The North America OTC Drug and Dietary Supplement market was valued at US$ 131,818.3 million in 2019 and is projected to reach US$ 224,349.5 million by 2027; it is expected to grow at a CAGR of 7.0% during 2020–2027.
The growth of the OTC Drug and Dietary Supplement market is mainly attributed to the factors such as as rising awareness among population about general health issues, and advantages of OTC drugs are expected to propel the growth of the market. However, strict FDA regulation for OTC drugs is the major factor hindering the market growth.
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The US has observed the fastest growth in the OTC Drug and Dietary Supplement market within the past few years and is expected to lead the market in North America during the forecast period. The country is the largest producer of pharmaceutical products and is a leading country for producing innovative drugs. Therefore, OTC drugs, prescribed drugs, and dietary supplements play a significant role in the US’s healthcare system. The largest-selling OTC drug class in the US is upper respiratory remedies, oral analgesics, heartburn, antiperspirants, oral antiseptics and rinses, first aids, and beauty products.
NORTH AMERICA OTC DRUG AND DIETARY SUPPLEMENT – MARKET SEGMENTATION
- Cough and Cold Products
- Vitamins and Dietary Supplements
- Gastrointestinal Products
- Sleep Aids
- Oral Care Products
- Ophthalmic Products
- Feminine Care
Based on product, the North America OTC Drug and Dietary Supplement market is segmented into analgesics, cough and cold products, vitamins and dietary supplements, gastrointestinal products, antacids, ophthalmic products, sleep aids, oral care products, feminine care and other products. The vitamins and dietary supplements segment is estimated to register the highest CAGR in the market during the forecast period. Increasing applications of dietary supplement in immunity boosting and regular body maintenance are the factors boosting the market for the vitamins and dietary supplements segment.
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The North America OTC Drug and Dietary Supplement market growth is mainly attributed to factors such as rising awareness among population about general health issues, and advantages of OTC drugs are expected to propel the growth of the market. However, strict FDA regulation for OTC drugs is the major factor hindering the market growth. COVID19 has affected the North American countries which has led to high number of coronavirus cases. People are purchasing more immunity booster products available in the market to combat coronavirus effect.
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