Over-the-counter (OTC) drugs Market, also known as the non-prescription drugs that can be bought without a prescription. Over-the-counter drugs are safe and effective when the consumer follows the directions on the label or as provided by a physician. Over-the-counter (OTC) drugs are primarily used to treat conditions that do not require direct consultation of a doctor. Over-the-counter drugs provide affordable treatment and also help to decrease the workload of physicians. Over-the-counter drugs are easily available in pharmacies. Even though these products are considered as over-the-counter because these are not directly kept on pharmacy counters and must be dispensed by a pharmacist after confirming age, identity, and patient knowledge regarding usage of the product.
Latin America (OTC) drugs market is growing at a significant CAGR due to rise in the population. Increase in the adoption of western lifestyles, promotion and marketing initiatives for over-the-counter products, the rise in the healthcare expenditure, and an increase in the geriatric population expected to fuel the Latin America Over The Counter Drugs Market over the forecast period. Furthermore, rise in demand for self-medication with non-prescription drugs, changes in cultural attitudes regarding self-medications required for minor health problems, convenience in the direct purchase, savings enabled by the use of over-the-counter drugs, and developments and innovations in drugs products expected to fuel the Latin-America over-the-counter drugs market. However, competition between the existing market players, more possibilities of substance addiction and abuse, severity and complications involved in the taking of wrong medications due to misdiagnosis and lack of awareness among the rural population in developing and underdeveloped countries might hinder the Latin America over-the-counter drugs market over the forecast period.
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The Latin America over-the-counter medicine market is segmented on the basis of product type, formulation type, and distribution channel
Based on product type, Latin America over-the-counter Medicine market has been segmented into the following:
- Pain Products
- Cough, Cold and Flu Products
- Vitamins and Minerals
- Gastrointestinal Products
- Ophthalmic Products
- Sleep Aid Products
- Weight Loss/Diet Products
- Others
Based on formulation type, Latin America over-the-counter Medicine market has been segmented into the following:
- Tablets
- Liquids
- Ointments
- Sprays
- Others
Based on distribution channel, Latin America over-the-counter Medicine market has been segmented into the following:
- Pharmacies
- Supermarkets/Hypermarkets
- Convenience stores
- Online drug stores
- Others
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The Latin America over-the-counter medicine market is in the flourishing stage with several local and international players actively engaged in the launch of new products to increase their market share in the Latin America over-the-counter medicine market. Some of the key strategies followed by various pharmaceutical companies include acquisitions and mergers, collaborations, and technological innovations for over-the-counter medicine.. For instance, in February 2013, Reckitt Benckiser, the manufacturer of Nurofen painkillers, paid to Bristol-Myers Squibb about US$ 482 Mn to license a portfolio of Latin American over-the-counter healthcare products.
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Some of the players in Latin America over-the-counter medicine market are Novartis AG (Switzerland), Pfizer, Inc. (U.S.), Valeant (Canada), Perrigo Company plc. (U.S.), Sanofi-Aventis (France), GlaxoSmithKline plc. (U.K.), Johnson & Johnson Services, Inc. (U.S.), Bayer AG (Germany), Takeda Pharmaceuticals company Ltd. (Japan), Teva Pharmaceutical Industries Ltd. (Israel), Bristol-Myers Squibb (U.S.), and Reckitt Benckiser Group plc (U.K.) to name a few.
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