Healthcare publisher, Kalorama Information, shares insights from its latest report on the Market for Rx-to-OTC Switches
ARLINGTON, Va., May 12, 2022 /PRNewswire-PRWeb/ -- The U.S. Rx-to-OTC market the market for product with ingredients switched to allow over-the-counter usage, has grown into a $13.8 billion market. This is according to a new report from Kalorama Information. This has mainly been due to factors such as patent expirations, increasing competitiveness with the pharmaceutical environment, the FDA willingness to work with industry, brand re-invention, consumer demand, and cost containment strategies. The firm's report includes in its market figure a wide variety of products that have been determined safe and effective as over-the-counter products, once available only by prescription.
Kalorama estimates that more than 700 products have made the switch from Rx to OTC over the past several decades. Aging populations, many of which are taking greater interest in their health, have created a growing Rx-to-OTC industry in America. It is anticipated that Rx-to-OTC switch products will continue to grow as interest from both consumers and developers continue to expand.
Kalroama notes the market increased by 14.5% from 2019 to 2020 as a result of effects from the COVID-19 pandemic. During the pandemic, the increase in COVID-19 cases, continued incidence of allergy, gastrointestinal and pain symptoms and a reduction the available in-person health visits increased the demand for OTC treatments during this time-period. This continued, at a slightly lower level, during 2021.
Many of the new products that are on the market may be potential candidates after standing the test of time as a prescription product. Also, the demand for OTC products is not likely to diminish, giving rise to more possibilities in the switched categories. Over one third of American consumers use an OTC medication at least every other day and the numbers are increasing on a regular basis as more products appear on the OTC market.
The report says all areas contribute to the growth and development of the OTC market; however, new product development and additional regulatory review and approval of new OTC drug classifications, specifically in areas such as gastrointestinal drugs, analgesics, allergy treatments, hair growth products, cholesterol-reducing drugs, urinary disorder treatments, contraceptives and sexual dysfunction treatments will be major forces in the future market.
Kalorama says some of these segments will experience growth due to new introductions during the forecast period, while other segments may not achieve market approvals until after the forecast period.
Kalorama's report, Rx to OTC Switches, Can Be Found At: https://kaloramainformation.com/product/the-market-for-rx-to-otc-switches-8th-edition/
About Kalorama Information
Kalorama Information is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, medical devices, and pharmaceuticals. Science and Medicine Group supports companies seeking to commercialize the rapidly changing marketplace at the intersection of science, medicine, and technology. Comprised of industry-leading brands, Science and Medicine Group serves analytical instrument, life science, imaging, and clinical diagnostic companies by helping them create strategies and products to win markets and provide platforms to digitally engage their markets through a variety of innovative solutions. Kalorama Information produces 30 reports a year. The firm offers a Knowledge Center, which provides access to all published reports.
Bruce Carlson, Kalorama Information, 703-783-1747, [email protected]
SOURCE Kalorama Information