Over-the-Counter (OTC) Drug Market Definition
Industry Perspective:
The global over-the-counter (OTC) drug market was worth USD 150.04 billion in 2022 and is estimated to grow to USD 234.38 billion by 2030, with a compound annual growth rate (CAGR) of approximately 5.73% over the forecast period. The report analyzes the over-the-counter (OTC) drug market’s drivers, restraints, and challenges and their effect on demand during the projection period. In addition, the report explores emerging opportunities in the over-the-counter (OTC) drug market.
Over-the-Counter (OTC) Drugs Market: Overview
OTC drugs are pharmaceuticals that are safe and effective enough for the general public to take without a prescription, provided a doctor prescribes them. Dextromethorphan, cough suppressants, and painkillers like ibuprofen and paracetamol (paracetamol) are examples of over-the-counter (OTC) drugs. These drugs treat conditions that don’t require a patient to see a doctor directly. They are safe and effective. OTC drugs are available at all pharmacies, retail establishments, and gas stations. In addition, the rising trend of self-medication is one of the main drivers of the market expansion anticipated for the forecast year. Additionally, the market is growing due to rising product introductions for over-the-counter (OTC) treatments that improve immunity and the shift from prescription drugs (Rx) to OTC, citing reduced costs.
nForming Over-the-Counter (OTC) Drugs Market Smart Book
The nForming Over-the-Counter (OTC) Drug Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the over-the-counter (OTC) drug market. The over-the-counter (OTC) drug market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.
Over-the-Counter (OTC) Drugs Market: Recent Developments
The over-the-counter (OTC) drug industry is seeing a variety of developments. Among the major development areas are:
Recent Developments
- In June 2023, the multinational pharmaceutical company MCKESSON CORPORATION announced the introduction of Foster & Thrive, a carefully selected private brand of over-the-counter health and wellness products, to address changing patient demands.
- In July 2022, AFT Pharmaceuticals, a firm located in New Zealand, and RLG Limited, an e-commerce and digital marketing company, collaborated to introduce a variety of over-the-counter medications via the online marketplace Tmall Global.
Read more opportunities in the over-the-counter (OTC) drug market in the Smart Book.
Over-the-Counter (OTC) Drugs Market Drivers
Due to their accessibility and cost, over-the-counter medications are becoming more and more popular in developing nations to drive market growth
The market for over-the-counter (OTC) drugs is expanding significantly due to their accessibility and cost. Over-the-counter medications are becoming more and more popular in developing nations. There are several chances to expand the worldwide market for over-the-counter pharmaceuticals due to the presence of pharmaceutical businesses, drug shops, supermarkets, retail outlets, hospital pharmacies, and internet pharmacies in both developed and developing nations. Moreover, rising healthcare costs and the economies of developing nations like China, India, Brazil, the Middle East, and others as a result of their populations’ constant population growth and rising disposable income are anticipated to open up lucrative opportunities for global market players over the course of the forecast period. Furthermore, the growing emphasis of both public and private entities on research and development endeavours aimed at creating drug delivery systems and efficacious medications that are easily accessible at nearby pharmacies, health stores, and online retailers is anticipated to augment the potential for growth in the over-the-counter drugs market throughout the forecast period.
Over-the-Counter (OTC) Drugs Market: Restraints
The main issue is drug usage, and the potential for drug addiction hinders market growth.
The global OTC drug market is further restricted by the possibility of serious problems resulting from the use of the wrong medication as a result of misdiagnosis or inaccurate self-diagnosis. Because more blogs and websites are emerging to spread information about the advantages of natural and affordable cures, the use of traditional home remedies is limiting the global market’s growth. Restrictions on the growth of the market can stem from a lack of knowledge about the active medications in developing and rural areas.
Read all the major drivers and trends of the over-the-counter (OTC) drugs market in the Smart Book.
