Israel over the counter drugs
market is expected to show an impressive growth during the forecast period, 2024-2028. The Israel over the counter drugs market is
expected to boost due to the increasing trend of self-medication. and rising cases of cold and flu
among all age groups. In Israel, OTC drugs are an essential part of the
healthcare system and are widely available in pharmacies, supermarkets, and
other retail outlets. Israel has a robust pharmaceutical industry with top generic
medicine producing companies that produces a wide range of OTC drugs. These
medications are regulated by the Ministry of Health, which ensures their
safety, efficacy, and quality. The ministry sets the costs of OTC drugs and
determines which medications can be sold without a prescription. The OTC drug
market in Israel is driven by several factors, including consumer demand,
government regulations, and the availability of healthcare services. One of the
benefits of OTC drugs is that they are easily accessible to the public. This
can be especially important for individuals who may not have easy access to
healthcare providers or who may not be able to afford a doctor's visit. OTC
drugs allow individuals to treat minor health concerns quickly and easily without
having to schedule an appointment with a healthcare provider.
Consumer
demand for OTC drugs is one of the primary drivers of the market. Consumers in
Israel are becoming increasingly health-conscious and are looking for ways to
manage minor health concerns without having to visit a healthcare provider. OTC
drugs provide a convenient and accessible option for individuals to manage
these concerns, which has led to an increase in demand for these medications.
The
growing aging population in Israel is another driver of the OTC drug market. As
individuals age, they are more likely to experience minor health concerns such
as pain, arthritis, and digestive problems. OTC drugs provide an accessible
option for these individuals to manage these concerns and improve their quality
of life. The drivers of the OTC drug market in Israel are complex and
multifaceted. Consumer demand, government regulations, the availability of
healthcare services, and the growing aging population are all contributing
factors to the market's growth. As these drivers continue to evolve, the OTC
drug market in Israel is expected to grow and evolve alongside them in the
forecast years.
Rising
Geriatric Population to Boost the Market of Israel Over the Counter Drugs
Market
Significant
issues are brought up by the growing elderly population in the country, as the
senior population grows, more people will be at risk for fragile health due to
higher frequency of disease and impairment among them. This suggests that the
health system will be under more strain to provide treatment and facility when
in demand. The fall in fertility, the decline in mortality (higher life
expectancy), and immigration are the three main causes of ageing population of
Israel. Israel's ageing process is more intricate than that of other modern
nations. The accelerated ageing of Israeli society over the past three decades
cannot be explained by changes in fertility and mortality rates alone. Israel
has a number of distinctive features, most notably immigration, that have an
impact on variations in the age composition of the population.
According
to a report published by Permanent Mission of Israel 1,056,300 persons in
Israel, or 11.8% of the total population, were 65 or older in 2018. Of these,
586,000 of them were women and 470,000 were males. 41% of senior citizens were
75 or older in the same year. The aged population has been
growing at a rate that is twice as fast as the overall population. Israel has a
high employment rate for people over 65, with 15.2% of women and 31.2% of men are
working. The employment rate for people over 65 is 22.4%. In 2018, 62.4% of
those aged 85 and older were female, compared to 37.6% of men.
One of
the objectives of Israel's most recent multiyear work plans, according to the ministry
of health, is to address the issue of ageing. The Ministry has stepped up its
efforts to get the health system ready to handle the problems that come with an
ageing population and has made it one of its strategic pillars of health
policy. The National Health Insurance Law's health plans, which are responsible
for delivering medical care, have fostered the advancement of cutting-edge
technology recently. This choice, among other things, helps to improve the
quality of care and information sharing throughout the health system. This
ensures the welfare of the elderly populations in communities by converting the
home into a treatment space and utilizing remote medical equipment and over the
counter drugs for the treatment of age-related problems focusing on pain and
communicable disease which the old age people are likely to be vulnerable of,
thus increasing the demand for over-the-counter drugs in the upcoming years.
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Growing
Demand for Preventive Healthcare
Preventive
healthcare includes a wide range of activities that promote healthy lifestyles,
including exercise, healthy eating, stress management, and avoiding smoking and
excessive alcohol consumption. Routine check-ups and screenings are also
essential for early detection and treatment of potential health problems. One
of the key benefits of preventive healthcare is that it can detect and treat
health problems before they become serious. Routine cancer screenings, such as
mammograms and colonoscopies, can detect cancer in its early stages, when it is
most treatable. Preventive healthcare can reduce healthcare costs by preventing
or delaying the need for more costly medical treatments. By addressing health
risks and behaviors before they lead to more serious health problems,
preventive healthcare can help individuals avoid costly hospitalizations,
surgeries, and other medical interventions. By maintaining good health and
preventing the onset of diseases and medical conditions, individuals can enjoy
an active, fulfilling lifestyle. Preventive healthcare can reduce the physical
burden of chronic diseases, such as diabetes and heart disease, by helping
individuals manage their conditions and avoid complications. The availability
of Over-the-Counter drugs for the treatment of minor ailments and increasing
awareness for the importance of wellbeing among the population by taking
precautions and maintain healthy lifestyle is riving the demand of Over-the-Counter
Drugs Market in Israel.
