|
Forecast Period
|
2024-2028
|
|
Market Size
(2022)
|
USD 384.87
million
|
|
CAGR
(2023-2028)
|
7.91%
|
|
Fastest Growing
Segment
|
Vitamins &
Mineral Supplements
|
|
Largest Market
|
Marmara Region
|
Turkey
Over-The-Counter Drugs market is expected to grow at a significant rate during
the forecast period. The high price of prescription medications has caused a
shift toward over-the-counter (OTC) medications and increased OTC drug
approval, which is responsible for the expansion of the OTC drug market. OTC
medications are those that are sold directly to the customer without a
prescription from a healthcare professional or a doctor. Regulatory bodies in
many nations choose over-the-counter (OTC) medications to ensure that they
contain ingredients that are safe and effective when used without a doctor's
supervision. Instead of the finished product, the active pharmaceutical
ingredient (API) in over-the-counter (OTC) medications is typically regulated.
Instead of regulating individual drug dosage formulations, governments can
freely synthesize chemicals or constituent combinations into proprietary blends.
In terms of distribution channels, pharmacies are the primary channel for OTC
drugs in Turkey, with chain pharmacies accounting for most sales. However,
online sales of OTC drugs are also on the rise, with the COVID-19 pandemic
accelerating the shift towards e-commerce. Overall, the OTC drug market in
Turkey is expected to continue growing, driven by factors such as an aging
population, increasing urbanization, and rising health awareness.
Increasing
Demand for Dietary Supplements
There
has been an increasing demand for dietary supplements in Turkey in recent
years, reflecting a growing trend towards a healthier lifestyle and a greater
awareness of the benefits of preventive healthcare. This trend has been driven
by several factors, including the rise of the middle class, an aging
population, and a growing interest in sports and fitness. One of the main
drivers of this trend has been the increased availability and variety of
dietary supplements as OTT drug in Turkey. With the rise of e-commerce and
online marketplaces, it has become easier for consumers to access a wider range
of supplements and to compare prices and features.
In
addition, there has been a greater emphasis on health and wellness in the media
and in advertising, which has raised awareness of the benefits of dietary
supplements. This has been coupled with an increased interest in healthy eating
and lifestyle choices, which has led to a greater demand for supplements to
complement a healthy diet. The Turkish government has also played a role in promoting
the use of supplements, particularly those that address specific health
conditions. For example, the government has encouraged the use of supplements
to combat vitamin and mineral deficiencies, as well as to support the immune
system and cardiovascular health. Overall, the increasing demand for
supplements in Turkey is part of a broader trend towards preventive healthcare
and a greater focus on personal health and wellness which in turn has boosted
the growth of Turkey over the counter drug market.
Strong
Focus on the Research and Development and Launch of New OTC Products by Key
Players
In
recent years, Turkey has been focusing on developing its pharmaceutical
industry, including the OTC sector. The Turkish government has implemented
policies to promote innovation and R&D in the industry, including tax
incentives and grants for companies investing in R&D activities. The OTC
market in Turkey is quite large and has been growing steadily. There are
several Turkish pharmaceutical companies that are actively engaged in R&D
in the OTC sector. These companies include Abdi Ibrahim, Bilim Pharmaceuticals,
and Eczacibasi-Monrol. These companies have invested heavily in R&D
activities, including developing new products, and improving existing ones. In
addition, there are also international pharmaceutical companies operating in
Turkey that are involved in OTC R&D. These include Bayer, GlaxoSmithKline,
and Pfizer. Overall, there is a strong focus on R&D in the OTC sector in
Turkey, and this is likely to continue in the coming years as the government
continues to support the development of the country's pharmaceutical industry.
Companies
like Johnson & Johnson Services Inc., Bayer AG, Novartis AG, Sanofi S.A.,
Pfizer, and many others, are active in this industry. These major industry
players are engaged in R&D to create and commercialize novel
over-the-counter medications for a range of medical ailments. The rise
in self-medication during the predicted period is one of the major drivers of
market expansion. Pharmacoepidemiology and Drug Safety estimates that various
people rely on over-the-counter medicine, with females being more likely to do
so. Additionally, the market is expanding because of consumers migrating from
prescription (Rx) to over the counter (OTC) medications due to lower costs and
an increase in OTC medicine approvals from regulatory bodies. Therefore,
the over-the-counter drug in turkey is gaining popularity which in turn drives
the growth of the market.
Convenience
and Low Cost of OTC Drug is fuelling Market Expansion.
OTC
(over-the-counter) drugs are medications that can be purchased without a
prescription from a healthcare professional. These drugs are typically used to
treat common health conditions like allergies, pain, and colds. The cost of OTC
drugs can vary depending on the brand, the store where they are purchased, and
the location. However, in general, OTC drugs tend to be less expensive than
prescription medications. One reason for the lower cost of OTC drugs is that
they do not require a prescription or consultation with a healthcare provider.
This means that the manufacturer can produce them at a lower cost and sell them
at a lower price than prescription medications, which require extensive testing
and regulatory approvals.
Additionally,
OTC drugs are often available in generic versions, which are typically less
expensive than brand-name versions. Generic drugs have the same active
ingredients as their brand-name counterparts and are just as safe and
effective. Overall, the low cost of OTC drugs makes them an affordable and
accessible option for treating many common health conditions. Therefore, low
cost of over-the-counter drug is fuelling the market expansion.
