(PharmaNewsWire.Com, March 18, 2017 ) According to the report Latin America OTC Drugs Market, published by Market Data Forecast, the Latin America market projected to reach USD 26.73 billion by 2021, at a CGSR of 7.71% from 2016 to 2021.
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 the provision of patient education or a pharmacist after an assessment of the patient's needs.
Increasing adoption of western lifestyles and rising prosperities is leading to growth in market size and OTC demand. Marketing initiatives and promotion will be a key trend for market growth in the forecast period for this region. The increase in the older population demand and growing healthcare costs, the need for better affordability and accessibility of healthcare services. Self-medication with non-prescription drugs play an important role in this and help in improving the cost-benefits of healthcare services and accessibility.
The Latin America OTC Drugs Market is segmented as following: Based on Product Type Analgesics Cough, Cold and Flu Products Vitamins and Minerals Gastrointestinal Products Ophthalmic Products Sleep Aid Products Weight Loss/Diet Products Others Based on Formulation Type: Tablets Liquids Ointments Sprays Based on Distribution Channels: Pharmacies Supermarkets/Hypermarkets Convenience stores Others (Online Drug Stores)
The key players in Latin America OTC Drugs Market are Takeda Healthcare, Bayer, Johnson and Johnson, GlaxoSmithKline, GSK Boehringer Ingelheim, Novartis, Pfizer, Sanofi, and PGT Healthcare. The maximum market share is possessed by Johnson and Johnson, Sanofi, GlaxoSmithKline, and Novartis. The extension of OTC service for the drugs dealing with chronic diseases like hypertension and diabetes is a new trend to be noticed.
The Latin America OTC Drugs Market study offers the following deliverables: Latin America, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics Study of the effect of exogenous and endogenous factors that affect the Latin America market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis Study the micro environment factors that determine the overall profitability of an Industry, using Porters five forces analysis for analysing the level of competition and business strategy development A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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