(PRWEB) February 14, 2013
The Global Over-The-Counter (OTC) Pharmaceutical Market To Grow At A CAGR Of 1.9 Percent over the Period 2012-2016. One of the key factors contributing to this market growth is the increasing switch from prescription to OTC drugs. The Global Over-the-counter Pharmaceutical market has also been witnessing the trend of an increasing number of mergers and acquisitions. However, the increasing risks of side-effects could pose a challenge to the growth of this market.
TechNavio's report, the Global Over-the-counter Pharmaceutical Market 2012-2016, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the EMEA and APAC regions; it also covers the Global Over-the-counter Pharmaceutical market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
The key vendors dominating this market space are Bayer Healthcare AG, Johnson and Johnson, GlaxoSmithKline plc, and Novartis International AG.
The other vendors mentioned in the report are Sanofi S.A., Reckitt Benckiser plc, Boehringer Ingelheim GmbH , Merck and Co. Inc., Pfizer Inc., Takeda Pharmaceutical Co. Ltd., Roche Holding Ltd., Procter and Gamble, Taisho Pharmaceutical, Bristol Myers Squibb Co., Schering-Plough Corp., Eisai Co. Ltd., Mitsubishi Tanabe Pharma Corp., Sigma Pharmaceuticals plc, Hubei Biocause Heilen Pharmaceutical Co. Ltd., United Laboratories Inc., Daewoong Pharmaceutical Co. Ltd., Bukwang Pharmaceutical Co. Ltd., Vida Laboratories Ltd., and Cipla Ltd.
Commenting on the report, an analyst from TechNavio's Healthcare team said: ''Mergers and acquisitions help vendors grow rapidly and expand their business. The Global Over-the-counter (OTC) Pharmaceuticals market is nowadays witnessing an increase in mergers and acquisitions among vendors. For instance, Sanofi acquired US-based Chattem Chemicals Inc., a leading manufacturer of branded consumer healthcare products, toiletries, and dietary supplements. This acquisition will increase the company's share in the Consumer Healthcare market in the US. Similarly, JandJ acquired Synthes Inc. in June 2012 to strengthen its orthopedics business and its position in developing countries.''
According to the report, one of the key factors driving the Global OTC Pharmaceuticals market is the increasing switch from prescription drugs to OTC drugs. Since OTC drugs are cost-effective, they help cut down the overall healthcare costs. Moreover, there is a trend to move some drugs from prescription category to OTC category as part of product lifecycle management.
Furthermore, many consumers prefer OTC drugs because of their easy availability. Some patients prefer OTC drugs to avoid visiting a doctor. The OTC Drug market in the US grew tremendously in 2011 because of the launch of the OTC version of the drug Allegra, which is Sanofi's major allergy relief drug. Thus, increasing switch from prescription to OTC drugs has increased the demand for OTC drugs significantly.
Further, the report reveals that one of the major challenges in the market is the recall of some OTC products by the US FDA and the voluntary recall of some OTC drugs by some vendors.
Research and Markets
Laura Wood, Senior Manager.
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