by on May 17, 2023
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The global OTC drugs market size is projected to grow from USD 157.0 billion in 2021 to USD 233.6 billion in 2028. The rising number of private label products is set to affect growth positively. In the U.S., shares of these products reached 31.0% in 2018 from 26.0% in 2009. Also, numerous companies are collaborating with e-commerce platforms to launch their products on their platforms. Amazon.com, Inc., for instance, introduced Perrigo’s over-the-counter healthcare products in February 2018. Fortune Business Insights™ mentioned this in a published report, titled, “OTC Drugs Market, 2021-2028.” The report further states that the market stood at USD 148.0 billion in 2020. It is set to showcase a CAGR of 5.8% in the forecast period during 2021-2028.

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Dr Reddy's Laboratories Unveils Famotidine Tablets in U.S. to Treat GERD

In October 2020, Dr Reddy's Laboratories, a multinational pharmaceutical company headquartered in India introduced the Famotidine tablet, an OTC drug for the treatment of gastroesophageal reflux disease (GERD) in the U.S. The tablets are similar to Pepcid AC, a product of Johnson & Johnson. These will be used to relieve and prevent sour stomach occurring because of drinking or eating certain beverages and foods, as well as heartburn happening because of acid indigestion. This launch would enable the company to fulfil a significant therapy gap created because of the withdrawal of Ranitidine in the U.S. antacids market.

Demand for Nutritional Supplements Increases amid COVID-19 Pandemic Globally

The COVID-19 pandemic has had varied impacts on OTC products worldwide. It has bolstered the demand for nutritional supplements, minerals, and vitamins because of the rising awareness of self-care among people. On the contrary, the surging hygiene measures and precautions to prevent transmission of the coronavirus have resulted in the declining demand for cough and cold medicines. At the same time, drugs required for the treatment of digestives & intestinal remedies and skin problems have also reduced amid the pandemic.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visithttps://www.fortunebusinessinsights.com/over-the-counter-otc-drugs-market-105433

 

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