Over the Counter (OTC) Drugs Market to Grow with a CAGR of 9.41% through 2028
Accessibility &
affordability of OTC products and increasing shift from Rx to OTC is expected
to drive the Global Over the Counter (OTC) Drugs Market growth in the forecast
period, 2024-2028.
According to TechSci Research
report, “Over the Counter (OTC) Drugs Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Over
the Counter (OTC) Drugs Market stood at USD 186.93 billion in 2022 and is anticipated to grow with a CAGR of 9.41%
in the forecast period, 2024-2028. The increasing health consciousness among
the global population is a significant driver of the Over the Counter (OTC)
Drugs Market.
Furthermore, the
cost-effectiveness of purchasing OTC products, as they do not require a
prescription, has a positive impact on market growth. Moreover, the enhanced
availability and affordability of these medicines have contributed to higher
market acceptance rates of OTC medications, thereby driving market growth.
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Over the Counter (OTC) Drugs Market”
Strong growth is anticipated in
the healthcare industry due to increased government health expenditure aimed at
developing the sector. Factors driving the over-the-counter (OTC) drugs market
include shifting cultural attitudes towards self-medication for minor health
issues and the transition from medical prescriptions to OTC drugs due to patent
expirations. The convenience of direct purchase, affordability of OTC drugs,
high adoption rates in developing markets, and price advantages compared to
prescribed drugs are expected to propel the global OTC market's growth.
The Over The Counter (OTC) Drugs
Market has experienced rapid growth in recent decades. This growth can be
attributed to increased adoption rates and affordability for consumers.
Technological advancements have also introduced new drugs to the market, further
fueling the growth of the OTC Drugs Market. Additionally, greater awareness
about the applications of these drugs has contributed to market expansion.
The remarkable increase in new
drug production is driven by knowledge of personalized medication for minor
illnesses, implementation of treatment protocols by healthcare providers, and
the rising prevalence of chronic diseases. Furthermore, the growing geriatric
population with chronic conditions, changing consumer attitudes towards
self-medication, and affordability of OTC drugs all contribute to the market's
growth.
Nevertheless, certain challenges
hinder the growth of the Global Over The Counter (OTC) Drugs Market, including
intense competition among existing players, the potential for drug abuse and addiction,
complications arising from incorrect drug usage due to misdiagnosis or
self-diagnosis, and limited awareness among rural populations in developing and
underdeveloped economies. Stringent government regulations also pose
constraints. However, increased research and development spending, innovation,
and technological advancements in the drug development process present new
opportunities for future growth in the Global Over The Counter (OTC) Drugs
Market.
Over time, the production rates
of OTC drugs have increased, driven by a significant rise in demand for these
drugs due to a growing number of common cold and cough patients. The pandemic
has also heightened awareness of OTC drugs among the general population,
resulting in a higher revenue share in the OTC drugs market.
The Global Over the Counter (OTC)
Drugs Market is segmented into product, dosage form, route of administration,
distribution channel, regional distribution, and company.
Based on product, the segment of
Cough, Cold, and Flu Products is anticipated to experience substantial growth
throughout the forecast period. Various types of viruses can cause a common
cold, which is generally a harmless condition with symptoms resolving within
two weeks. The increasing number of individuals affected by cough, cold, and
flu has led to a rise in the usage of over-the-counter (OTC) drugs in this
category. Consumers rely on OTC cough, cold, or flu medicines as their initial
choice for alleviating symptoms. For instance, according to the CDC, the common
cold results in 22 million missed school days annually in the United States,
with nearly 1 billion people affected each year.
In addition, the India
Meteorological Department (IMD) reported a 25% surge in flu-related fever,
colds, and cough in Tamil Nadu in August 2021. Consequently, the higher
prevalence of flu and cold is expected to drive growth, given that paracetamol
is commonly used in managing these conditions. The widespread availability of
OTC drugs for cough, cold, and flu has contributed to their increased sales on
a global scale. Taking these factors into account, it is projected that the
analyzed segment will witness significant growth over the forecast period.
Based on region, North America
segment is expected to grow during the forecast period. - The North
America segment dominated the global over the counter (OTC) drugs market in
2022, in terms of revenue, based on the region. It is expected to maintain its
dominance throughout the forecast period. This can be attributed to the
increasing preference of consumers in North America for over the counter (OTC)
drugs over prescription drugs. The growth of the over-the-counter drugs market
in this region is driven by the rising consumption of such drugs. Furthermore,
the preference for over the counter drugs over prescription drugs is also
fueling the growth of the North America over the counter drugs market.
On the other hand, Europe is
projected to be the most promising segment during the forecast period. This is
due to the widespread practice of self-medication and the presence of a large
number of over the counter (OTC) drugs manufacturing companies in the region.
Increased public awareness of over the counter drugs is also contributing to
the expansion of the market in Europe. Growing awareness about over the counter
drugs among people and the presence of major market players are significant
drivers of the growth of the over the counter drugs market in Europe. The
market in Europe is expanding due to the growing senior population with various
age-related illnesses. With increasing product penetration and availability,
the demand in Europe will continue to rise, thereby boosting the growth of the
over the counter drugs market in the region.
Major companies operating in
Global Over the Counter (OTC) Drugs Market are:
- Sanofi S.A.
- Pfizer Inc.
- GlaxoSmithKline plc
- Perrigo Company plc
- Reckitt Benckiser Group PLC
- Takeda Pharmaceutical Company Ltd
- Boehringer Ingelheim International
GmbH
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Glenmark Pharmaceuticals Ltd.
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“The increasing utilization of
over-the-counter (OTC) drugs for treating minor ailments is a key driver for
market growth. OTC medications, including antacids, histamine-2 (H2) blockers,
and proton pump inhibitors (PPIs), are commonly used to relieve and prevent
heartburn or acid indigestion. Additionally, the COVID-19 outbreak has raised
awareness about the importance of self-care, leading to increased sales of
nutritional supplements and boosting market growth. Furthermore, industry
leaders are expanding their product portfolios to reach a wider consumer base
and extend their geographical presence. This, along with the growing number of
regulatory approvals for switching prescription drugs to OTC status, has a
positive impact on the market. Rising healthcare costs have also led to more
individuals opting for OTC drugs instead of consulting physicians, thereby
driving market demand. Moreover, self-medication practices can help manage
chronic diseases, reduce work absenteeism, and conserve medical resources for
more critical conditions. Other contributing factors include the global rise in
the geriatric population, rapid expansion of distribution channels, and
significant growth in the pharmaceutical industry, all of which contribute to
overall sales and profitability.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Over the Counter (OTC) Drugs Market Segmented
By Product (Cough, Cold & Flu, Vitamins, Mineral, & Supplements (VMS),
Analgesics, Gastrointestinal Products, Dermatology Products, Others), By Route
of Administration (Oral, Parenteral, Topical, Others), By Dosage Form (Tablets,
Capsules, Liquids & Solutions, Cream/Lotion/Ointments, Others), By
Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region and Competition, Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Over the Counter (OTC) Drugs Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Over the Counter (OTC) Drugs Market.
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