11 October 2022
Visiongain has published a new report entitled OTC Drugs & Dietary Supplements Market Report 2022-2032: Forecasts by Category (Cough, Cold and Flu Drugs, Analgesics, Dermatological, Vitamins and Minerals, Weight Loss/Diet Products, Gastrointestinal Drugs, Allergy, Others), by Dosage Form (Tablets, Hard Capsules, Powders, Ointments, Soft Capsules, Liquids, Others), by Product (Branded Drugs, Generic Drugs), by Distribution Channel (Pharmacies/Drugstores, Supermarkets/Hypermarkets, Convenience Stores, Online Drugstores, Health Food Stores, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The OTC drugs & dietary supplements market was valued at US$211.75 billion in 2021 and is projected to grow at a CAGR of 7.90% during the forecast period 2022-2032.
Growth Opportunities will Emerge as a Result of Demographic & Economic Changes
The increasing worldwide population will expand OTC's client base and significantly increase the older population by buying more OTC items. As individuals live longer, they require more medicine to treat age-related conditions, many of which are chronic and require medication throughout their lives. Concerning economic developments in China and the effect of falling oil prices on the economy, there is a strong consensus that the world economy is going to achieve some balance that is likely to reflect sales growth on many OTC markets, despite currency fluctuations and volatility in the last couple of years. From a long-term perspective, the rapid growth of the middle-class economy will enhance the demand for OTC products in emerging economies such as China, India, and Brazil.
How has COVID-19 had a Significant Impact on the OTC Drugs & Dietary Supplements Market?
The interruptive effects of COVID-19 on the worldwide supply of pharmaceuticals have put a great deal of burden on the risks of deficits. Those manufacturers of pharmaceuticals and medical equipment who import most of their products directly or indirectly from China are now at risk of severe supply shortages over the next 20 months, even though their output in several industries and regions in China has gradually increased since late February. The main reason for these dangers is the restricted operating capacity in China and how priority will be given to the resumption of production. As consumer storage of "over-the-counter" (OTC) drugs and sanitation items already exist, the consumer health departments of Life Sciences businesses are finding greater demand. In the long term, the increase in consumer interest can also have an impact on products that promote health, well-being, and hygiene.
The possible effects for companies navigating the recovery phase of the COVID-19 epidemic include:
• Disruption of the production and supply chain could in turn provide a chance for the industry to review current routes. Despite levels of indicators on economic activity in China that some activities revert to pre-outbreak levels, the outbreak of COVID-19 forces enterprises to better analyze the gaps in their supply chain and diversify their supply of ingredients.
• Distortion of pharmaceutical import and export more widely, together with the provision of active substances, where the pandemic lasts for longer.
• Increased digital technologies (data analysis, automation, cognitive approaches, wearables, sensors, and linked devices) to enable virtual clinical trials and allow for the continuation of planned trials, as well as the search for COVID-19 solutions. Life science leaders must learn from the initial response and focus on strengthening their resilience to future waves of the crisis, consolidating their operational capacity in the face of the "new normal," building up their digital capability in previously unconsidered areas, and increasing their understanding to navigate through the recovery phase and prepare for future thrive.
How will this Report Benefit you?
Visiongain’s 400-page report provides 167 tables and 224 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the OTC drugs & dietary supplements market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for OTC Drugs & Dietary Supplements. Get financial analysis of the overall market and different segments including category, dosage form, product, distribution channel and capture higher market share. We believe that there are strong opportunities in this fast-growing OTC drugs & dietary supplements market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Awareness Towards Personalized Nutrition
Given that customers are increasingly taking charge of their health, personalized nutrition is poised to bring about a significant change in healthcare. They are searching for personalized solutions that would address their unique personal needs. This trend has the potential to grow significantly with the deployment of cutting-edge, sophisticated digital technologies and adaptable direct-to-consumer business models.
Rapidly Changing Health Patterns to Fuel Market Growth
Consumer interest in healthcare has mainly undergone a tectonic change from reactive to proactive as a result of rapidly changing health patterns and immunity taking center stage. The crisis has restored dietary supplements' position as a route to well-being. The supplement sector has a unique opportunity to enable customers to take charge of their welfare and health thanks to this shift in consumer behavior. But this enormous strain on the sector has also resulted from the rising demand for supplements.
Where are the Market Opportunities?
Increasing Demand for Natural and Ayurvedic Products to Offer Lucrative Growth Opportunities
Many businesses in the FMCG and pharmaceutical sectors strive to find the sweet spot. This approach is intriguing because formulation-driven products have substantially greater gross margins than food products in terms of category attractiveness. Companies are working to establish distinct pillars on the idea of inner and outer wellness. This comprises R&D on fortifying packaged foods, use of natural grains, innovation in categories such as vitamins & dietary supplements, and beauty & personal care among other products.
Additionally, the increased demand for natural and ayurvedic products has prompted businesses already involved in the market to make stronger claims about their qualifications and has drawn participants from the pharmaceutical industry to the space. For instance, well-known vitamin manufacturers like Herbalife Nutrition have begun integrating traditional Indian components like amla, turmeric, and black pepper in their products despite not having an Ayurvedic focus. The company has introduced a distinct line of products under the name Vritilife to present itself as a synthesis of ayurvedic principles and contemporary technology. Through their formulations, packaging, and marketing, several FMCG companies with an Ayurvedic perspective have also tried to promote their local heritages.
The major players operating in the OTC drugs & dietary supplements 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 Company Limited, Teva Pharmaceutical Industries Ltd., and Viatris Inc. among other prominent players. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In July 2022, GSK plc completed the demerger of the Consumer Healthcare business from the GSK Group to form the Haleon Group.
• In July 2022, Dr. Reddy’s Laboratories Ltd. entered into a licensing agreement with Slayback Pharma LLC to acquire rights in Slayback’s Brimonidine Tartrate Ophthalmic Solution 0.025%, the private label equivalent of Lumify® (OTC eyedrop) in the U.S. The agreement also provides Dr. Reddy’s exclusive rights to the product outside the U.S.
• In February 2022, IFF entered into an agreement to acquire Health Wright Products, LLC (HWP), a contract manufacturer of dietary supplements.
Notes for Editors
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