Rx-to-OTC Switches: Market Insights
Rx-to-OTC switches are the process of converting Rx (prescription) medication to OTC (over-the-counter) non-prescription medications. Many new medicines have been introduced as Rx (prescription) medicines. Today, the Rx-to-OTC switches are trending among the manufacturers in the Rx-to-OTC switches market. The trend from Rx-to-OTC switches is expected to boost Rx-to-OTC switches market growth over the forecast period. The Rx-to-OTC switches is a highly regulated, data-driven, and scientifically rigorous process that allows consumers to have OTC access for a growing range of medicines. The Rx-to-OTC switches medicines allow a large number of patients to conveniently purchase and gain access to use a wide range of OTC medications without any prescriptions from healthcare professionals or physicians. The U.S. market for OTC medications is strong, affordable, providing consumers with accessible, and trusted healthcare options available 24/7 in a wide range of retail outlets such as pharmacies, drug stores, supermarkets, and convenience stores. The availability of OTC drugs without a prescription is expected to boost the growth of Rx-to-OTC switches, worldwide.
Rx-to-OTC Switches: Market Dynamics
The growing demand and sales for OTC medications around the world is the key factor to increase the Rx-to-OTC switches. Over the past few years, the Rx-to-OTC switches have increased tremendously. According to the list by the Food, Drugs, and Administration, in 2017, drug name Xyzal Allergy 24HR which is used to treat allergic rhinitis and perennial allergic rhinitis has switched from Rx-to-OTC. In 2016, drug name Flonase Sensimist Allergy Relief which used to treat allergic rhinitis and differin gel which is used to treat anti-acne has switched from Rx-to-OTC. Advantageously switching a medication from Rx to OTC opens up new opportunities and give potential market positioning. This trend has reduces the cost related to physicians visits. However, self-diagnosis not always correct which can lead to false medication and lead to complications and risk to individual health. This factor is expected to hamper the growth of Rx-to-OTC switches.
Rx-to-OTC Switches market: Segmentation
The global Rx-to-OTC switches market is segmented by drug categories, service providers and regions:
Rx-to-OTC Switches market: Overview
The Rx-to-OTC switches medications authorize a large pool of self-diagnosed patients to gain tremendous public health benefits. This switch also provides affordable and more convenient options for a large patient pool and indirectly driving the growth of Rx-to-OTC switches market. However, due to the Rx-to-OTC switches drug abuse and overuse also has increased, globally. Most of the patients are unaware of the side-effects from OTC drugs and overdose the drug to attain relief. This increasing drug abuse and overdose may restrain the growth of Rx-to-OTC switches market.
Rx-to-OTC Switches market: Region-wise Outlook
North America is expected to show the highest revenue growth and to hold the largest market shares in the global Rx-to-OTC Switches market due to advanced healthcare infrastructure and healthcare spending. Additionally, increasing the adoption rate and demand will boost the Rx-to-OTC Switches market in this region, followed by Europe. The Rx-to-OTC Switches market in the Asia-Pacific region is expected to register the moderate growth due to low acceptance and high negligence rate for mental disorders and depression. Whereas, Latin America and the Middle East & Africa are expected to show stagnant Rx-to-OTC Switches market growth due to weak healthcare management for mentally disorder, depression and anxiety related disorders and low awareness.
Rx-to-OTC Switches market: Key Players
Some of the key players present in global Rx-to-OTC Switches market are AMS Group LLC., Kline & Company, Dolcera, Biotech Research Group Corporation, Diapharm, Nicholas Hall & Company, Consumer Healthcare Products Association, NDA Group AB, NCI Consulting LLC., Bates White, and others.
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