PUBLISHER: The Business Research Company | PRODUCT CODE: 1513219
PUBLISHER: The Business Research Company | PRODUCT CODE: 1513219
Prescription to over-the-counter (Rx-to-OTC) switches denote the process of approving prescription medications for sale over-the-counter (OTC), enabling consumers to purchase them without a prescription. This transition aims to enhance drug affordability and accessibility by eliminating the need for doctor visits and prescription drug coverage.
The primary products of prescription to over-the-counter (Rx-to-OTC) switches include allergy and respiratory medications, fungal infections and other infections treatments, oral contraceptives, gastrointestinal drugs, among others. The allergy and respiratory medication category target conditions such as asthma, allergic rhinitis, and bronchitis by addressing inflammation and hypersensitivity reactions in the airways. These products are distributed through various channels including retail pharmacies, hospital pharmacies, drug stores, and online pharmacies, catering to different end-users such as hospital-based laboratories and clinics, diagnostic laboratories, and academic research institutes.
The prescription to over-the-counter (Rx-to-OTC) switches market research report is one of a series of new reports from The Business Research Company that provides prescription to over-the-counter (Rx-to-OTC) switches market statistics, including prescription to over-the-counter (Rx-to-OTC) switches industry global market size, regional shares, competitors with a prescription to over-the-counter (Rx-to-OTC) switches market share, detailed prescription to over-the-counter (Rx-to-OTC) switches market segments, market trends and opportunities, and any further data you may need to thrive in the prescription to over-the-counter (Rx-to-OTC) switches industry. This prescription to over-the-counter (Rx-to-OTC) switches market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 historical growth can be attributed to several factors, including the growth in consumer preference for self-care, significant investments in the healthcare sector and innovations, support from government agencies, increased awareness and knowledge about OTC products, and changes in health priorities influencing decision-making.
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 anticipated growth in the forecast period can be attributed to several factors, including the growing demand for OTC drugs, rising insurance and reimbursement policies, increasing consumer interest in self-care and self-medication, a growing aging population, and increased awareness and education about OTC medications. Major trends expected in the forecast period encompass increasing consumer demand for self-care, integration of digital health technologies, growth of store brands and private labels, development of innovative drug delivery systems, and a growing emphasis on preventive care products.
The increasing demand among consumers for over-the-counter (OTC) products is anticipated to drive the growth of the prescription to over-the-counter (Rx-to-OTC) switches market in the future. Over-the-counter (OTC) products are medications that can be purchased without a prescription from a healthcare professional. The surge in demand for OTC products can be attributed to various factors, including their accessibility, time-saving benefits, increased awareness and education, the rise of digital health, and the expansion of e-commerce platforms. OTC products provide easy accessibility, empowering individuals to manage common ailments independently and make informed decisions about their treatment without requiring a prescription. This trend encourages autonomy and informed decision-making in healthcare. For example, in January 2024, the Consumer Healthcare Products Association (CHPA), a US-based trade association, reported a rise in retail sales of OTC medicines from $42.1 billion in 2022 to $43.4 billion in 2023. Hence, the escalating consumer demand for OTC products is propelling the growth of the Rx-to-OTC switches market.
Enterprises operating in the prescription to over-the-counter (Rx-to-OTC) switches market are concentrating on developing innovative solutions, such as over-the-counter eye drops, to address common issues such as itchy eyes caused by allergies. Over-the-counter eye drops are liquid formulations that can be purchased without a prescription and applied directly to the surface of the eye. These products mimic the natural tear film and provide lubrication, offering relief from symptoms of dry eyes. For instance, in March 2022, Allergan plc, an Ireland-based pharmaceutical company, introduced LASTACAFT, an over-the-counter eye allergy itch relief product. LASTACAFT contains 0.25% alcaftadine, an ophthalmic antihistamine that effectively blocks histamine H1 receptors and inhibits the release of histamine in the eye, providing rapid and long-lasting relief for itchy eyes due to allergies. This patented formula delivers quick relief within minutes and lasts for up to 16 hours, making it a convenient solution for individuals affected by eye itching triggered by allergens such as pollen, grass, ragweed, animal hair, and pet dander. LASTACAFT is suitable for both seasonal and year-round allergies and is safe for adults and children aged 2 and above.
In December 2023, Petros Pharmaceuticals, Inc., a US-based pharmaceutical company, partnered with Idea Evolver to address the technological aspects necessary for the successful transition of STENDRA from prescription to OTC status. The collaboration aims to integrate human factors, usability engineering, and artificial intelligence components into the development process, enhancing the self-selection process for consumers. Idea Evolver, a US-based provider of technology platforms for digital Rx-to-OTC switches, brings expertise in implementing innovative technological solutions for seamless transitions in medication accessibility.
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
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.
The countries covered in the prescription to over-the-counter (Rx-to-OTC) switches market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The prescription to over-the-counter (Rx-to-OTC) switches market includes revenues earned by entities by providing services such as public health benefits, clinical trial management, marketing and branding strategies, distribution and logistics management, pharmacovigilance and post-market surveillance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Prescription To Over-The-Counter (Rx-to-OTC) Switches Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on prescription to over-the-counter (Rx-to-OTC) switches market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for prescription to over-the-counter (Rx-to-OTC) switches? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The prescription to over-the-counter (Rx-to-OTC) switches market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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