(PharmaNewsWire.Com, December 22, 2017 ) The OTC drugs market in Latin America region has been estimated at USD 8,942.1 Million in 2016 and is projected to reach USD 14,701.7 Million by 2022, at a CAGR of 8.64% during the forecast period from 2016 to 2022. Brazil, Mexico and Argentina are the leading contributors to the Latin America OTC drugs market
Over-the-counter (OTC) drugs are medicines sold directly to a consumer without a prescription from a healthcare professional, as compared to prescription drugs, which may be sold only to consumers possessing a valid prescription. Some drugs may be legally classified as over-the-counter (i.e. no prescription is required), but may only be dispensed by a pharmacist after an assessment of the patient's needs or the provision of patient education.
Increasing adoption of western lifestyles and growing prosperities is leading to increase in market size and OTC demand. Promotion and marketing initiatives will be a key trend for market growth in the forecast period for this region. The growing healthcare costs and an increase in the older population demand the need for better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs play an important role in this and help in improving the accessibility and cost-benefits of healthcare services.
The Latin America market is segmented based on product and geographically. The product market basically caters medicines in the categories like analgesics, cough, cold and flu products, dermatological products, gastrointestinal products, vitamins, minerals, weight loss products, sleep aids, ophthalmic products, smoking cession aids and other products. More than half of the market share belongs to categories like Analgesics, Cough, Cold & Flu, Dermatological and gastrointestinal categories.
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