Over-The-Counter Drugs Market Will Secure 5% CAGR to Cross $178 Billion by 2024

European over the counter drugs market projected to maintain handsome growth in coming years, driven by Growing consumer appetite for self-medication and alarming need to curb the healthcare cost.

SELLBYVILLE, Del., Feb. 5, 2018 /PRNewswire-iReach/ -- Global Over-the-Counter (OTC) Drugs Market is poised to exceed USD 178 billion by 2024; according to a new research report by Global Market Insights. Expanding geriatric population base which is highly susceptible to suffer from several diseases such as joint pain will drive global Over-the-Counter (OTC) drugs demand over the forecast period. Growing healthcare awareness among people and cost-effectiveness associated with OTC drugs will further fuel industry growth.

Pharmaceutical companies' switch from Rx to OTC drugs serves as high impact rendering factor on industry growth over the forecast period. This will provide potential growth opportunities for companies to rejuvenate an off-patent brand into a new life-cycle growth phase.

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Issues pertaining to substance abuse and less awareness in emerging and underdeveloped economies about medicines are major growth restraining factors. Furthermore, risk associated with taking wrong medicines due to improper self-diagnosis is most likely to make regulations more stringent.

 Browse key industry insights spread across 120 pages with 47 market data tables & 8 figures & charts from the report, "Over-the-Counter (OTC) Drugs Market" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/over-the-counter-otc-drugs-market

Analgesics accounted for significant value share of the market in 2016. OTC analgesics have application in the treatment of fever, headaches, flu, colds, musculoskeletal injuries & disorders, arthritis, toothaches, and menstrual cramps which will spur demand. Frequent body pain experienced by geriatric population, increasing incidences of arthritis, cancer and cardiovascular disease, and increasing investment in R&D by public & private sector, with major focus to formulate new therapeutics and will drive industry growth.

Cold, cough and flu segment should witness substantial growth over the forecast timeframe. The growth is attributed by demand from increasing number of individuals catching cold and flu multiple times in a year. Non-life-threatening nature of these infections make OTC medication a viable choice for the patient, resulting to escalating demand. Moreover, increasing awareness through media such as TV, social media home pages and print circular will propel industry growth.

U.S. OTC drugs market size witness lucrative growth over the forecast period. Increasing preference for the drugs for minor injuries along with increasing self-medication and self-care will spur demand. Moreover, rising healthcare expenditure, favorable regulatory scenario and presence of major players in the country will fuel industry growth.

UK market should witness substantial growth due to increasing awareness pertaining to self-treatment medication. Increased availability of OTC medicines in country will help government to minimize the healthcare cost and provide better access to public and propel business growth over the forecast timeframe.

India OTC drugs market size held significant revenue share in 2016. Growing healthcare expenditure, unhealthy dietary habits, expanding population and growing healthcare awareness will drive industry growth. Geriatric population in the country are prone to acquire diseases such as asthma, arthritis, angina, depression, and diabetes which will spur demand.

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Some of the companies operating in OTC drugs market includes, Johnson & Johnson Pfizer, Cipla, Dr. Reddy's Laboratories, Takeda, Teva Pharmaceuticals, Sanofi, Bayer and GlaxoSmithKline.  Industry players are focusing on new product development and acquisition strategy to gain market share.

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