Published by mark itwired
Posted on September 17, 2021
As per a study by FMI, the global sales of Rx-to-OTC market is expected surpass evaluation of US$58bn 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.
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.
Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-9135
Key Takeaways
Key Drivers
Key Restrains
Explore tables and figures of the study. Request Advisory https://www.futuremarketinsights.com/request-advisory/rep-gb-9135
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 players operating in the global Rx-to-OTC market as profiled by FMI are
More Insights on the Rx-to-OTC Market:
FMI provides an unbiased analysis of the Rx-to-OTC market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges compelling insights on the global Rx-to-OTC market with a detailed segmentation on the basis of
Drug Category
Distribution Channel
Region
Contact Sales for Further Assistance in Purchasing this Report@ https://www.futuremarketinsights.com/checkout/9135
Key Questions Covered in the Rx-to-OTC Market Report
Explore FMI’s Extensive Coverage on healthcare Domain
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
T: + 44 (0) 20 7692 8790
D: +44 (0) 20 3287 4268
T: +1-347-918-3531
F: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: Future Market Insights
Report: https://www.futuremarketinsights.com/reports/rx-to-otc-switches-market
Press Release Source: https://www.futuremarketinsights.com/press-release/rx-to-otc-switches-market
The post Rx-to-OTC Switches Market Sales to surpass US$35bn in 2031 as Market Continues to Witness a Slew of Product Launches: Future Market Insights finds in Latest Survey first appeared on Market Research Blog.
As per a study by FMI, the global sales of Rx-to-OTC market is expected surpass evaluation of US$58bn 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.
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.
Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-9135
Key Takeaways
Key Drivers
Key Restrains
Explore tables and figures of the study. Request Advisory https://www.futuremarketinsights.com/request-advisory/rep-gb-9135
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 players operating in the global Rx-to-OTC market as profiled by FMI are
More Insights on the Rx-to-OTC Market:
FMI provides an unbiased analysis of the Rx-to-OTC market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges compelling insights on the global Rx-to-OTC market with a detailed segmentation on the basis of
Drug Category
Distribution Channel
Region
Contact Sales for Further Assistance in Purchasing this Report@ https://www.futuremarketinsights.com/checkout/9135
Key Questions Covered in the Rx-to-OTC Market Report
Explore FMI’s Extensive Coverage on healthcare Domain
Thyroid deficiency treatment market: The thyroid deficiency treatment market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analysis of the significant drivers, trends, challenges and opportunities prevailing for the forthcoming decade across key geographies along with competitive landscape of the upcoming decade.
Thyroid function tests market: The global thyroid function tests market report by FMI gives an in-depth insight on the future expansion prospects, trends and challenges that market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market’s competitive landscape.
Differentiated thyroid cancer therapeutic market: Future Market Insights gives a detailed segmentation on the global differentiated thyroid cancer therapeutic market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
T: + 44 (0) 20 7692 8790
D: +44 (0) 20 3287 4268
T: +1-347-918-3531
F: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: Future Market Insights
Report: https://www.futuremarketinsights.com/reports/rx-to-otc-switches-market
Press Release Source: https://www.futuremarketinsights.com/press-release/rx-to-otc-switches-market
The post Rx-to-OTC Switches Market Sales to surpass US$35bn in 2031 as Market Continues to Witness a Slew of Product Launches: Future Market Insights finds in Latest Survey first appeared on Market Research Blog.
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