As per a study by FMI, the global Rx-to-OTC Switches Market sales is expected surpass evaluation of US$ 58 billion with a CAGR of 5.3% during the forecast period of 2021 and 2031. The market is estimated to reach US$ 35 billion in 2021, exhibiting a year on year growth rate of 5.2% during 2021. Sales rose at 1.5% CAGR between 2016 and 2020.
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According to a study by FMI, allergy and respiratory drug segment will dominate the global market, accounting for a share of 26.7% in 2021. Demand for improved access to a wide range of medicines over the counter (OTC) for treating common ailments such as cough, cold, flu, headaches, and others will continue aiding sales in the market.
The shift from Rx-to-OTC is gaining momentum as OTC medicines are cost effective and deliver first line treatment for numerous common illnesses. This has resulted in reduced doctor visits, subsequently increasing opportunities for sales in the market.
The transition of proven prescription drugs to nonprescription, over the counter status for treating common diseases is a highly regulated and scientifically rigorous process but it is widely gaining momentum as it reduces massive burden from the healthcare facility.
For a medicine to be granted OTC status, it must adhere to safety margin, bear understandable labelling, and must be effective. These restrictions might hinder or slow down the process of manufacturing and production in the future. However, wider adoption of medicines and products have magnified the demand for Rx-to-OTC products in the global market.
As per FMI, the demand for allergy and respiratory drugs will remain high in the market. The segment is also forecast to register 5.7% CAGR over the coming decade. Antihistamines were the first drugs to receive Rx to OTC status and they have the potential of treating various lifestyle diseases. This will remain one of the chief drivers of the segment.
“Key players in the global market are investing in product development to get faster approval from FDA and other equal chief organizations. For instance, in June 2021, FDA approved Rx-to-OTC switch for Astepro allergy nasal spray, which is expected to be available at mass retail locations in the U.S.”, says a FMI analyst.
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Key Takeaways
- Retail pharmacies are expected to register a CAGR of 5.1% during the forecast period as they have improved the availability of OTC drugs for treatment of various common illnesses.
- Allergy and respiratory drugs have higher potential for growth during the forecast period. The segment is to register a CAGR of 5.7% during the forecast period.
- The U.S. holds 75% of share in the North America market. Presence of some of the leading companies will drive sales in the U.S.
- The U.K is expected to account for 33% of the Europe market through 2031.
Key Drivers
- Expansion strategies and investment by numerous pharmaceutical companies to attain approval will create lucrative opportunities, bolstering sales of Rx-to-OTC in global market.
- The outbreak of COVID-19 pandemic is expected to boost demand for OTC products as doctor visits have become restricted during these times.
- Rising investment in research and development activities for approval will create lucrative opportunities for the market.
Key Restrains
- Conservative approach, low chances of approval, and declined approvals for traditional OTC product types will hamper the demand in the Rx-to-OTC market during the forecast period.
- The global pandemic hindered manufacturing process and disrupted supply chain, hence slowing down the market growth.
Competitive Landscape
The key players operating in the global Rx-to-OTC are focusing on adopting strategic collaboration to gain competitive edge. Besides this, they are engaging in product launches and improving their distribution channels to penetrate in regional markets.
For instance, Pfizer Inc. in April 2021, acquired Amplyx Pharmaceuticals, Inc., a private pharmaceutical company.
FDA in June 2021, approved Rx-to-OTC switch for Astepro allergy nasal spray and made it available at mass retail locations in the U.S.
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Key players operating in the global Rx-to-OTC market as profiled by FMI 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
More Insights on the Rx-to-OTC Market:
FMI provides an unbiased analysis of the Rx-to-OTC market, presenting historical demand data (2016 to 2020) and forecast statistics for the period of 2021 to 2031. The study divulges compelling insights on the global Rx-to-OTC market with a detailed segmentation on the basis of
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 (Lice, Acne, Weight Loss, And Laxative)
Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Drug Stores
- Online Pharmacies
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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