Rx-to-OTC Switches Market is projected to reach US$ 58 bn by 2031 at a CAGR of 5.3%

As per a study by FMI, the global sales of Rx-to-OTC switches market is expected surpass evaluation of US$ 58 bn with a CAGR of 5.3% during the forecast period of 2021 and 2031. The market is estimated to reach US$ 35 bn in 2021, exhibiting a year-on-year growth rate of 5.2% during 2021. Sales rose at 1.5% CAGR between 2016 and 2020.

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.

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The shift from Rx-to-OTC is picking up speed as OTC medications are financially savvy and convey first line treatment for a long time ailments. This has brought about decreased specialist visits, therefore expanding open doors for deals on the lookout.

The change of demonstrated professionally prescribed medications to nonprescription, over the counter status for treating normal infections is an exceptionally managed and experimentally thorough interaction yet it is generally picking up speed as it decreases gigantic weight from the medical care office.

For a medication to be allowed OTC status, it should stick to somewhere safe edge, bear reasonable marking, and should be viable. These limitations could obstruct or dial back the most common way of assembling and creation later on. Notwithstanding, more extensive reception of meds and items have amplified the interest for Rx-to-OTC items in the worldwide market.

According to FMI, the interest for sensitivity and respiratory medications will stay high on the lookout. The section is likewise conjecture to enlist 5.7% CAGR over the approaching ten years. Allergy meds were the primary medications to get Rx to OTC status and they have the capability of treating different way of life illnesses. This will stay one of the main drivers of the portion.

“Central members in the worldwide market are putting resources into item advancement to get quicker endorsement from FDA and other equivalent boss associations. For example, in June 2021, FDA supported Rx-to-OTC switch for Astepro sensitivity nasal splash, as most would consider to be normal to be accessible at mass retail stores in the U.S.”, says a FMI examiner.

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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.

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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.

Key Companies Profiled

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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