For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
Report Scope:
This report is an analytical business tool with the primary purpose of providing a thorough evaluation of the global market for OTC drugs, medical devices and diagnostic kits used for self-care and the management of various common diseases.
The report considers only "Western" or modern drugs and excludes any other type of drugs such as alternative therapies. This report covers medical devices and diagnostic kits exempted by the U.S. FDA for OTC use.
This study aims to provide an understanding of the dynamics and forecasts of the OTC drugs, medical devices and diagnostic kits market worldwide and provides key market propositions over a five-year forecast period.
The report covers developed and emerging markets in order to help readers understand -
- Detailed description, including demographics and cost burden, of various diseases including cardiovascular diseases, orthopedic diseases, respiratory disorders, diabetes, obesity, gastrointestinal disorders, sleep disorders, skin disorders, and ENT disorders.
- Detailed description and analysis of current OTC drugs, medical devices and diagnostic kits.
- Market characterization, unmet need, and market size and segmentation (by region, by segment, by diseases).
- The current state of the market and the key markets for its future development.
- Major regional trends.
- Market drivers and restraints.
- Detailed market projections through 2024.
- Global competitive thrust in terms of competition and market shares.
- Key marketed and pipeline (research and development) products along with information about their regulatory status.
- Strategic landscape (mergers and acquisitions).
- Regulatory structure: new regulations that will influence the development of the OTC drugs, devices and diagnostics market.
- Pricing and reimbursement.
- Observations and conclusions on the future of OTC drugs, medical devices and diagnostics.
- Profiles of market participants and associations.
Report Includes:
- 26 data tables and 22 additional tables
- An overview of the global markets for over-the-counter (OTC) drugs, medical devices and diagnostics
- Analyses of global market trends with data from 2018 and 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Coverage of various target diseases, including common health disorders and severe chronic diseases where OTC drugs and devices play a key role in the management of diseases
- Assessment of the recent breakthroughs, current research activities, technological hurdles and latest trends related to the field of medical technologies
- Complete understanding about the usage and adoption rate of OTC drugs, devices and diagnostic kits in various regions
- Underlying details of key business opportunities to pivotal stakeholders to expand of business and capture the revenue in the specific verticals to analyze before investing or expanding the horizon within this market
- Competitive landscape encompassing a large chunk of small, medium and large players on both pharmaceutical drugs and medical devices and diagnostics side
- Profile description of leading market players, including 3M, Akron, Bayer AG, Celgene, and Eli Lilly and Co.
Summary:
OTC drugs, medical devices and diagnostics make up a multibillion-dollar business. The market is spread throughout more than 100 countries and is moving into other countries. Access to OTC drugs, dietary supplements, and medical devices and diagnostics has helped people to take a more active role in the management of their own health and in the treatment of common illnesses such as body pain, infectious illness, headache, fever, cough and cold, and many more.
OTC drugs and supplements such as analgesics, antipyretics, gastrointestinal products, dermatology products, ophthalmic products, dental products, first aid supplies, and smoking cessation products fall under leading therapeutic categories sold over-the-counter. OTC medical devices and diagnostics include self-care of various diseases and other health conditions. Blood pressure monitors, air purification masks, contraceptive devices, contact lenses, glucose monitoring and insulin delivery devices, inhaler pumps (excluding drug), ortho prosthetics, wearable health devices, drug adherence devices, glucose monitoring test kits, and point-of-care (PoC) diagnostics are some of the commonly
used OTC devices for the management of various diseases.
The global market for OTC drugs (e.g., pharmaceutical OTC drugs, nutritional products [vitamin and mineral supplements]) and medical devices and diagnostics was valued at REDACTED in 2019. The market is expected to reach a value of REDACTED by 2024, increasing at a compound annual growth rate (CAGR) of REDACTED from 2019 through 2024. This market growth is fueled by increasing incidence of common diseases and increasing prevalence of chronic diseases, commercialization of OTC products, patent expiry, increasing acceptance of self-care, growing health hygiene, and growing global acceptance of OTC medical devices and diagnostics. However, some key market barriers are lack of
awareness in underdeveloped countries, poor medication adherence, shorter product life cycles for device technologies, regulatory issues (stringent regulatory approval procedure), increasing manufacturing costs, and health disparities in in low-income countries.
In 2019, the U.S. accounted for REDACTED (REDACTED) of the global OTC drugs, medical devices and diagnostics market. The U.S. market should reach REDACTED by 2024, increasing at a CAGR of REDACTED over the five-year forecast period. The U.S. is expected to maintain dominance in the OTC drugs, nutritional products (vitamin and mineral supplements), medical devices and diagnostics segments of the global OTC market. This growth is due to the growing geriatric population, increasing prevalence of chronic diseases, increasing acceptance of self-care, health hygiene, preventive care, continuous technological advancements, increasing investment, incentives for new product development, increasing adoption of wearable device technologies, and the development of adherence systems and software applications.
In 2019, Europe, the Asia-Pacific region and the Rest of the World (ROW) had shares of REDACTED, REDACTED and REDACTED of the global market, with these shares valued at REDACTED, REDACTED and REDACTED, respectively. The Europe, Asia-Pacific and ROW markets should reach REDACTED, REDACTED and REDACTED by 2024, increasing at CAGRs of REDACTED, REDACTED and REDACTED, respectively, over the five -year forecast period.