Australia Over The Counter (OTC) Drugs Market is projected to grow from $2.043 Bn in 2022 to $3.954 Bn by 2030, registering a CAGR of 8.60% during the forecast period of 2022 - 2030. The introduction of new technologies, such as digital health platforms, can also drive the OTC drug market in Australia by making it easier for consumers to access and purchase these products. There are a number of key players in the over-the-counter (OTC) drug market in Australia like Johnson & Johnson, GlaxoSmithKline, and Procter & Gamble.
Australia Over The Counter (OTC) Drugs Market is projected to grow from $2.043 Bn in 2022 to $3.954 Bn by 2030, registering a CAGR of 8.60% during the forecast period of 2022 - 2030.
Australia is a wealthy and developed country with a strong and diversified economy. It is the world's 13th-largest economy and the sixth-largest in the Asia-Pacific region. The Australian economy is driven by a number of sectors, including mining, agriculture, manufacturing, and services. Australia is a wealthy and developed country with a strong and diversified economy. It is the world's 13th-largest economy and the sixth-largest in the Asia-Pacific region. The Australian economy is driven by several sectors, including mining, agriculture, manufacturing, and services. As of 2022, the gross domestic product (GDP) of Australia was approximately $1.725 Tn. Australia spent an anticipated $202.5 Bn on health-related products and services in 2019–2020 or $7,926 per person on average.
The over-the-counter (OTC) drug market in Australia is composed of a wide range of products that are available without a prescription. These products are used to treat a variety of common ailments and are sold in pharmacies, supermarkets, and other retail outlets. Some examples of OTC drugs that are commonly available in Australia include pain relievers, cold and flu remedies, allergy medications, and digestive aids. In 2021, the OTC healthcare market in Australia was estimated to be worth $4.5 billion. During the forecast period, the market is anticipated to expand at a CAGR of more than 2%. Traditional medicines dominated the OTC healthcare market in Australia in terms of value. The category for vitamins and minerals is anticipated to experience the fastest value growth between 2021 and 2026. The primary distribution channels for OTC healthcare goods in the nation are drug stores and pharmacies.
Market Growth Drivers
There are several factors that can drive the over-the-counter (OTC) drug market in Australia. Some of the key drivers of the OTC drug market in Australia include:
There are a number of key players in the over-the-counter (OTC) drug market in Australia. These include both local and international manufacturers and distributors. Some examples of major players in the OTC drug market in Australia include:
In addition to these major players, there are also many smaller manufacturers and distributors of OTC drugs in Australia.
In Australia, the regulatory framework for over-the-counter (OTC) drugs is administered by the Therapeutic Goods Administration (TGA), which is an agency of the Australian Government Department of Health. The TGA is responsible for regulating the quality, safety, and effectiveness of therapeutic goods in Australia, including OTC drugs.
The TGA has a number of processes in place to ensure the safety and efficacy of OTC drugs in Australia. These include:
The TGA also works with other government agencies and stakeholders to monitor the safety and effectiveness of OTC drugs in the market, and to take action if any issues are identified.
1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
126.96.36.199 Product Applications and Services
188.8.131.52 Recent Developments
184.108.40.206 Partnerships Ecosystem
220.127.116.11 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
6. Methodology and Scope
By Category (Revenue, USD Billion):
The key categories in the Australia OTC healthcare market are analgesics, cough & cold preparations, first aid kits, indigestion preparations, medicated skin products, plasters & bandages, topical OTC medicines, traditional medicines, vitamins & minerals, and other OTC healthcare products. In 2021, the traditional medicines category led the Australia healthcare sector in terms of per capita expenditure followed by vitamins & minerals, and analgesics.
By Distribution Channel (Revenue, USD Billion):
The key distribution channels in the Australia OTC healthcare market are drug stores & pharmacies, hypermarkets & supermarkets, convenience stores, food & drinks specialists, and cash & carries & warehouse clubs. Drug stores & pharmacies were the leading distribution channel in the Australia OTC healthcare sector in 2021 followed by hypermarkets & supermarkets and convenience stores.
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