North America OTC Drugs Market by Product Type (Analgesics, Cough, Cold and Flu Products, Dermatological Products, Gastrointestinal Products, Vitamins, Minerals, Weight Loss Products, Sleep Aids, Ophthalmic Products, Smoking Cession Aids and Other Products), and by Region - Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
The OTC drugs market in North America has been estimated at USD 28.97 billion in 2016 and is projected to reach USD 39.69 billion by 2021, at a CAGR of 6.64% during the forecast period from 2016 to 2021. OTC Drugs are the effective and safe drugs, which can be bought at the pharmacies and local stores, without doctor’s prescription.
Acetaminophen, aspirin and ibuprofen are the most common OTC drugs in North America.
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Easy accessibility and convenience are the main pluses of OTC drugs.
With the increasing number of chemists and pharma dispensaries, the drugs are readily available and at low costs.
In North America, with the start of a pro-active approach towards the ailments, there is a cultural shift in public towards self-reliance. This is driving the market with a wide expansion of consumer base.
The issue of drug substance abuse is the main constraint that is prevalent in the North American market.
The North American market is segmented based on product and geographically. The product market basically caters medicines in the categories like analgesics, cough, cold and flu products, dermatological products, gastrointestinal products, vitamins, minerals, weight loss products, sleep aids, ophthalmic products, smoking cession aids and other products.
Majority of the market share belongs to categories like Analgesics, Cough, Cold & Flu, Dermatological and gastrointestinal categories.
North American market is geographically segmented in USA and Canada. USA is the biggest market for OTC drugs in the North American region.
It accounts for more than 80% of the market in this region. Although the market share is high in the North American region, it is forecasted to witness a saturation in the market due to the domination of generic medicine prescription.
GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi and Takeda and are the top companies that contribute to North American OTC drugs market. The maximum market share is possessed by GlaxoSmithKline, Johnson and Johnson, Novartis and Sanofi.
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