Brooklyn, New York, June 23, 2022 (GLOBE NEWSWIRE) -- The global “Rx to OTC Switch Market: Opportunity Analysis and Future Assessment 2022-2030” issued by Reports and Insights provides authentic and first-hand data, qualitative and quantitative analysis by industry analysts, and inputs from industry experts and stakeholders across the entire chain. The research examines current market trends, macroeconomic factors, regional analysis in-depth, as well as market attractiveness by segment. 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 market research provides SWOT analysis of competitors comprising extraneous environment assessment and PEST study. In addition, the market analysis offers business approaches for handling with COVID-19 impact on the market.
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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 Switches
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.
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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 category, distribution channel, and region.
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 Distribution Channel
Retail Pharmacies
Hospital Pharmacies
Drug Stores
Online Pharmacies
By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
Rx to OTC Switch Market Key Players
Some of the key participating players in global Rx to OTC Switch market are:
GlaxoSmithKline plc.
Astrazeneca
Merck KGaA
Johnson & Johnson
Bayer AG
Sanofi
Boehringer Ingelheim Consumer Healthcare
Bausch and Lomb (A Subsidiary of Bausch Health)
Galderma SA
Alcon
Arbor Pharmaceuticals
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