Additionally,
convenience and the existence of a sizable number of retail establishments
selling OTC items are some of the crucial factors anticipated to propel market
expansion throughout the forecast period. Market expansion is being fueled by
the private sector's growing investments in enhancing the supply chain through
retail stores and other distribution channels, in both developed and developing
nations. The market is expanding because of regulatory agencies increasingly
approving the conversion of prescription treatments to over-the-counter
medications. There has been a noticeable trend in favour of these more
practical and affordable alternatives as the bulk of prescription allergy
medications have transitioned to OTC. For instance, the Consumer Healthcare
Products Association (CHPA) reports that many prescription allergy medications
have been converted to over-the-counter versions and that this dosage formation
has occurred due to the cheaper price of these medications.
Improper
Diagnosis and Self-Medication is Limiting Market Expansion.
The
issue of medication overdose due to improper diagnosis and self-medication is a
serious concern that can have negative impacts on both the health of
individuals and the growth of the medication market. people self-medicate
without seeking professional medical advice, they may end up taking the wrong
medication or taking the medication in the wrong dosage, which can lead to
adverse reactions, side effects, and even overdosing. This can damage the
reputation of the medication and the brand, leading to a decrease in sales and
consumer confidence.
Furthermore,
improper diagnosis and self-medication can also lead to the development of
antibiotic-resistant strains of bacteria and viruses, which can further hamper
the OTC drug market. Antibiotic-resistant bacteria and viruses are becoming
increasingly prevalent due to the overuse and misuse of antibiotics, and this
has led to the development of stronger antibiotics, which can be more expensive
and have more significant side effects. This factor limits the growth of the
OTC drug market in Turkey. In conclusion, it is important to seek professional
medical advice before taking any medication to avoid negative consequences,
both for individual health and for the OTC drug market.
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Market
Segmentation
Turkey
Over-The-Counter Drugs Market is segmented based on Product type, Dosage Form,
Application, and Distribution Channel. Based on product type, the market is
divided into Cough & Cold Drugs, Analgesics Drugs, Dermatology Drugs,
Gastrointestinal Drugs, Vitamins, Minerals, and Supplements (VMS), Ophthalmic
Drugs, Others. Based on dosage formo Tablets, Capsules, Liquids &
Solutions, Cream/Lotion/Ointments, Others. Based on application the market is
divided into Cardiovascular Diseases, Diabetes, Oncology, Neurology,
Anti-Inflammatory Diseases, Others. Based on distribution channel the market is
categorized into Retail Pharmacies, Hospital Pharmacies, E-Pharmacies, Others.
Market
players
Nobel Ilac San ve Tic
A.S., Abdi Ibrahim Ilac Sanayi ve Ticaret, GlaxoSmithKline, BERKO ILAÇ, and
Bilim Pharmaceuticals. Johnson & Johnson, Bayer AG, Novartis AG, Sanofi
S.A., Reckitt Benckiser Group Plc., The Procter & Gamble Company, Teva
Pharmaceutical Industries Limited Cipla Ltd. are the market players present in
the Turkey over the counter drug market.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 –
2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
|
|
Report coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments covered
|
·
Type
·
Dosage Form
·
Distribution channel
·
Application
|
|
Regional scope
|
Marmara Region, Central Anatolia, Eastern Anatolia Region,
South-Eastern Anatolia Region, Aegean Region, Mediterranean Region, Black Sea
Region.
|
|
Key companies profiled
|
Novartis, Nobel Ilac San ve Tic A.S.,
Abdi Ibrahim Ilac Sanayi ve Ticaret, GlaxoSmithKline, BERKO ILAÇ, and Bilim
Pharmaceuticals. Johnson & Johnson, Bayer AG, Novartis AG, Sanofi S.A.,
Reckitt Benckiser Group Plc., The Procter & Gamble Company, Teva Pharmaceutical
Industries Limited Cipla Ltd.
|
|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to
meet your exact research needs. Explore purchase options
|
|
Delivery Dosage Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word Dosage Format on special request)
|
Report
Scope:
In this report,
the Turkey Over-The-Counter Drugs Market has been segmented into the following
categories, in addition the industry trends which have also been detailed
below:
·
Turkey
Over-The-Counter Drugs Market, By Product Type:
o
Analgesics
Drugs
o
Cough
& Cold Drugs
o
Dermatology
Drugs
o
Gastrointestinal
Drugs
o
Vitamins
o
Minerals,
and Supplements (VMS)
o
Ophthalmic
Drugs
o
Others
·
Turkey
Over-The-Counter Drugs Market, By Dosage Form
o
Tablets
o
Capsules
o
Liquids
& Solutions
o
Cream/Lotion/Ointments
o
Others
·
Turkey
Generic Drug Market, By Application
o
Cardiovascular
Diseases
o
Diabetes
o
Oncology
o
Neurology
o
Anti-Inflammatory
Diseases
o
Others
·
Turkey
Over-The-Counter Drugs Market, By Distribution Channel
o
Retail
Pharmacies
o
Hospital
Pharmacies
o
E-Pharmacies
o
Others
·
Turkey
Over-The-Counter Drugs Market, By Region
o
Marmara
Region
o
Central
Anatolia
o
Eastern
Anatolia Region
o
South-Eastern
Anatolia Region
o
Aegean
Region
o
Mediterranean
Region
o
Black
Sea Region
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Turkey Over-The-Counter Drugs
Market.
Available
Customizations:
With the given
market data, TechSci Research offers customizations according ta company’s
specific needs. The following customization options are available for the
report:
Company In
Dosage Formation
- Detailed analysis and profiling of
additional market players (up to five).
Turkey
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]