Over the Counter (OTC) Drugs Market to Grow at an Impressive Rate of 9.86% During Forecast Period
Growth in awareness related to general
health concerns is expected to drive the growth of global over the counter
(OTC) drugs market.
According to TechSci Research report, “Global Over
the Counter (OTC) Drugs Market 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, Competition, Forecast &
Opportunities, 2026”, Global Over the Counter (OTC) drugs market stood at
USD154.01 billion in 2020 and is expected to grow at a CAGR of around 9.86%
during the forecast period. This can be ascribed to the growing prevalence of
various chronic diseases such as diabetes, cancer, cardiovascular diseases,
renal disorders, among others.
This has, in turn, increased the patient pool
worldwide, thereby positively influencing the market growth through 2026.
Additionally, growing awareness regarding general health concerns and
advancements in the healthcare industry is further expected to support the
market growth over the next few years. However, the influx of new innovative
drugs for the treatment of various diseases can restrict market growth over the
next few years. Furthermore, the lack of seamless reclassification of drugs
from prescription medicines to over-the-counter drugs can restrict the market
growth during the forecast period. Besides, substance abuse and lesser
awareness can further slowdown the market growth over the next few years.
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Global over the counter (OTC) drugs market can
be segmented based on product, route of administration, dosage form,
distribution channel, region, and company. Based on distribution channel, the
market can be categorized into retail pharmacy, hospital pharmacy and
e-pharmacy. The retail pharmacy segment dominated the market with an overall
share of 52.69% on account of various benefits associated with retail
pharmacies, such as convenience, easy availability, among others. The
e-pharmacies segment is expected to register the highest growth during the
forecast period on account of the widespread penetration of various e
pharmacies worldwide.
Johnson
& Johnson, Bayer AG, Novartis AG, GlaxoSmithKline Plc.-Pfizer, Inc., Sanofi
S.A., Perrigo Company Plc., Reckitt Benckiser Group Plc., Sun Pharmaceutical
Industries Ltd., The Procter & Gamble Company, Teva Pharmaceutical
Industries Limited, Dr. Reddy’s Laboratories Ltd., Zydus Takeda Healthcare Pvt.
Ltd., Mylan NV, Cipla Ltd., Alkem Laboratories Limited, among others. The various
players operating in the market are adopting strategies such as product
launches, mergers & acquisitions, among others to stay competitive in the
market and have an edge over the other players operating in the market.
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“Asia-Pacific
region is anticipated to register the highest growth in the global over the
counter (OTC) drugs market during the forecast period on account of growing
focus of pharmaceutical companies in the region to develop over the counter drugs
especially in countries like India and China. Furthermore, growing awareness
pertaining to maintaining a healthy lifestyle has shifted the focus of the
population residing in the region towards various over the counter vitamin and
mineral supplement products, thereby supporting market growth.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Over the Counter (OTC) Drugs Market 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, Competition, Forecast & Opportunities,
2026” has evaluated the
future growth potential of global over the counter (OTC) drugs market and
provides statistics and 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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