Over-the-Counter (OTC) drug: Regional Landscape
North America dominated the Over-the-Counter (OTC) drug market in 2022
as a result of the dominance of major industry participants like Pfizer and AbbVie Inc. Due in large part to the fact that many Americans use over-the-counter medications to treat minor ailments, the US has emerged as the market leader in North America for OTC pharmaceuticals. This is mostly because a sizable portion of the populace chooses to buy over-the-counter medications from neighbourhood retail stores rather than going to a medical facility since they do not have health insurance. The availability of insurance plans that cover over-the-counter medications also contributes to the nation’s OTC drug market expansion. A significant health insurance provider, Anthem, teamed up with Walmart in January 2019 to provide Medicare Advantage Plan participants with improved access to over-the-counter medications. The business outlook is bright as a result of this agreement, which is anticipated to positively affect the US and North American OTC medicine markets as a whole.
Read more competitive developments in the Over-the-Counter (OTC) Drug Market Smart Book.
Over-the-Counter (OTC) Drugs Market Key Companies
- Johnson & Johnson Services Inc. (U.S.)
- Bayer AG (Germany)
- Novartis AG (Switzerland)
- Sanofi S.A. (France)
- Pfizer (U.S.)
- GlaxoSmithKline Plc (U.K.)
- Boehringer Ingelheim International GmbH (Germany)
- Reckitt Benckiser Group PLC (U.K.)
- Takeda Pharmaceutical Company Ltd. (Japan)
- Perrigo Company plc (Ireland).
Over-the-Counter (OTC) Drug Market Segmentation:
The global over-the-counter (OTC) drug market has been segmented into product type and distribution channel.
Based on product type, analgesics, cold and cough remedies, digestive and intestinal remedies, skin treatment, vitamins and minerals, and others are segments of the global over-the-counter (OTC) drug market. The cold and cough remedies segment dominated the market in 2022, due to the population’s rising rate of common colds and coughs as a result of seasonal change. The most prevalent illnesses in children under the age of ten and in elderly populations above the age of sixty-five, according to the Centres for Disease Control and Prevention, are colds and coughs. This is driving up demand for medicinal items.
Based on the distribution channel, the market is classified into drug stores and retail pharmacies, hospital pharmacies, and online pharmacies. In 2022, the drug stores and retail pharmacies category dominated the global market due to the growing patient preference for stores and retail pharmacies when purchasing OTC drugs, as well as the growing number of retail pharmacies that offer these goods. Due to the availability of a wider range of products and easier access to over-the-counter pharmaceuticals, the hospital pharmacy segment holds the second-largest market share.
Segmentation:
Over-the-Counter (OTC) Drug Market, By Product Type |
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Over-the-Counter (OTC) Drug Market, by Distribution Channel |
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Over-the-Counter (OTC) Drug Market, by Route of Administration |
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Over-the-Counter (OTC) Drug Market, By Geography |
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Frequently Asked Questions (FAQs):
- Which key factors will influence Over-the-Counter (OTC) drugs market growth over 2023-2030?
The main reasons anticipated to propel the Over-the-Counter (OTC) drugs market during the forecast period are rising awareness of this illness, particularly among the elderly population, in conjunction with cutting-edge product introductions
- What will be the value of the Over-the-Counter (OTC) drugs market during 2022-2030?
According to the report, the global Over-the-Counter (OTC) drugs market size was worth USD 150.04 billion in 2022 and is estimated to grow to USD 234.38 billion by 2030, with a compound annual growth rate (CAGR) of approximately 5.73% over the forecast period.
- Which region will contribute notably towards the Over-the-Counter (OTC) drugs market value?
North America is anticipated to continue leading the Over-the-Counter (OTC) drugs market throughout the projected period.
- Which are the major players leveraging the Over-the-Counter (OTC) drugs market growth?
Some of the main competitors dominating the global Over-the-Counter (OTC) drugs market include – Johnson & Johnson Services Inc. (U.S.), Bayer AG (Germany), Novartis AG (Switzerland), Sanofi S.A. (France), Pfizer (U.S.), GlaxoSmithKline Plc (U.K.), Boehringer Ingelheim International GmbH (Germany), Reckitt Benckiser Group PLC (U.K.), Takeda Pharmaceutical Company Ltd. (Japan), and Perrigo Company plc (Ireland).
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