Market Trends of Asia-Pacific Over-the-counter (OTC) Drugs Industry
The Cough, Cold, and Flu Products Segment is Expected to Hold Significant Share in the Market Over the Forecast Period
The cough, cold, and flu products segment in the Asia-Pacific OTC drugs market has been experiencing notable growth. This growth can be attributed to several factors, such as rising awareness about OTC medications, higher incidence of respiratory illnesses, growing availability of OTC products through various distribution channels, and new product launches for cough, cold, and flu management.
The high flu burden in the region is expected to increase the need for treatment with OTC drugs. For instance, according to the data published by the World Health Organization in October 2023, influenza activity in Southeast Asia stayed consistently high, with ongoing detections, mainly of the influenza A(H1N1)pdm09 and A(H3N2) viruses. Hence, the continuing high burden of flu and symptoms of cough and cold are expected to increase the need for OTC drugs, thereby boosting the segment growth over the study period.
Furthermore, government initiatives to increase the accessibility of OTC drugs in the segment are expected to boost the segment's growth over the study period. For instance, in June 2022, the Union Health Ministry India proposed amendments to the Drugs Rules of 1945, aiming to classify 16 specific medicines under Schedule K, including those for cold, flu, and cough, thereby exempting them from needing a doctor's prescription. This helps provide easy access to cold, flu, and cough OTC drugs in pharmacies and other distribution channels, thereby boosting the segment growth over the study period.
China is Expected to Record Major Share in the Market Over the Forecast Period
The OTC drugs market in China has been experiencing significant growth due to several factors, such as robust economic growth and increased disposable income, growing awareness about health and wellness, expansion of physical and online distribution channels, and new product approvals and launches in the country. Chinese government policies have supported the growth of the OTC market by enhancing regulations promoting self-medication and improving drug accessibility.
The expansion of both physical and online pharmacies in China is expected to increase the availability of OTC drugs, driving market growth in China. For instance, the Blue Book highlights a significant transition in China's pharmacies, emphasizing their ongoing shift toward online operations. Data from the 2023 Retail Pharmacy Development Status Report, published in June 2024 by the Blue Book, revealed that China's pharmaceutical retail industry has swiftly entered the 10,000-store era, intensifying the competition for regional market leadership. Thus, widespread distribution channels like pharmacies and online services are expected to boost the country's market growth.
Furthermore, the ongoing innovation in product formulations and delivery methods has expanded the range of available OTC products, catering to diverse consumer preferences. For instance, in January 2024, 3SBio stated that its subsidiary Zhejiang Wansheng Pharmaceutical Co. Ltd received approval for marketing Mandi (5% minoxidil) foam as an over-the-counter drug for the treatment of male pattern hair loss and alopecia areata, as submitted to the National Medical Products Administration (NMPA). Therefore, with the expanding distribution channels and new product approvals in the country, the market is expected to grow over the forecast period in China.
