The Canada Over-The-Counter Drugs Market is
anticipated to witness impressive growth during the forecast period. This can
be ascribed to the growing availability and cost-effectiveness of
over-the-counter drugs, along with increasing demand for self-medication due to
common cold, body pain, allergies, flu, heartburn, and other basic health
problems across the country. Similarly, due to the COVID-19 pandemic, growing
awareness about self-care has increased, which will further drive the growth of
the Canada Over-The-Counter Drugs Market during the forecast period.
Additionally, an increasing number of private label over-the-counter drugs
products and many manufacturing companies are switching their products from Rx
to over-the-counter drugs, which will further propel the growth of the Canada
Over-The-Counter Drugs Market during the forecast period.
Increasing Consumer Demand for Self-Care
The growing consumer demand for self-care has significantly influenced
the growth of the Canadian over-the-counter (OTC) drugs market. Consumers are
increasingly seeking ways to take control of their health and manage minor
health conditions independently. They are proactively looking for self-care
solutions that offer convenience and immediate relief.
This shift in consumer behavior has led to a higher demand for OTC drugs
as individuals opt for these medications to address common ailments, such as
colds, allergies, pain relief, digestive issues, and skin conditions. Self-care
aligns with the need for convenience and accessibility in today's fast-paced
lifestyle.
OTC drugs provide readily available solutions that consumers can
purchase without the need for a prescription or a visit to a healthcare
professional. They are conveniently stocked in various retail outlets, including
pharmacies, grocery stores, and convenience stores. The accessibility and ease
of obtaining OTC drugs have contributed to their growing popularity among
Canadian consumers.
OTC drugs offer a cost-effective alternative to prescription
medications. With rising healthcare costs and limited insurance coverage,
consumers are becoming more price-conscious and seeking affordable treatment
options. OTC drugs often provide effective relief at a fraction of the cost of
prescription drugs. This cost-effectiveness has driven consumers to choose OTC
drugs as a first-line option for managing minor health conditions, boosting the
demand for these products in the market.
Consumers are becoming more proactive in their healthcare decisions and
are seeking information to make informed choices. The growing availability of
health-related information through the internet, social media, and other
sources has empowered individuals to educate themselves about self-care
practices. As consumers become more health literate, they are better equipped
to evaluate their symptoms and choose appropriate OTC drugs for self-treatment.
This empowerment has contributed to the increased demand for OTC drugs in
Canada.
Easy Convenience and Accessibility
Convenience and accessibility play crucial roles in
driving the growth of the Canadian over-the-counter (OTC) drugs market. OTC
drugs are widely available in various retail outlets, including pharmacies,
grocery stores, convenience stores, and online platforms. Consumers can easily
find OTC medications without the need for a prescription or a visit to a
healthcare professional. This widespread availability ensures that consumers
have easy access to OTC drugs whenever they need them, contributing to the
market's growth.
Convenience is a significant factor for consumers
seeking self-care solutions. OTC drugs offer a time-saving option as
individuals can quickly purchase them without the need for appointments or
waiting periods. Moreover, OTC drugs provide immediate relief for common health
conditions such as headaches, colds, allergies, and minor pain. Consumers
appreciate the convenience of being able to address these ailments promptly and
effectively with readily available OTC medications.
Convenience and accessibility empower consumers to
take control of their health. With OTC drugs, individuals can proactively
manage minor health issues on their own terms, without relying solely on
healthcare professionals. This sense of empowerment resonates with consumers
who seek to actively participate in their healthcare decisions. The ability to
access OTC drugs conveniently supports this desire for autonomy and control
over one's health, contributing to the market's growth.
Consumers have the freedom to purchase OTC drugs
whenever and wherever it is convenient for them. OTC medications are not bound
by pharmacy operating hours or the need for a prescription. Consumers can
choose from a wide range of retail locations and online platforms, allowing
them to purchase OTC drugs at their convenience, whether during regular store
hours or even in the middle of the night. This flexibility in purchasing
options enhances accessibility and drives the growth of the OTC drugs market in
Canada.
Growing Demand for Cost-effective Products
Cost-effectiveness is a significant factor
influencing the growth of the Canadian over-the-counter (OTC) drugs market. OTC
drugs offer a more affordable alternative to prescription medications. As
healthcare costs continue to rise and insurance coverage may be limited,
consumers are increasingly conscious of the financial burden associated with
healthcare.
OTC drugs are often priced lower than prescription
drugs due to factors such as generic options, lower manufacturing costs, and
less stringent regulations. The affordability of OTC drugs makes them an
attractive option for consumers seeking cost-effective solutions for managing
minor health conditions. The cost-effectiveness of OTC drugs helps overcome
barriers to access. Some individuals may face challenges in obtaining prescriptions
due to factors such as time constraints, financial limitations, or limited
access to healthcare professionals. OTC drugs eliminate the need for a
prescription, making them more accessible to those who may not have easy access
to healthcare services. This accessibility factor allows a broader range of
consumers to benefit from OTC drugs and contributes to the market's growth.
