Press release
Insights into OTC Drug And Dietar*y Supplement Market: Global Trends and Analysis
OTC Drug And Dietar*y Supplement Market
The otc drug and Dietar*y Supplement market size is expected to see strong growth in the next few years. It will grow to $438.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to personalized nutrition and supplements, nutraceutical innovations, expansion of functional foods, global health crises and preparedness, government initiatives for wellness. Major trends in the forecast period include product innovations, clean label and natural ingredients, and hemp-based products, sustainable and eco-friendly packaging, partnerships and collaborations.
Market Overview -
OTC drugs refer to pharmaceuticals that are available over the counter and are used to treat common medical disorders and Dietar*y Supplement are created to increase the amount of certain nutrients or bioactive compounds in the diet they are not meant to treat, prevent, or cure disease.
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Rise In Pharma R&D Expenditure Drives The Otc Drug And Dietar*y Supplement Market
A rise in pharma R&D expenditure is expected to boost the OTC drug and Dietar*y Supplement market going forward. R&D investment can be defined as the expenses undertaken by a company for developing, designing, and enhancing its offerings. Increased expenditure can boost innovation and productivity in designing and formulating OTC, and Dietar*y Supplement. For instance, according to a report published by the European Federation of Pharmaceutical Industries and Associations, a Belgium-based pharmaceuticals-based trade association, in 2021 European health industries invested about 41.5 billion euros ($44.47 billion) for R&D expenditure, an increase compared to 39.65 billion euros ($42.49 billion) in 2020. Therefore, a rise in pharma R&D expenditure is driving the OTC drug and Dietar*y Supplement market.
Competitive Landscape -
Major companies operating in the otc drug and Dietar*y Supplement market report are Pfizer Inc., Johnson & Johnson Ltd., F. Hoffmann-La Roche AG, Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A, AstraZeneca plc, Abbott Laboratories Inc, GSK plc, Gilead Sciences Inc., Reckitt Benckiser Plc., Teva Pharmaceutical Industries Ltd., Alcon Inc., Bausch Health Companies Inc., Sun Pharmaceutical Industries Ltd., errigo Company plc, Dr. Reddy's Laboratories Ltd., Cipla Limited, Glenmark Pharmaceuticals Limited, Alkem Laboratories Ltd, Nutraceutical International Corporation, Procter & Gamble Health Limited, Reese Pharmaceutical Company, UPM Pharmaceuticals Inc, Gemini Pharmaceuticals Inc., Pharmavite LLC, Now Health Group Inc., Alfresa Pharma Corporation
Product Innovations In The Otc Drug And Dietar*y Supplement Market
Product innovation is a key trend gaining popularity in the OTC drug and Dietar*y Supplement market. Major companies operating in the OTC drug and Dietar*y Supplement market are developing innovative products to strengthen their position in the market. For instance, in July 2022, Dr. Reddy's Laboratories Ltd., an India-based pharmaceutical industry, launched over-the-counter (OTC) Fexofenadine HCl 180 mg and Pseudoephedrine HCl 240 mg extended-release OTC tablets. It is an over-the-counter oral antihistamine and nasal decongestant for the temporary relief of nasal and sinus congestion due to colds or allergies, which is an important addition to the upper respiratory portfolio of OTC products.
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Key Segments -
The otc drug and Dietar*y Supplement market covered in this report is segmented -
1) By Category: Vitamin And Dietar*y Supplement, Cough And Cold Products, Analgesics, Gastrointestinal Products, Sleep Aids, Otic Products, Wart Removers, Mouth Care Products, Ophthalmic Products, Other Categories
2) By Dosage Form: Tablets, Hard Capsules, Powders, Ointments, Soft Capsules, Liquids, Other Dosage Forms
3) By Application: Pharmacies, Grocery Stores, Vitamin And Health Food Stores, Online Pharmacies
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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