Rx-to-OTC Switches Market is expected to reach US$ 58 Billion by 2031, at a CAGR of 5.3%

According to FMI, the global Rx-to-OTC Switches Market sales are predicted to exceed US$ 58 billion with a CAGR of 5.3% between 2021 and 2031. The market is expected to reach US$ 35 billion in 2021, with a 5.2% year on year growth rate. Between 2016 and 2020, sales increased at a 1.5% CAGR.

According to FMI, the allergy and respiratory medicine category will dominate the global market in 2021, accounting for 26.7% of the total. Demand for increased access to a wide range of over-the-counter (OTC) medicines for treating common diseases such as cough, cold, flu, headaches, and others will continue to support market sales.

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The transition from Rx to OTC is gaining traction since OTC medications are less expensive and provide first-line treatment for a wide range of common ailments. This has resulted in fewer medical visits, which has increased market sales prospects.

The conversion of established prescription pharmaceuticals to nonprescription, over-the-counter status for treating common ailments is a highly regulated and scientifically rigorous procedure, yet it is gaining popularity because it relieves a significant burden on healthcare facilities.

To be given OTC classification, a medicine must comply to safety margins, have clear labelling, and be effective. These constraints may impede or slow the manufacturing and production processes in the future. However, the increased use of medicines and products has increased demand for Rx-to-OTC Switches items in the global industry.

According to FMI, the market for allergy and respiratory medications will continue strong. The segment is also expected to grow at a 5.7% CAGR over the next decade. Antihistamines were the first medications to transition from prescription to over-the-counter status, and they have the potential to treat a variety of lifestyle disorders. This will continue to be one of the segment’s primary drivers.

“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 Switches switch for Astepro allergy nasal spray, which is expected to be available at mass retail locations in the US”, says a FMI analyst.

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Key Takeaways

• Retail pharmacies are predicted to grow at a 5.1% CAGR over the projection period since they have increased the availability of over-the-counter (OTC) medications for the treatment of different common ailments.
• During the predicted period, allergy and respiratory medications have the most potential for growth. During the projection period, the segment is expected to grow at a CAGR of 5.7%.
• The United States controls 75% of the North American market. The presence of some of the world’s largest corporations will drive sales in the United States.
• Through 2031, the UK is predicted to account for 33% of the European market.

Key Drivers

• Expansion strategies and investment by multiple pharmaceutical companies in order to obtain clearance would offer profitable opportunities, boosting Rx-to-OTC Switches sales in the global industry.
• The breakout of the COVID-19 pandemic is predicted to increase demand for OTC products because doctor visits have been limited during this time.
• Rising investment in R&D for regulatory approval would generate profitable prospects for the market.

Key Restrains

• Conservative approach, low chances of approval, and declined approvals for traditional OTC product types will hamper the demand in the Rx-to-OTC Switches market during the forecast period.
• The global pandemic hindered manufacturing process and disrupted supply chain, hence slowing down the market growth.

Competitive Landscape

The key players operating in the global Rx-to-OTC Switches 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 Switches for Astepro allergy nasal spray and made it available at mass retail locations in the US.

Key players operating in the global Rx-to-OTC Switches market as profiled by FMI are

• GlaxoSmithKline plc.
• Astrazeneca, Merck KGaA
• Johnson & Johnson
• Bayer AG
• Sanofi
• Boehringer Ingelheim Consumer Healthcare
• Bausch and Lomb (A Subsidiary of Bausch Health)
• Galderma SA
• Alcon
• Arbor Pharmaceuticals

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More Insights on the Rx-to-OTC Switches Market:

FMI provides an unbiased analysis of the Rx-to-OTC Switches market, presenting historical demand data (2016 to 2020) and forecast statistics for the period of 2021 to 2031. The study divulges compelling insights on the global Rx-to-OTC Switches market with a detailed segmentation on the basis of

Drug 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)

Distribution Channel

• Retail Pharmacies
• Hospital Pharmacies
• Drug Stores
• Online Pharmacies

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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