Over The Counter Drugs Market Size to Surpass USD 50.37 Billion in 2030, exhibiting a CAGR of 5.8%
As per the report by Fortune Business Insights, The global over the counter drugs market size was valued at USD 46.65 billion in 2022. The market is projected to grow from USD 49.68 billion in 2023 to USD 73.78 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period.
Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) — The global over the counter drugs market size was valued at USD 46.65 billion in 2022. The market is projected to grow from USD 49.68 billion in 2023 to USD 73.78 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period.
The market for over-the-counter (OTC) drugs is growing due to the switch from prescription drugs to OTC, driven by factors such as lower costs and the availability of OTC drugs that boost immunity. OTC drugs can be purchased without a prescription from various outlets, including hospital pharmacies, medical stores, and grocery shops. Fortune Business Insights presents this information in their report titled “Global Over The Counter Drugs Market, 2023–2030.”
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Key Industry Development
June 2023: United States Food and Drug Administration (U.S. FDA) approved Eroxon, a topical gel under the de novo medical devices classification as an OTC product for erectile dysfunction treatment.
Key Takeaways:
- Vitamins & Minerals Segment in the Market Witnessed an Increased Demand amid the COVID-19 Pandemic
- Increasing Shift from Rx to OTC and Growth in Private Label OTC Products are Vital Trends
- Strong Focus of Key Players in the Development and Launch of New OTC Products to Boost Market Growth
- Accessibility and Affordability of OTC Products to Surge Market Growth
- Wrong Medications due to Incorrect Self-diagnosis and Side Effects of OTC Drugs May Hinder Market Growth
- Diversified Insurance Plans Offered by United HealthCare Services, Inc. and Centene Corporation to Support Their Dominance
Major Players Profiled in the Market Report:
- 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)
COVID-19 Impact
Varying Impact on OTC Categories During Pandemic due to Shifting Demand For OTC
The global import and export of healthcare products, including over the counter drugs, were disrupted by the COVID-19 pandemic. The impact on different categories of OTC products varied, with increased demand for vitamins and nutritional supplements but decreased sales for cough and cold products due to hygiene measures. Similarly, skin treatment products and digestive remedies also experienced a decline in sales during the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.8% |
| 2030 Value Projection | USD 73.78 Billion |
| Base Year | 2022 |
| Over The Counter Drugs Market Size in 2022 | USD 46.65 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Product type, Distribution Channel And Regional |
Segments:
Cold & Cough Remedies to Bolster Market with High Prevalence and Seasonal Influence
By product type, the market is segmented into analgesics, cold & cough remedies, digestives & intestinal remedies, skin treatment, vitamins & minerals, and others. The market is expected to be dominated by the cold & cough remedies segment, driven by the high prevalence of common colds and coughs, which are commonly influenced by seasonal variations.
Convenient Access and Patient Preference Drive Drug Stores & Retail Pharmacies’ Growth
By distribution channel, the market is categorized into drug stores & retail pharmacies, hospital pharmacies, and online pharmacies. The drug stores & retail pharmacies segment is expected to dominate the OTC market, driven by the increasing availability and patient preference for purchasing OTC products from these establishments.
From the regional ground, the market for over the counter drugs is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Report Coverage
The market research report for over the counter drugs presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
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Drivers and Restraints
Widespread Availability and Lower Costs of OTC Drugs Propel Market Growth
The accessibility, affordability, and widespread availability of OTC products through retail stores and distribution outlets are key factors driving over the counter drugs market growth. The shift of prescription allergy medicines to OTC and the lower costs associated with OTC drugs contribute to the increasing adoption of these products.
However, the market may face challenges due to concerns such as wrong medications resulting from incorrect self-diagnosis and the potential side effects associated with the use of these drugs without professional guidance.
Regional Insights
North America Takes the Lead with Growing Consumer Preference for OTC Drugs
North America emerged as the leading region, with a market size of USD 18.46 billion in 2022. The region’s dominance is driven by the growing consumer preference for over-the-counter products over prescription drugs.
Europe is expected to hold the second-largest over the counter drugs market share due to the high adoption of self-medication and increasing awareness among the population.
Competitive Landscape
Strategic Initiatives and Partnerships Fuel Market Leadership and Healthcare Innovation
Major players in the global over-the-counter industry dominate the market and are implementing strategic initiatives to enhance their market share. Giant organizations market their OTC products through various channels, while few of them focus on forming partnerships to establish a leading consumer healthcare business and strengthen their position in the global market for over the counter drugs.
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Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launches, Key Players
- Recent Industry Developments – Partnerships, Mergers & Acquisitions
- Impact of Covid-19 on the Market
- Global Over The Counter Drugs Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product Type
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
- Market Analysis, Insights and Forecast – By Distribution Channels
- Drug Stores & Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Product Type
- North America Over The Counter Drugs Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product Type
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
- Market Analysis, Insights and Forecast – By Distribution Channels
- Drug Stores & Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- U.S. (By Product Type)
- Canada (By Product Type)
- Market Analysis, Insights and Forecast – By Product Type
- Europe Over The Counter Drugs Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product Type
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
- Market Analysis, Insights and Forecast – By Distribution Channels
- Drug Stores & Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- Germany (By Product Type)
- U.K. (By Product Type)
- France (By Product Type)
- Spain (By Product Type)
- Italy (By Product Type)
- Scandinavia (By Product Type)
- Rest of Europe (By Product Type)
- Market Analysis, Insights and Forecast – By Product Type
Toc Continue…
FAQs
How big is the Over The Counter Drugs Market?
- The global over the counter drugs market size was valued at USD 46.65 billion in 2022. The market is projected to grow from USD 49.68 billion in 2023 to USD 73.78 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period.
What are the key driving factors of Over The Counter Drugs Market?
- The increasing shift from prescription (Rx) to OTC, the surging launch of new OTC products, and rising preference for these products due to their affordability are some of the major factors driving the markets growth.
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