Over-the-Counter Drugs and Dietary Supplements Market to See 5.9% Annual Growth Through 2025
Industry Boosted by Reclassification of Prescription Drugs
WELLESLEY, Mass., November 18, 2019 (Newswire.com) - The reclassification of prescription drugs and the increasing trend for self-care are two factors which drive growth of the global over-the-counter drugs and dietary supplements market, according to a report by BCC Research, “Over-the-Counter (OTC) Drugs and Dietary Supplements: Opportunities for Consumer Goods Distributors.”
The market expects to see a compound annual growth rate (CAGR) of 5.9% through 2025, when it could be worth $286 billion.
Major players in the market include: Johnson and Johnson, GlaxoSmithKline, Bayer and Sanofi.
- In 2018, the market for OTC drugs was valued at $137 billion, and should reach $197 billion in 2025, indicating a CAGR of 5.9%.
- In 2018, the market for dietary supplements was worth $52 billion, and should reach $89 billion by 2025 at a CAGR of 5.8%.
- The North American market for OTC drugs and dietary supplements was worth $83.16 billion, and is expected to reach $125.84 billion by 2025, with a CAGR of 5.4%
“Many nations have now begun to reduce the burden on their public healthcare systems through the use of various initiatives, one of which involves the rescheduling of prescription drugs to non-prescription or OTC drugs,” writes analyst Anand Gijare. “Billions of dollars have been spent worldwide every year on treating minor ailments such as headache, body pain and cough and cold through doctor consultations. Frequent visits to doctors especially for minor illness have created a huge burden on public health systems and insurers. By rescheduling drugs from prescription to OTC, these systems have witnessed a decrease of the burden on their resources, especially in the case of non-urgent or primary healthcare treatments that consumers can manage without consulting doctors.”
The Role of Self-Care in the Market
The report adds that self-care is becoming a primary public resource in the global healthcare system. Most nations globally have accepted self-care as an important component of primary healthcare. Self-care involves the use of drugs and dietary supplements. Using traditional remedies and food supplements is an age-old practice in many nations. The use of natural elements of herbal and/or animal origin is common in self-care practices. The 1960s saw the emergence of Western drugs in self-care and self-drug. Western drugs generally fall into two broad classifications: the first being prescription drugs that require the active attention of a doctor or other qualified healthcare professional before consumption; and the second being non-prescription drugs, which are confirmed safe to use without active doctor consultation or the consent of a qualified healthcare professional.
Awareness of the benefits of personal hygiene such as oral medical care, dental care and skincare has led to an increase in the use of OTC drugs, because people are increasingly maintaining personal hygiene in order to avoid falling ill.
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Source: BCC Research
Categories: Pharmaceuticals and Biotech