets are also contributing to the growth of the OTC medication market in the Asia-Pacific region. However, the lack of awareness among the population and incorrect the self diagnosis is expected to hamper the market growth.
Key Market Trends
Cough, Cold, and Flu Products Segment Holds Significant Market Share Over the Forecast Period
The OTC market has been witnessing strong growth resulting from rising need and demand for/by consumers to self-medicate. Countries such as China and India, with a high population. the patients mostly rely on their neighborhood chemist to prescribe the appropriate medicines for illnesses, such as cough, cold, nasal congestion, or fever. In India, the frequency of certain ailments, like common colds and headaches, is significantly high and inconsistent across states. At the same time, consumers are becoming more prone to fight with this on their own, seeking over-the-counter (OTC) remedies and medicines rather than checking in with their physicians. In India, consumers are found to be dependent on OTC for cough, cold, or flu medicines, as that is a first response to get relief from its symptoms. Owing to their easy procurement, the sale of OTC drugs for cough, cold, and flu has increased. Furthermore, many countries in the South Asia Pacific region and Japan, have a large number of the elderly population who are more prone to diseases which are also expected to drive the OTC drugs market in the future.
Competitive Landscape
The over-the-counter drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. For instance, in April 2018, Procter & Gamble Company acquired the Consumer Health business of Merck KGaA. Companies, like Johnson and Johnson, GlaxoSmithKline PLC, and Sanofi, hold significant market shares in the over-the-counter drugs market.
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Key Market Trends
Cough, Cold, and Flu Products Segment Holds Significant Market Share Over the Forecast Period
The OTC market has been witnessing strong growth resulting from rising need and demand for/by consumers to self-medicate. Countries such as China and India, with a high population. the patients mostly rely on their neighborhood chemist to prescribe the appropriate medicines for illnesses, such as cough, cold, nasal congestion, or fever. In India, the frequency of certain ailments, like common colds and headaches, is significantly high and inconsistent across states. At the same time, consumers are becoming more prone to fight with this on their own, seeking over-the-counter (OTC) remedies and medicines rather than checking in with their physicians. In India, consumers are found to be dependent on OTC for cough, cold, or flu medicines, as that is a first response to get relief from its symptoms. Owing to their easy procurement, the sale of OTC drugs for cough, cold, and flu has increased. Furthermore, many countries in the South Asia Pacific region and Japan, have a large number of the elderly population who are more prone to diseases which are also expected to drive the OTC drugs market in the future.
Competitive Landscape
The over-the-counter drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. For instance, in April 2018, Procter & Gamble Company acquired the Consumer Health business of Merck KGaA. Companies, like Johnson and Johnson, GlaxoSmithKline PLC, and Sanofi, hold significant market shares in the over-the-counter drugs market.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Johnson & Johnson
- Sanofi SA
- GlaxoSmithKline PLC
- Boehringer Ingelheim International GmbH
- Abbott Laboratories
- Dabur India Limited
- Procter & Gamble
- Reckitt Benckiser Group plc
- Takeda Pharmaceutical Company Limited
