In North America, the U.S. retains a market share of more than 75% for Rx-to-OTC transitions. The development of the market in the United States depends heavily on research collaboration and prescription-switched medication approvals.
NEWARK, Del: A Future Market Insights (FMI) study projects that the value of sales of Rx-to-OTC Switches Market transitions would reach US$ 35 Billion in 2021. The market for Rx-to-OTC transitions is expected to reach US$ 58 Billion by 2031, growing at a 5.3% CAGR.
After a period of subpar sales, growth will pick up in 2021 at a rate of 5.2% year over year. In the upcoming decade, an accelerated rate of growth in demand for allergy and respiratory medications is anticipated. According to FMI data, the market for Rx-to-OTC switches will account for 26.7% of the market for allergy and respiratory medications in 2021.
Scientifically, it is a rigorous and highly regulated process that allows consumers to purchase OTC access to a growing range of medicines. For a medicine to be granted OTC status, it must comply with the regulatory standards associated with its efficacy, have a wide safety margin, and bolster labeling to ensure proper usage of the product.
The increasing prevalence of diseases with common self-treatable symptoms, such as colds and flu, headaches, allergies, and others has fuelled the demand for OTC drugs. Thus, growing sales of nonprescription drugs have pushed pharmaceutical companies to focus on Rx to OTC switches to meet customer needs thereby gaining high revenue in the market.
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It was observed in 2020, Rx-to-OTC activity was driven by growing regulatory approvals and increased OTC sales. The COVID-19 outbreak has restricted patients to visit hospitals and clinics suffering from common illnesses. Consequently, delays in prescribed medication have shifted customer preference towards OTC drug consumption. As a result, the COVID-19 outbreak bolstered the demand for OTC products, which in turn has supported the adoption of Rx-to-OTC switches.
The Food and Drug Administration (FDA) introduced the non-prescription safe use regulatory expansion (NSURE) panel in 2013 that has supported a new wave of Rx-to-OTC switches, with a focus on creating conditions for switches in new therapeutic classes.
The introduction of the panel aimed to promote switches which had gained consumer attention, which in turn has aided the demand for the OTC drugs in the market.
Key Takeaways from Rx-to-OTC Switches Market Study
- Allergy and respiratory drugs are anticipated to gain a revenue share of more than 25% with a CAGR of 5.7% owing to the rising prevalence of lifestyle-based ailments.
- Retail pharmacies are anticipated to grow at a CAGR of 5.1% over the forecast period owing to the rise of e-commerce and the procurement of cost-effective medicines.
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- The U.K. holds the lead in Europe, holding a share of over 33% owing to the implementation of favorable government policies.
- The U.S. will account for over 77% of the North America market by 2031, supported by a matured healthcare and pharmaceutical sector and favorable reimbursement policies.
- China is the largest and fastest growing market in East Asia estimated to account for close to 49% of the global market, owing to the country’s large-scale pharmaceutical requirements.
Who is Winning?
Rx to OTC switches have led the pharmaceutical companies to shift focus from patients to consumers in terms of end users. In addition to strategic collaborations, acquisitions, expansion, product launches, agreements and research sponsorships are the key strategies adopted by manufacturers to expand their research and development (R&D) capabilities increasing sales in wider geographical base to strengthen product portfolios in the Rx-to-OTC switches market.
For instance, in January 2021, Boehringer Ingelheim entered into a collaborative agreement with Google Quantum AI (Google), focusing on researching and implementing cutting-edge use cases for quantum computing in pharmaceutical research and development (R&D).
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Rx to OTC Switch Market by 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)
- Retail Pharmacies
- Hospital Pharmacies
- Drug Stores
- Online Pharmacies
Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
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About Future Market Insights, Inc :
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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