Technological
Advancement and Availability of OTC in Online Platforms
The Health
Ministry of Israel controls OTC medicine pricing in Israel, in contrast to the
rest of the globe. The government establishes maximum pricing, and the various
sellers choose the final price. Compared to 17% in the UK, 20% in the USA,
and 28% in each of France and Germany, the OTC market accounts for 12% of
Israel's entire national pharma market. OTC usage in Israel is estimated to be
$12 annually per person, compared to estimates from the WFPMM of $19 for the
UK, $40 for France, and $57 for the USA. Given that Israeli purchasing
patterns typically mirror those of the USA and other western countries, these
comparisons show that the country has significant development potential. As
most of the OTC available drug prices vary in the country development of
generic version of the OTC drugs expected to lower the price and availability
of over-the-counter drugs in the country.
Wolt, a
food delivery company operation in Israel as well as many countries around the
globe has established a partnership with Be Pharma to provide non-prescription
medications with quick delivery within an hour.
The
quick and easy availability of the Over-the-Counter drugs in the country along
with the development of new e-platforms is expected to rive the growth of the
OTC market in Israel.
Increasing
Investment in R&D
The
Israeli pharmaceutical and biotech industry is well known for its top-notch
research facilities, significant investment in R&D, and extensive global
reach. The dermatological preparation business Sol-Gel Technologies, with
headquarters in Israel, announced the FDA's approval of Epsolay in 2022.
Adults with inflammatory lesions from rosacea can be treated with the cream
Epsolay.
In an
effort to get access to the expanding Israeli pharmaceutical and biotech
sector, Recce Pharmaceuticals Ltd. has received a trademark registration
from the Israeli Patent Office's Trademarks Department for the RECCE® brand. The
company's intellectual property portfolio is strengthened by the newly
registered trademark in addition to those, already registered in the largest
pharmaceutical markets worldwide, including Australia, USA, Europe, Japan,
China and most recently in Hong Kong. The formulation of new drugs and its
increasing approvals are increasing the
availability of wide range of over-the-counter drugs in the Israeli market,
making it accessible to people which easily get OTC from pharmacies and not
have to pay extra charge for visiting hospitals for the recommendation of the
same drug with prescription.
Market Segmentation
Israel over
the counter (OTC) drugs market is segmented into
product type, route of administration, dosage form, distribution channel,
region, and company. Based on
product type, Israel over the counter (OTC) drugs market is fragmented into
cough, cold and flu, vitamins, mineral & supplements (VMS), analgesics,
gastrointestinal products, dermatology products, and others. Based on route of
administration, Israel over the counter (OTC) drugs market is categorized into
oral, topical, parenteral, and others. In terms of dosage form, Israel over the
counter (OTC) drugs market can be segmented into tablets, capsules, liquids
& solution, creams/lotions/ointments, and others. By distribution channel, Israel
over the counter (OTC) drugs market can be segmented into hospital pharmacies,
retail pharmacies, e-pharmacies, and others.
Market
Players
Teva
Pharmaceutical Industries Ltd., GlaxoSmithKline plc, AstraZeneca Israel, Bayer
Israel Ltd., Pfizer Inc., Johnson & Johnson, Novartis Israel Ltd., Taro
Pharmaceutical Industries Ltd., Neopharm Israel, Sol-Gel Technologies Ltd., are
some of the leading players operating in the Israel over
the counter (OTC) 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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Historical Years
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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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Product Type
Route of
Administration
Dosage Form
Distribution
Channel
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Regional Scope
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The
Mediterranean coastal plain, The Central Hills, The Jordan Rift Valley, The
Negev Desert
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Key Companies Profiled
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Teva
Pharmaceutical Industries Ltd., GlaxoSmithKline plc, AstraZeneca Israel,
Bayer Israel Ltd., Pfizer Inc., Johnson & Johnson, Novartis Israel Ltd.,
Taro Pharmaceutical Industries Ltd., Neopharm Israel, Sol-Gel Technologies
Ltd.
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Customization Scope
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10% free report
customization with purchase. Addition or alteration to 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, Israel Over the Counter (OTC)
Drugs Market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
·
Israel Over the
Counter (OTC) Drugs Market, By Product
Type:
o Cough, Cold and Flu
o Vitamins, Mineral &
Supplements (VMS)
o Analgesics
o Gastrointestinal Products
o Dermatology Products
o Others
·
Israel Over the
Counter (OTC) Drugs, By Route of
Administration:
o
Oral
o
Topical
o
Parenteral
o
Others
·
Israel Over the
Counter (OTC) Drugs Market, By Dosage
Form:
o Tablets
o Capsules
o Liquids & Solution
o Creams/Lotions/Ointments
o Others
·
Israel Over the
Counter (OTC) Drugs Market, By
Distribution Channel:
o Hospital Pharmacies
o Retail Pharmacies
o E-Pharmacies
o Others
·
Israel Over the
Counter (OTC) Drugs Market, By Region:
o The Mediterranean coastal plain
o The Central Hills
o The Jordan Rift Valley
o The Negev Desert West
Competitive
Landscape
Company Profiles: Detailed analysis of the
major companies present in Israel Over the Counter (OTC) 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).
Israel Over the Counter (OTC) 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]