Over-the-Counter-OTC-Drugs-Market Distribution, Application, Region Global Forecast 2022-2030 – Journal l’Action Régionale

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New York (USA) – Astute Analytica publishes a research report on the global over-the-counter drug market. The analysis report contains detailed data on demand, growth, opportunities, challenges and restraints. Also, it provides an in-depth examination of the structure and possibility of global and regional industries.

Global market research includes insights from key companies on R&D, new product launches, and product responses from global markets. The analysis includes a graphical presentation and a schematic examination of the global market by region.

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Global OTC Drugs Market size was 1,22,854.5 Million US$ in 2021 and is projected to reach 2,20,995.3 Million US$ by 2030, growing at a compound annual growth rate (CAGR) of 6.9% over the forecast period from 2022 to 2030.

People and economies around the world largely depend on Over-the-Counter-OTC-Drugs business. It is one of the fastest growing industries. There is a correlation between income levels and over-the-counter drug spending in different countries, with over-the-counter drug spending accounting for more than 10% of GDP in most industrialized countries.

Data from the Centers for Medicare and Medicaid Services calculates that US national spending on over-the-counter drugs reached US$4.1 trillion in 2020 and is expected to top US$6.2 trillion by 2028. According to the Commonwealth Fund, the United States spent nearly 17% of its gross domestic product (GDP) on over-the-counter drugs in 2018. Switzerland was the second-highest ranked country, spending 12.2%. In addition, New Zealand and Australia spend only 9.3%.

Regional analysis

According to the US Bureau of Labor Statistics, employment in over-the-counter drugs is expected to grow 16% between 2020 and 2030, much faster than the average for all occupations, with about 2.6 million new jobs. This projected increase is mainly due to the aging of the population, which indicates a higher demand for over-the-counter drug services. In May 2021, the median annual salary for practitioners in over-the-counter medicine and technical occupations (such as registered nurses, physicians and surgeons, and dental hygienists) was $75,040, which was higher than the median annual salary of the economy. of US$45,760.

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European legislators and decision-makers should be aware that EU health systems are facing challenges related to the aging of the population, the growing expectations of citizens, the migration and mobility of patients and healthcare professionals. health. Data from Statista shows the number of people employed in European hospitals in 2019. In 2019, there were over 1.5 million people employed in hospitals in the UK, the highest number in Europe.

COVID-19 Impact Analysis

Global cases of COVID-19 exceeded 516 million in May 2022, and the death toll exceeded 6.25 million. COVID-19 has had a disproportionate impact on specific racial and ethnic minority groups, as well as underserved and marginalized communities, highlighting persistent challenges to health equity and health outcomes.

COVID-19 is causing a lot of emotional, physical and professional stress on healthcare workers. Changing consumer attitudes and behaviors, integration of life sciences and healthcare, rapidly growing digital health technology, new talent and care delivery models, and clinical innovation advanced by COVID-19.

As industry players and customers, they serve to adapt to a new world of remote working, virtual medical visits and a supply chain plagued by shortages of medical goods, employees and of services, the sector is reforming to become more customer-centric.

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About Astute Analytica:

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