Astute Analytica released a new research report on the global Over-the-Counter-OTC-Drugs market.The worldwide Over-the-Counter-OTC-Drugs-Market report 2030 is a thorough investigation that examines the current Over-the-Counter-OTC-Drugs-Market trends. The report consists of market definitions, market segmentation, end-use applications, and industry chain analysis. In addition, it offers a succinct overview of the market. The study on the global market offers an overview of the market encompassing the competitive environment, current market developments, and industry trends.
The global Over-the-Counter-OTC-Drugs market size was US$ 1,22,854.5 Mn in 2021 and is forecast to reach US$ 2,20,995.3 Mn by 2030, growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.
The competition study provides information about the major players in the Chinese market in terms of their financials, company profiles, product portfolios, and capacity. Along with the important development trends and sales channel research, the report also offers upstream raw material analysis and downstream demand analysis. The global research study also covers the investment opportunity areas.
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People and economies globally rely substantially on the 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-OTC-Drugs spending in different nations, with Over-the-Counter-OTC-Drugs spending accounting for more than 10% of most industrialized countries’ GDP.
The Centers for Medicare and Medicaid Services data calculates that the U.S. national Over-the-Counter-OTC-Drugs expenditure reached US$ 4.1 trillion in 2020 and is forecast to surpass US$ 6.2 trillion by 2028. According to the Commonwealth Fund, the U.S. spent nearly 17% of gross domestic product (GDP) on Over-the-Counter-OTC-Drugs in 2018. Switzerland was the second-highest-ranking country, spending 12.2%. In addition, New Zealand and Australia dedicate only 9.3%.
According to the United States, Bureau of Labor Statistics, Over-the-Counter-OTC-Drugs employment is likely to grow 16% from 2020 to 2030, much faster than the average for all occupations, with about 2.6 million new jobs. This projected increase is primarily due to an aging population, which indicates a higher demand for Over-the-Counter-OTC-Drugs services. In May 2021, the median annual wage for Over-the-Counter-OTC-Drugs practitioners and technical sectors (such as registered nurses, physicians and surgeons, and dental hygienists) was US$ 75,040, which was higher than the economy’s median annual wage of US$ 45,760.
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The European legislature and decision-makers should be aware that EU health systems are facing challenges arising from an aging population, citizens’ rising expectations, migration, and mobility of patients and health care professionals. Statista data shows the number of individuals employed in Europe’s hospitals in 2019. In 2019, there were more than 1.5 million people employed in hospitals in the UK, the largest number in Europe.
Impact Analysis of COVID-19
Global COVID-19 cases have climbed above 516 million as of May 2022, and the death toll has exceeded 6.25 million. COVID-19 has disproportionately impacted specific racial and ethnic minority groups, as well as underserved and marginalized communities, highlighting the persistent challenges of health equity and health outcomes.
COVID-19 is causing a great deal of emotional, physical, and professional stress among health care personnel. The changing attitudes and behaviors of consumers, the integration of life sciences and health care, fast-growing digital health technology, new talent, and care delivery models, and clinical innovation advanced by COVID-19.
As sector players and the customers, they serve to adapt to a new world of remote working, virtual doctor visits, and a supply chain plagued by shortages of medical goods, employees, and services, the sector is reforming to become more customer-centric.
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