The North America Over the Counter (OTC) Drugs Market is anticipated to grow with a CAGR of 2. 7%, during the forecast period. The OTC drugs market is innovation-driven and relies on the advent of innovative drugs for different disease complexities and vary in their degree of intensity, and efficacy.
New York, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Over the Counter Drugs Market - Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05986850/?utm_source=GNW
The product innovations in OTC drugs have built confidence among the consumers and have resulted in the increased demand for OTC drugs. Although the market share is high in the North American region, the USA’s share is less when compared to the other countries on a global forefront. This can be due to the strict regulatory measures taken by the US government in the labelling of drugs as OTC. But in recent times, there has been a change in opinion regarding the OTC market. The potential benefits have been identified and as a result, OTC drugs have been made more accessible.
According to the Consumer Healthcare Products Association, 2019, it was estimated that about 93% of the Americans prefer to treat their minor ailments with OTC medicines before seeking professional care. For the treatment of musculoskeletal injuries and disorders, many patients in the United States generally use nonprescription topical analgesics. Counterirritants are approved by the FDA for the topical treatment of minor pains and muscle and joint aches and are often used for the treatment of acute musculoskeletal injuries, such as simple backache, arthritis pain, strains, bruises, and sprains. Thus, owing to above factors the market is expected to show growth over the forecast period.
Key Market Trends
Weight-loss and Dietary Products Segment is Expected to Grow with a High CAGR Over the Forecast Period in the North America Over the Counter Drugs Market
The weight-loss and dietary products segment are believed to show the highest CAGR during the forecast period. This is majorly attributed to the rising awareness of the general population about health and the rise in the consumption of junk food, which is leading to the rise in lifestyle-related diseases. The VMS (vitamins, minerals, and supplements) segment is believed to have the largest market share.
VMS and weight loss OTC drugs contribute the most to the overall market. The reason for this major share is the vast customer base for various products under this category. Unlike other conditions, which are intense in nature, the VMS and weight loss conditions are not very bothersome. OTC products for these conditions are more of a precautious nature than that of treatment or cure. And this is why the number of customers is relatively high than the ones for other indications.
According to the Consumer Healthcare Products Association (CHPA) 2019 report, estimated that on average, United States households spend about USD 442 annually on OTC products. Furthermore, large customer pools give rise to high demand, which, in turn, results in high revenue generation. VMS products are very popular in developed countries because of the increasingly unhealthy population. Hence, owing to above factors the segment is expected to show some significant growth in coming years.
North America over the counter drugs market is fragmented 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. Companies, like Johnson and Johnson, Novartis AG, Bayer AG, Sanofi, and Pfizer, hold significant market shares in North America over the counter drugs market.
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