IMARC Group, a leading market research company, has recently releases report titled “Over The Counter Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global over the counter drugs market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Over The Counter Drugs Market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 158.8 Billion |
| Market Forecast in 2028 | US$ 231.7 Billion |
| Growth rate (2023 to 2028) | CAGR of 6.24% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is Over The Counter Drugs?
Over-the-counter (OTC) drugs, also known as non-prescription medicines, refer to medications that can be taken and sold directly to consumers without a prescription. They are safe and effective and can be consumed as per the directions on the label or as recommended by the healthcare professional. They are widely available in pharmacies, convenience stores, online stores, supermarkets, and gas stations. As a result, OTC drugs are used to relieve symptoms and cure or manage acne, diarrhea, pain, constipation, chronic migraines, allergies, cough, and cold.
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What are the growth prospects and trends in the Over The Counter Drugs Industry?
The global over-the-counter drugs market is primarily driven by the increasing product usage for treating minor ailments. Besides this, the rising adoption of OTC drugs, such as proton pump inhibitors (PPIs), antacids, and histamine-2 (H2) blockers, to relieve and prevent acid indigestion or heartburn is another major growth-inducing factor.
Moreover, with the growing consciousness among individuals regarding the significance of self-care and surging healthcare costs, there has been a shift toward self-medication to treat minor symptoms and illnesses before seeking professional help. In line with this, the rising sales of painkillers and nutritional supplements amid the recent coronavirus disease (COVID-19) outbreak has augmented the demand for OTC drugs.
Additionally, key market players are expanding their customer base and geographical presence by expanding their product portfolio. Other factors, including the increasing approvals from regulatory bodies to switch prescription medicines to OTC drugs, expanding pharmaceutical industry, aging population, and easy product availability via online channels, are also anticipated to propel market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Cough, Cold and Flu Products
- Analgesics
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Minerals and Supplements (VMS)
- Weight-loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
- Others
Breakup by Route of Administration:
- Oral
- Parenteral
- Topical
- Others
Breakup by Dosage Form:
- Tablets and Capsules
- Liquids
- Ointments
- Others
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Alkem Laboratories Limited, Bayer AG, Daiichi Sankyo Company Limited, Dr. Reddy’s Laboratories Ltd., GlaxoSmithKline plc, Johnson & Johnson, Novartis AG, Perrigo Company plc, Pfizer Inc., Piramal Enterprises Ltd., Reckitt Benckiser Group PLC, Sanofi S.A., Sun Pharmaceutical Industries Ltd. and Teva Pharmaceutical Industries Ltd.
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