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Global OTC Topical Drugs Market: Synopsis
The demand within the global OTC topical drugs market is slated to increase in the years to follow. The growth of this market can largely be attributed to the popularity of topical medications and ointments, creating a buzz across the medical industry. The apprehensions associated with the use of topical drugs are gradually fading out as GPs recommend and prescribe these drugs. Over the counter (OTC) purchase of drugs and medications has remained a matter of debate and discussion for several decades. A number of countries, especially in Europe and North America, have also imposed strict regulations with regard to the purchase of OTC drugs. However, the value generated by these drugs during various treatment lines has keep the graph of market growth soaring.
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This review by Transparency Market Research (TMR) puts into perspective several key factors that have driven sales across the global OTC topical drugs market. The relevance of topical drugs in various healthcare domains is pegged to market growth. This review brings out the significance of these drugs in each of these domains to provide a bird’s eye view of the market conditions. In addition to this, the review also sheds light on the impact of the COVID-19 pandemic on the growth of this market.
Global OTC Topical Drugs Market: Competitive Landscape
The OTC topical drugs market is regulated by several laws that are governed and drafted by respective regional governments. This is a major consideration for vendors aiming to enter new territories with their products. Therefore, the leading players in the OTC topical drugs market have followed a strategy of progressive internal education on the latest laws and regulations. Governments of several countries have given zero relaxation to defaulters in the case of violation of policies for OTC drug sale. Therefore, market players are expected to spend a substantial share of their revenues on buying and getting licenses for selling drugs in new territories.
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Some of the key players in the global OTC topical drugs market are Sanofi, Bayer, Merck, Johnson & Johnson, and Roche.
Global OTC Topical Drugs Market: Key Trends
It is expected that the global OTC topical drugs market would continue to clock in fresh revenues in the years to follow. Although the adverse effects and withdrawal symptoms of topical steroids have caused panic and apprehension amongst the masses, safe topical drugs continue to be used by a large population. Besides, effective marketing strategies and pleasant narratives around the use of topical products has given a thrust to market growth. There is little contention about the emergence of new opportunities for growth within the OTC topical drugs market. Topical drugs are primarily used for the treatment of chronic illnesses and infections related to oral and dermatological health. This is an important factor responsible for the inflow of fresh revenues into the market.
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The COVID-19 pandemic resulted in an increase in the sale of OTC drugs through backdoor channels such as e-commerce. Besides, the overall sale of healthcare and pharmaceutical products was on a rise during the phase of global lockdowns. This is an important consideration from the perspective of evaluating market growth.
Global OTC Topical Drugs Market: Regional Landscape
The global OTC topical drugs market consists of several regional segments, led by North America and Europe. Ease of procuring and buying OTC drugs across Asia Pacific has also contributed to the growth of the overall market. The use of OTC topical drugs for dermatological treatments has increased by leaps and bounds over the past decade. This trend has contributed to the growth of all major regional markets.
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