By choosing OTC drugs, consumers can save on
healthcare expenses. OTC medications are often priced at a fraction of the cost
of prescription drugs, especially when considering copayments, deductibles, and
insurance coverage. Consumers can avoid the additional costs associated with
doctor's visits and prescription fees, resulting in significant savings. The
potential cost savings associated with OTC drugs encourage consumers to opt for
these more affordable options, thereby driving the growth of the market.
Expanding Product Innovation
Expanding product innovation plays a vital role in
driving the growth of the Canadian over-the-counter (OTC) drugs market. Product
innovation in the OTC drugs market leads to the development of more effective
and efficient medications. Manufacturers invest in research and development to
enhance the formulations, ingredients, and delivery systems of OTC drugs. This
innovation results in improved efficacy, allowing consumers to experience
better relief and faster results. When consumers find OTC drugs highly effective
in addressing their health concerns, it boosts their confidence in these
products and drives market growth. Product innovation leads to the
diversification of OTC drug offerings. Manufacturers introduce new products to
address specific health conditions or target specific consumer needs. This
diversification expands the options available to consumers, allowing them to
choose from a wide range of OTC medications tailored to their specific
requirements. By catering to a diverse range of health concerns, product
innovation attracts a larger consumer base and drives market growth.
Innovations in OTC drugs often focus on improving the delivery systems of
medications. This includes the development of innovative formats such as
fast-acting tablets, dissolvable strips, gels, sprays, and topical
applications. These advanced delivery systems enhance the convenience, ease of
use, and efficacy of OTC drugs. Consumers are drawn to these user-friendly
options as they provide more convenient and effective ways of administering
medications. The introduction of advanced delivery systems through product
innovation contributes to the growth of the Canada OTC drugs market.
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Recent Developments
- Voltaren Arthritis
Pain Gel: In 2019, GlaxoSmithKline Consumer Healthcare launched Voltaren
Arthritis Pain Gel in Canada. This OTC topical gel contains diclofenac, a
nonsteroidal anti-inflammatory drug (NSAID), which provides temporary
relief from arthritis pain.
- Nicorette QuickMist
SmartTrack: In 2020, GSK Consumer Healthcare introduced Nicorette
QuickMist SmartTrack, an OTC nicotine replacement therapy (NRT) product.
It is a mouth spray that helps people quit smoking by delivering a
controlled dose of nicotine to alleviate withdrawal symptoms.
- RestoraLAX Probiotic
Blend: In 2021, Bayer launched RestoraLAX Probiotic Blend in Canada. It is
an OTC product that combines polyethylene glycol (PEG) laxative with a
probiotic blend to provide relief from occasional constipation and promote
digestive health.
Market Segmentation
Canada Over-The-Counter Drugs Market can be segmented
by product type, route of administration, dosage form, distribution channel, region
and competitive landscape. Based on product type, the market can be segmented into cough, cold and flu; vitamins, mineral, and supplements (VMS);
analgesics; gastrointestinal products; dermatology products; others. Based
on route of administration, the market can be segmented into oral, topical, parenteral.
Based on dosage form, the market can be grouped into tablets, capsules, liquids
& solution, creams/lotions/ointments, others. Based on distribution channel,
the market can be segmented into retail pharmacy, hospital pharmacy, e-pharmacy.
Market Players
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 are some of the
leading players operating in the Canada Over-The-Counter Drugs Market.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 – 2021
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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Report Coverage
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Revenue forecast, company share, competitive
landscape, growth factors, and trends
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Segments Covered
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By Product Type
By Route of Administration
By Dosage Form
By Distribution Channel
By Region
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Regional scope
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Ontario; Quebec; Alberta; British Columbia;
Saskatchewan and Manitoba; Rest of Canada
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Key companies profiled
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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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Customization scope
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10% free report customization with purchase.
Addition or alteration to country, regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore
purchase options
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Delivery Format
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PDF and Excel through Email (We can also provide
the editable version of the report in PPT/Word format on special request)
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Report Scope:
In this report, the Canada Over-The-Counter Drugs Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Canada Over-The-Counter
Drugs Market, By Product Type:
o
Cough, Cold and Flu
o
Vitamins, Mineral, and Supplements (VMS)
o
Analgesics
o
Gastrointestinal Products
o
Dermatology Products
o
Others
- Canada Over-The-Counter
Drugs Market, By Route of Administration:
o
Oral
o
Topical
o
Parenteral
- Canada Over-The-Counter
Drugs Market, By Dosage Form:
o
Tablets
o
Capsules
o
Liquids & Solution
o
Creams/Lotions/Ointments
o
Others
- Canada Over-The-Counter
Drugs Market, By Distribution Channel:
o
Retail Pharmacy
o
Hospital Pharmacy
o
E-Pharmacy
- Canada Over-The-Counter
Drugs Market, By Region:
o Ontario
o
Quebec
o
Alberta
o
British
Columbia
o
Saskatchewan
and Manitoba
o
Rest of
Canada
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present Canada Over-The-Counter Drugs Market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Canada Over-The-Counter Drugs Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]