Overview and Scope
Prescription to over-the-counter (Rx-to-OTC) switches refer to the process of approving prescription medications for sale over-the-counter (OTC), allowing consumers to acquire it without a prescription. This move attempts to make drugs more affordable and accessible by eliminating the need for doctor visits and prescription drug coverage.
Sizing and Forecast
The prescription to over-the-counter (Rx-to-OTC) switches market size has grown strongly in recent years. It will grow from $39.41 billion in 2023 to $42.76 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to growth in consumer preference for self-care, increased considerable investments in the healthcare sector and innovations, growth in Government agencies support, increased awareness and knowledge about OTC products, Change in health priorities influencing.
The prescription to over-the-counter (Rx-to-OTC) switches market size is expected to see strong growth in the next few years. It will grow to $59.58 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to growing demand for OTC drugs, rising insurance and reimbursement policies, increasing consumer interest in self-care and self-medication, growing aging population, increased awareness and education about OTC medications. Major trends in the forecast period include increasing consumer demand for self-care, digital health integration, growth of store brands and private labels, innovative drug delivery systems, growing emphasis on preventive care products.
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Segmentation & Regional Insights
The prescription to over-the-counter (Rx-to-OTC) switches market covered in this report is segmented –
1) By Product: Allergy And Respiratory, Fungal Infections And Other Infections, Oral Contraceptive, Gastrointestinal Drugs, Other Products
2) By Distribution Channel: Retail Pharmacies, Hospital Pharmacies, Drug Stores, Online Pharmacies
3) By End-User: Hospital-Based Laboratories And Clinics, Diagnostic Laboratories, Academic Research Institutes
North America was the largest region in the prescription to over-the-counter (Rx-to-OTC) switches market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prescription to over-the-counter (Rx-to-OTC) switches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing consumer demand for OTC products is expected to propel the growth of the prescription to over-the-counter (Rx-to-OTC) switches market going forward. Over-the-counter (OTC) products are pharmaceuticals that can be acquired without a prescription from a healthcare provider. The demand for over-the-counter (OTC) products has increased due to several reasons, such as accessibility, time-saving, awareness and education, digital health, and e-commerce. OTC products offer easy access, empowering patients to self-manage common ailments and make informed treatment choices without needing a prescription, fostering autonomy and informed decision-making in healthcare. For instance, in January 2024, the Consumer Healthcare Products Association (CHPA), a US-based trade association, reported an increase in OTC medicine retail sales of $43.4 billion in 2023 compared to $42.1 billion in 2022. Therefore, the growing consumer demand for OTC products is driving the growth of the Rx-to-OTC switches market.
Key Industry Players
Major companies operating in the prescription to over-the-counter (Rx-to-OTC) switches market are Pfizer Inc., Johnson & Johnson, Procter & Gamble Company, Merck & Co. Inc, AbbVie Inc., Bayer AG, Sanofi S.A., Bristol Myers Squibb, AstraZeneca plc , Abbott Laboratories, Novartis AG, Takeda Pharmaceutical Company Limited, GlaxoSmithKline Plc, Eli Lilly & Company Ltd., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Alcon Inc., Boehringer Ingelheim GmbH , Sun Pharmaceutical Industries Ltd, Dr Reddy's Laboratories Ltd, Cipla Limited, Lupin Limited, MundiPharma AG, Perrigo Company plc, Zydus Cadila
The prescription to over-the-counter (rx-to-otc) switches market report table of contents includes:
1. Executive Summary
2. Prescription To Over-The-Counter (Rx-to-OTC) Switches Market Characteristics
3. Prescription To Over-The-Counter (Rx-to-OTC) Switches Market Trends And Strategies
4. Prescription To Over-The-Counter (Rx-to-OTC) Switches Market - Macro Economic Scenario
5. Global Prescription To Over-The-Counter (Rx-to-OTC) Switches Market Size and Growth
....
32. Global Prescription To Over-The-Counter (Rx-to-OTC) Switches Market Competitive Benchmarking
33. Global Prescription To Over-The-Counter (Rx-to-OTC) Switches Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Prescription To Over-The-Counter (Rx-to-OTC) Switches Market
35. Prescription To Over-The-Counter (Rx-to-OTC) Switches Market Future Outlook and Potential Analysis
36. Appendix
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