OTC Drugs Market Size [2022-2028] worth USD 233.6 Billion
The global OTC drugs market size is projected to grow from USD 157.0 billion in 2021 to USD 233.6 billion in 2028. The rising number of private label products is set to affect growth positively. In the U.S., shares of these products reached 31.0% in 2018 from 26.0% in 2009. Also, numerous companies are collaborating with e-commerce platforms to launch their products on their platforms. Amazon.com, Inc., for instance, introduced Perrigo’s over-the-counter healthcare products in February 2018. Fortune Business Insights™ mentioned this in a published report, titled, “OTC Drugs Market, 2021-2028.” The report further states that the market stood at USD 148.0 billion in 2020. It is set to showcase a CAGR of 5.8% in the forecast period during 2021-2028.
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Dr Reddy's
Laboratories Unveils Famotidine Tablets in U.S. to Treat GERD
In October 2020, Dr Reddy's Laboratories, a
multinational pharmaceutical company headquartered in India introduced the
Famotidine tablet, an OTC drug for the treatment of gastroesophageal reflux
disease (GERD) in the U.S. The tablets are similar to Pepcid AC, a product of
Johnson & Johnson. These will be used to relieve and prevent sour stomach
occurring because of drinking or eating certain beverages and foods, as well as
heartburn happening because of acid indigestion. This launch would enable the
company to fulfil a significant therapy gap created because of the withdrawal
of Ranitidine in the U.S. antacids market.
Demand
for Nutritional Supplements Increases amid COVID-19 Pandemic Globally
The COVID-19 pandemic has had varied impacts on OTC
products worldwide. It has bolstered the demand for nutritional supplements,
minerals, and vitamins because of the rising awareness of self-care among
people. On the contrary, the surging hygiene measures and precautions to
prevent transmission of the coronavirus have resulted in the declining demand
for cough and cold medicines. At the same time, drugs required for the
treatment of digestives & intestinal remedies and skin problems have also
reduced amid the pandemic.
To get to know more
about the short-term and long-term impact of COVID-19 on this market, please
visit: https://www.fortunebusinessinsights.com/over-the-counter-otc-drugs-market-105433
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