Visiongain has published a new report. OTC Medicines and Dietary Supplements 2022-2032This includes profiles and forecast market segments for OTC pharmaceuticals and nutritional supplements By category (cough medicine, cold medicine, analgesic, dermatology, vitamins and minerals, weight loss and diet pills, gastrointestinal medicine, allergy, etc.), market segments by dosage form (tablets, hard capsules, powders, ointments, soft capsules, liquids, Others), market segment by product (brand name drug, generic drug), market segment by distribution channel (pharmacy/drug store, supermarket/hypermarket, convenience store, online drug store, health food store, other), Additionally, COVID-19 impact analysis and recovery pattern analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), key player, region and country profiles.
The OTC pharmaceuticals and nutritional supplements market is valued at USD 211.75 billion in 2021 and is projected to grow at a CAGR of 7.90% during the forecast period 2022-2032.
Growth opportunities emerge as a result of demographic and economic changes
The growing global population will greatly increase the elderly population by expanding the OTC customer base and purchasing more OTC items. As people live longer, they need more drugs to treat age-related symptoms. Many are chronic and require lifelong medication. In terms of the impact of China’s economic development and falling oil prices on the economy, the global economy is showing some balance despite currency fluctuations and market volatility, reflecting sales growth in many OTC markets. There is a strong consensus that we are trying to achieve The past few years. From a long-term perspective, the rapid growth of the middle-class economy will boost demand for his OTC products in emerging economies such as China, India and Brazil.
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How has COVID-19 significantly impacted the OTC drug and nutritional supplement market?
The impact of COVID-19 on the global drug supply has put a heavy burden on the risk of shortages. Pharmaceuticals and medical device manufacturers, which import most of their products directly or indirectly from China, said they would continue to work even though production in several industries and regions in China has been gradually increasing since late February. Regardless, it is at risk of severe supply shortages over the next 20 months. The main reasons for these dangers are the limited capacity to operate in China and how resuming production is a priority. . The consumer health sector of life sciences companies is seeing greater demand as consumer vaults of “over-the-counter” (OTC) medicines and hygiene products already exist. In the long term, increased consumer interest may also affect products that promote health, well-being and hygiene.
Potential impacts on businesses in the recovery phase of the COVID-19 outbreak include:
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Disruptions in production and supply chains could provide an opportunity for the industry to rethink its current routes. Despite indicators of economic activity in China showing some activity returning to pre-outbreak levels, the outbreak of COVID-19 has prompted companies to better analyze gaps in their supply chains and reduce raw material supplies. There is a pressing need to diversify.
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Distortions in drug imports and exports are more pervasive, with supplies of active ingredients longer as the pandemic lasts.
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Increased digital technologies (data analytics, automation, cognitive approaches, wearables, sensors and linked devices) are enabling virtual clinical trials, allowing planned trials to continue and search for COVID-19 solutions Become. Life sciences leaders are learning from the first response, building resilience against future waves of crisis, strengthening operational capabilities in the face of the “new normal,” and building digital capabilities in previously unthinkable areas. , we need to focus on deepening our understanding. Navigate recovery stages and prepare for future prosperity.
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How can this report help me?
Visiongain’s 400 page report contains 167 tables and 224 charts/graphs. Our new study is suitable for anyone who requires a commercial and in-depth analysis of the OTC Pharmaceuticals & Dietary Supplements market along with an in-depth segmental analysis of the market. Our new research helps assess the overall global and regional market for OTC pharmaceuticals and nutritional supplements. Obtain financial analysis of the entire market and various segments such as categories, dosage forms, products and distribution channels to gain higher market share. We believe there is great opportunity in this fast-growing OTC drug and nutritional supplement market. Find out how you can take advantage of existing and upcoming opportunities in this market to generate revenue in the near future. Additionally, the report can help improve strategic decision-making, frame growth strategies, enhance analysis of other market players, and maximize company productivity.
What are the current market drivers?
Growing awareness of personalized nutrition
Given that customers are increasingly in control of their own health, personalized nutrition is poised to make a big difference in healthcare. Looking for a personalized solution to This trend has the potential to grow significantly with the introduction of cutting-edge, sophisticated digital technologies and adaptable direct-to-consumer business models.
Rapidly Changing Health Patterns Drive Market Growth
Consumer interest in health care is undergoing a tectonic shift from passive to proactive, largely as a result of rapid changes in health patterns and immunity taking center stage. The crisis has restored the status of dietary supplements as a pathway to health. The supplement sector has a unique opportunity to enable customers to take control of their well-being and health thanks to this changing consumer behavior. However, this heavy burden on the sector is also due to the growing demand for supplements.
Download a limited sample of the report
https://www.visiongain.com/report/otc-drugs-market-2022/#download_sample_div
Where are the market opportunities?
Increasing demand for natural and Ayurvedic products to offer profitable growth opportunities
Many companies in the FMCG and pharmaceutical sectors are striving to find their sweet spot. In terms of category attractiveness, this approach is interesting because formulation-driven products have significantly higher gross margins than food. Companies are working to establish clear pillars to the idea of inner and outer health. This includes fortification of packaged foods, use of natural grains, innovation in categories such as vitamins and nutritional supplements, and research and development in products such as beauty and personal care.
Additionally, the growing demand for natural and Ayurvedic products has led companies already involved in the market to make stronger claims to their credentials, drawing participants from the pharmaceutical industry into the field, for example. , well-known vitamin makers like Herbalife Nutrition have begun to integrate traditional Indian ingredients like amla, turmeric and black pepper into their products, despite not focusing on Ayurveda. , introduced a unique line of products under the name Vritilife to position itself as a synthesis of Ayurvedic principles and modern technology. Through formulation, packaging and marketing, several FMCG companies with an Ayurvedic perspective have also sought to promote their local heritage.
competitive environment
Major players operating in the OTC drug and nutraceutical market are Abbott, Alcon, Alkem Labs, Bayer AG, Cipla Inc., Dr. Reddy’s Laboratories Ltd., F. Hoffmann-La Roche Ltd, Fresenius Medical Care AG & Co. KGaA. , Glanbia PLC, H. Lundbeck A/S, Haleon plc, Herbalife International of America, Inc., Johnson & Johnson Services, Inc., Lupin, Nature’s Sunshine Products, Inc., Nippon Chemiphar Co., Ltd., Novartis AG, Perrigo Company plc , Pfizer Inc., Reckitt Benckiser Group PLC, Sanofi, Sun Pharmaceutical Industries Ltd., Taisho Pharmaceutical Holdings Co., Ltd., Takeda Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Viatris Inc. These key players operating in this market are adopting various strategies such as M&A, R&D investments, collaborations, partnerships, regional business expansion, and new product launches.
Recent development
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In July 2022, GSK plc completed the separation of its Consumer Healthcare business from GSK Group to form Hareon Group.
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In July 2022, Dr. Reddy’s Laboratories Ltd. entered into a licensing agreement with Slayback Pharma LLC to acquire the rights to Slayback’s Brimonidine Tartrate Ophthalmic Solution 0.025%, the private label equivalent of Lumify® (OTC eye drops) in the United States. Got. Exclusive rights to his Reddy products outside the United States
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In February 2022, IFF entered into an agreement to acquire Health Wright Products, LLC (HWP), a contract manufacturer of nutritional supplements.
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