Rx to OTC Switch Market

Rx to OTC Switch Market

Category : Healthcare & Life Sciences Reports | Delivery Format : PDF,PPT | Publisher: Reports and Insights | Pages : 187

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Rx to OTC Switch Market Overview

The report is titled as ‘Rx to OTC Switch Market: Opportunity Analysis and Future Assessment 2022-2030’. An overview of conceptual frameworks, analytical approaches of the Rx to OTC Switch market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. Rx to OTC Switch market is expected to grow with significant rate in the near future.

The Rx to OTC Switch market is estimated to reach at a value of US$ 32,738.3 Mn by the end of 2022 and expected to reach at a value of US$ 49,128.1 Mn by 2030 with a significant CAGR of 5.2%

Rx to OTC Switch Introduction

Rx-to-OTC switch is the transmission of tested prescription drugs to non-prescription, OTC status. It is a technically rigid and highly controlled process that enables consumers to have OTC admittance to a developing array of medicines. For a medicine to be accorded OTC status, it must have a comprehensive safety perimeter, be efficient, and bear comprehensible marking to ensure appropriate use. By virtue of Rx-to-OTC switches, the end-consumers can expediently purchase and employ a comprehensive scale of medicines and products without the need to schedule a meeting with the doctor. Since more and more prescription allergy medicines have shifted to OTC, there has been an evident transition toward these more affordable and convenient alternatives.

Notably, patients with allergies who consume OTCs have ramped up from 66 percent in 2009 to 75 percent in 2015. Owing to which, the global Rx-to-OTC switches market is projected to rise rapidly over the forthcoming years.

Growing prevalence of infectious diseases like cough, cold and flu worldwide propelling the demand for Rx to OTC switch

In recent times, there has been a rapidly soaring prevalence of infectious diseases such as cough, cold and flu among the population, worldwide, which is primarily estimated to drive the growth of the global rx to otc switch market over the following years. Infectious diseases are generally likely to be induced by various kinds of pathogens, including viruses. bacteria, parasites, and fungi that make the possibility to cause disease and illness among individuals. For humans, transmittance of pathogens might occur in a wide range of ways: outspread by direct contact among person-to-person, foodborne or water illness or aerosolization of contaminated molecules in the environment and by means of insects like ticks and mosquitoes.

However, these illnesses are not always thought of by most people as a serious illness – the symptoms of which include runny nose, headaches, muscle pain, and cough. In point of fact, the majority of the patients, in today’s contemporary world, do not have time to make a visit to the physicians or the doctors and which is why, they majorly prefer prompt access to OTC medicines. OTC drugs by and large are helpful in conditions that are simple to self-diagnose, such as colds, headaches, and allergies, and can be accessed easily at drug stores, grocery stores, supermarkets, and convenience stores.

Whilst some of the particular OTC medications are likely to be recommended by the physician or doctor, they do not need a prescription to purchase. Rx-to-OTC switch is basically the process of transitioning of proven prescription drugs to non-prescription, over-the-counter (OTC) status. It is an extremely regulated and stringent process that enables consumers to obtain OTC access to a developing range of medicines for the treatment of common diseases like cold, headache, and flu and cough, among others. Thus, the process is gaining immense popularity in the present times which is projected to rapidly boost the growth of the global rx to otc switch market in the forecast period.

Key Takeaways from the Market Study

  • The Rx to OTC Switch market is estimated to reach at a value of US$ 32,738.3 Mn by the end of 2022 and expected to reach at a value of US$ 49,128.1 Mn by 2030 with a significant CAGR of 5.2%
  • The solid/semisolid dosage forms drug type segment in global Rx to OTC Switch market is expected to create an incremental opportunity of US$ 13,642.5 Mn during the forecast period
  • In 2022, the Active Pharmaceutical Excipients (API) supportive products segment accounted for the largest market share and expected to grow at 5.4% CAGR during the forecast period.
  • In 2022, the allergy and respiratory drug category segment accounted for the largest market share and expected to grow at 5.5% CAGR during the forecast period.
  • Asia Pacific region is expected to remain the prominent region in the global market and is estimated to remain the fastest growing region
  • Rx to OTC Switch market is expected to increase 1.5X times during the forecast period of 2022 to 2030

Rx to OTC Switch Market Segmentation

The global Rx to OTC Switch market is segmented on the basis of drug type, supportive products, drug category, end users, and region.

By Drug Type

Solid/Semisolid Dosage Forms

Capsules

Hard Capsules

Soft Capsules

Gels

Ophthalmic Gels

Analgesic

Dental Gels

Tablets

Others (Granules, Powders, Chewable)

Liquid Dosage Forms

Syrups

Parenteral Preparations

Others

By Supportive Products

Active Pharmaceutical Excipients (API)

Binders

Buffering Agents

Others

By Drug Category

Allergy and Respiratory

Fungal Infections & Other Infections

Overactive Bladder

Oral Contraceptives

Gastrointestinal Drugs

Hair Loss Treatments

Smoking Cessation

Analgesic, Inflammation and Pain Management

Others

By End Users

Pharmaceutical Manufacturers

Contract Research Manufacturers

By Region

               North America

               Latin America

               Europe

               Asia Pacific

               Middle East

               Africa

Rx to OTC Switch Market Key Players

GlaxoSmithKline Plc, Alcon, Arbor Pharmaceuticals, Sanofi Pasteur, Galderma SA, Cipla Limited, Sun Pharma, Alembic Pharmaceuticals, Bayer AG and many others are the key manufacturers of Rx to OTC Switch

Factors that are benchmarked while estimating the market

Various factors that are benchmarked while estimating the market growth includes (but not restricted to):

Global Healthcare Industry Outlook

Medical Treatment Growth Outlook

Growing Demand for Medical Drugs

Concerns for growing viral and other infections

Top Companies Historical Growth Rate

Pricing Impact

Impact of Regulations

Growth in investment in healthcare sector

Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.

A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s product sales, previous growth rates and market expansion plans are considered to generate market share in the market.


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Frequently Asked Questions

The Rx to OTC Switch market is estimated to reach at a value of US$ 32,738.3 Mn by the end of 2022 and expected to reach at a value of US$ 49,128.1 Mn by 2030 with a significant CAGR of 5.2%

Growing prevalence of infectious diseases like cough, cold and flu worldwide propelling the demand for Rx to OTC switch

The global Rx to OTC Switch market is segmented on the basis of drug type, supportive products, drug category, end users, and region.

GlaxoSmithKline Plc, Alcon, Arbor Pharmaceuticals, Sanofi Pasteur, Galderma SA, Cipla Limited, Sun Pharma, Alembic Pharmaceuticals, Bayer AG and many others are the key manufacturers of Rx to OTC Switch



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