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The Europe over the counter drugs market has been estimated at USD 33.5 billion in 2017. The market is expected to register a CAGR of 3% during the forecast period, 2018 to 2023. Germany accounted for the largest market in Europe region.
The rising healthcare costs demand the need for better accessibility and affordability of healthcare services. Selfmedication with nonprescription drugs plays an important role in this aspect and helps improve the accessibility and cost benefits of healthcare services. There is an increase in selfmedication in Europe. According to Association of the European Selfmedication Industry, one out of two packages of medicines sold in Europe is a nonprescription medicinal product. By allowing citizens to address their conditions by themselves when medical advice is not necessary, selfmedication produces significant public health and economic benefits for societies. It reduces a significant burden on health systems, freeing at the same time health professionals' time to counsel patients in need of professional care and also reduces the cost for the citizens. As the usage of OTC drugs are increasing, many companies launching several over the counter drugs. Because of these multiple benefits, the European OTC drug market is expected to grow.
OTC Drug Abuse
Along with the potential benefits, OTC drugs have a few restraints such as substance abuse, incorrect selfdiagnosis and many people don't have the knowledge on the drugs. And drug abuse, is mostly by the teenagers, is one of the major challenges to the European OTC drug market. As these drugs are readily available in the market, they are prone to getting abused on a large scale. It is estimated that nearly one in every eight teenagers or nearly 12% abuse OTC cough syrups. Over three million adolescents and youngsters engage in OTC drug abuse. This is an alarming statistic for the market. This has hindered the growth of the market studied, as the governments of developed economies are concerned about the drug abuse situation, and are therefore not lenient toward the approval of OTC drugs, even though the pros outweigh the cons.
Germany to Dominate the Market Growth
Germany is estimated to be the largest market in Europe with a market share of 22%, However, the annual growth of developed nations of Europe is decreasing, whereas in developing nations such as Poland are showing growth aspects mainly due to the lack of penetration and the lenient regulatory framework. The UK is also one of the market leaders in Europe with a market share of nearly 10%.
Key Developments in the Market
November 2017: Viagra is now available over the counter in UK.
May 2017: Ipsen completed the acquisition of select Consumer Healthcare products from Sanofi.
July 2017: Cardinal Health completed the acquisition of Medtronic's Patient Care.
Major Key Players: ABBOTT, ASTRAZENECA, BAYER HEALTHCARE, BOEHRINGER INGELHEIM GmbH, BRISTOL MYERS SQUIBB, CARDINAL HEALTH, GLAXOSMITHKLINE PLC, PRESTIGE BRANDS, INC., JOHNSON JOHNSON, MERCK CO.
Reasons to Purchase this Report
Current and future Europe over the counter drugs market outlook in the developed and emerging markets.
Analyzing various perspectives of the market with the help of Porter's five forces analysis.
The segment that is expected to dominate the market.
Regions that are expected to witness fastest growth during the forecast period.
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet in excel.
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