Canada Over-The-Counter Drugs Market to be Dominated by Retail Pharmacy Segment through 2028
The growing demand for self-medication and
drugs is expected to drive the growth of the Canada Over-The-Counter Drugs Market
in the forecast period from 2024 to 2028.
According to
TechSci Research report, “Canada Over-The-Counter Drugs Market - By Region,
Competition Forecast and Opportunities, 2018-2028,” the Canada
over-the-counter drugs market is anticipated to grow at an impressive rate in
the forecast period of 2024-2028. This can be attributed to the rising cost of
prescription drugs, leading to a shift towards over-the-counter drugs and the
growing approval of over-the-counter drugs across the country. Additionally,
the safety, quality, and effectiveness of these drugs, along with various other
advantages, will further escalate the growth of the Canada over-the-counter
drugs market in the coming years. Similarly, the increasing product innovation,
such as new over-the-counter drugs, will drive the market's growth during the
forecast period. Moreover, the patent expirations of many pharmaceuticals,
resulting in their utilization as over-the-counter drugs, and the low cost of
these drugs are major factors influencing the market's growth. Likewise, the
growing demand for individualized drugs for minor disorders and the
implementation of treatment procedures by healthcare players are anticipated to
drive the market's growth over the years.
However, the regulatory landscape in Canada presents challenges for OTC
drug manufacturers and distributors. Health Canada, the regulatory authority
responsible for overseeing the safety and effectiveness of OTC drugs, imposes
stringent regulations and compliance requirements, which may hamper the growth
of the Canada over-the-counter drugs market during the forecast period.
Compared to prescription drugs, the variety of OTC drugs available in the
Canadian market is relatively limited. Health Canada's regulations determine
which drugs can be classified as OTC and restrict the availability of certain
medications that are easily accessible in other countries, which may hinder the
market's growth. Additionally, the growth of e-commerce has opened new avenues
for OTC drug sales, allowing consumers to purchase medications online. However,
online sales present challenges related to product authenticity, counterfeit
drugs, and privacy concerns, which can further restrict the growth of the
Canada over-the-counter drugs market.
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The Canada
Over-The-Counter Drugs market can be segmented by product type, route of
administration, dosage form, distribution channel, and region.
Based on Product Type, the Canada Over-The-Counter
Drugs Market can be segmented into Cough, Cold, and Flu; Vitamins, Minerals,
and Supplements (VMS); Analgesics; Gastrointestinal Products; Dermatology
Products; and Others. The Cough, Cold, and Flu segment dominated the Canada
Over-The-Counter Drugs Market in 2022 and is expected to continue maintaining
its dominance throughout the forecast period. This can be ascribed to seasonal
variations increasing the occurrence of common colds and coughs among the population,
along with increased automobile pollution in the country. Similarly, the
growing research and development in the pharmaceutical and biotechnology
industries to measure the safety, quality, and effectiveness of
non-prescription drugs are the major factors influencing the growth of the
Canada Over-The-Counter Drugs market during the forecast period.
Based on Distribution Channel, the Canada
Over-The-Counter Drugs market can be segmented into Retail Pharmacy, Hospital
Pharmacy, and E-Pharmacy. The retail pharmacy segment is expected to dominate the
market during the forecast period due to the growing number of retail
pharmacies offering over-the-counter medications and the growing patient
preference for these items, along with internet penetration.
Major companies
operating in Canada Over-The-Counter Drugs market are:
- Bayer Consumer
Care AG
- Novartis
Pharmaceuticals Canada Inc.
- GlaxoSmithKline
Inc/Canada
- Sun Pharma Canada
Inc
- Johnson &
Johnson Inc/Canada
- Pfizer Canada Inc
- Sanofi-Aventis
Canada Inc
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“Canada's
Over-The-Counter Drugs Market is expected to dominate during the forecast
period, driven by the growing demand to treat various illnesses and their
symptoms such as coughs and colds, diarrhea, constipation, acne, and others. Additionally,
the presence of numerous over-the-counter drug manufacturing companies and the
widespread practice of self-medication is expected to drive market growth. Moreover,
increasing public awareness about over-the-counter drugs will further propel
the market's growth. Furthermore, the growing aging population with a variety
of age-related illnesses is a significant factor influencing the market's
growth over the years. The penetration and availability of over-the-counter
drugs in the market are also expected to contribute to the lucrative growth of
Canada's Over-The-Counter Drugs Market during the forecast period," said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Canada Over-The-Counter Drugs Market By Product
Type (Cough, Cold and Flu; Vitamins, Mineral, and Supplements (VMS);
Analgesics; Gastrointestinal Products; Dermatology Products; Others), By Route
of Administration (Oral, Topical, Parenteral), By Dosage Form (Tablets,
Capsules, Liquids & Solution, Creams/Lotions/Ointments, Others), By Distribution
Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region,
Competition Forecast and Opportunities, 2018-2028,” has evaluated the future
growth potential of Canada Over-The-Counter Drugs Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Canada Over-The-Counter Drugs Market.
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