The North America OTC drug and dietary supplement market was valued at US$ 131,818. 3 million in 2019 and is projected to reach US$ 224,349. 5 million by 2027; it is expected to grow at a CAGR of 7. 0% during 2020–2027.
New York, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America OTC Drug and Dietary Supplement Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product ; Type ; Form ; Distribution Channel, and Geography" - https://www.reportlinker.com/p05978905/?utm_source=GNW
The growth of the OTC drug and dietary supplement market is mainly attributed to the factors such as rising awareness among population about general health issues, and advantages of OTC drugs over the prescription medicine in terms of price. However, strict FDA regulation for OTC drugs is the major factor hindering the market growth.
Over the counter (OTC) drugs are available for the public for their general use.These drugs do not require a prescription from a physician.
OTC medicines are available for various medical conditions such as coughs and colds, diarrhea, heartburn, constipation, acne, and pain.On the other hand, dietary supplements are available over the counter for fitness purposes.
Whereas, in some cases, when a person is critically ill or requires treatment, then buying a dietary supplement with medicinal ingredients require a prescription from a physician. These OTC drugs and dietary supplements are of two types: branded and generic.
People nowadays are aware of general health issues such as cold, cough, allergies, fever, pain, acidity, diarrhea, and skin-related conditions.Moreover, people are focused on having healthy lifestyle and avoiding the consumption of junk food that leads to lifestyle-related diseases such as diabetes, obesity, and cardiovascular diseases.
Growing preference toward maintaining the healthy lifestyle also leads to the consumption of weight-loss products and dietary supplements, including vitamins, minerals, and supplements. Increasing exposure to internet has resulted in easy access to dietary supplements and over the counter (OTC) drugs to consumers, at affordable prices.
The common health issues can be seasonal or they might occur due to minor changes in routine habits; hence, people prefer taking OTC medicines instead of visiting a doctor.In many cases, this saves time and money, and provides immediate relief.
The government also has initiated various programs toward health awareness; there has been a quick and smooth adoption of everyday technology for healthcare and wellness, contributing to the industry’s overall growth.
As the number of COVID-19 cases is increasing in the North American countries, the purchase of dietary supplement and vitamins has been significantly increased. People are buying these products to increase immunity and combat the COVID-19 spread.
Based on product, the OTC drug and dietary supplement market is segmented into analgesics, cough and cold products, vitamins and dietary supplements, gastrointestinal products, antacids, ophthalmic products, sleep aids, oral care products, feminine care and others. The analgesics segment held the largest share of the market in 2019; however, the market for vitamins and dietary supplements is estimated grow at the highest CAGR in the market during the forecast period.
Based on type, the market is segmented into generic and branded.Based on form, the market is segmented into tablets, capsules, powders, liquid, ointments, and others.
Based on distribution channel, the market is segmented into hospital and retail pharmacies, retail stores, online channels, and others.
The World Health Organization (WHO), World Heart Federation, National Center for Biotechnology Information, along with company websites are among the major primary and secondary sources referred for preparing this report.
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