As per the report published by Allied Market Research on, “Over the Counter (OTC) Drugs & Dietary Supplements Market by Category, Dosage Form, Product, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the market is likely to reach $335 million from $223 million in 2016, growing at a CAGR of 5.9% from 2017 to 2023.
Over the counter (OTC) drugs are defined as non-prescription medicines which are sold without the prescription from a healthcare professional. Regulated by active pharmaceutical ingredients (APIs), they are easily available in pharmacies and online health websites. Dietary supplements offer essential nutrients required by the body as well as non-nutrient chemicals, which have biologically beneficial effects in the body.
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The market for OTC drugs is witnessing a rapid growth in recent years, owing to change in lifestyle & aging of baby boomers, the rise in awareness of general health concerns, and increased tendency among individuals to choose OTC drugs. However, stringent regulations by governing organizations like the FDA, resulted in the delayed approval of drugs, which act as an impediment for the market growth. On the other hand, increase in R&D activities by the market players to improve OTC drugs for the treatment of conditions such as laxatives, oral antiseptics, analgesics, and anti-smoking products offer lucrative opportunities for the market players.
Among the categories discussed in the report, the cough & cold products segment is likely to grow at a CAGR of 6.1% during the forecast period, 2017 – 2023. As cough and cold is the most frequent ailment acquired by consumers globally, the sales of OTC drugs have increased. The gastrointestinal products segment is also an attractive segment owing to the growing sales of OTC drug for treating gastrointestinal disorders such as diarrhea, constipation, indigestion, vomiting, etc.
Among the dosage forms, the tablets segment was the largest market in 2016, accounting for nearly two-ninths of the market share. The same is likely to maintain this trend during the study period. This is because of increased occurrence of diseases globally along with the benefits of consuming tablets and provision of accurate dosage level for various types of patient. Moreover, the soft capsules segment is likely to grow at the fastest CAGR of 6.6% through 2023.
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In 2016, Asia-Pacific and LAMEA together occupied nearly half of the market share and is likely to maintain their dominance through 2023. The is due to the growing awareness of OTC drugs, dietary supplements, and occurrence of common ailments such as cold & cough, infectious diseases, oral diseases, and other. Moreover, greater availability of such drugs, especially in China, India, and the other developing nations to meet the growing demand is expected to drive the market.
The report offers an analysis of the leading companies providing solutions in the field and they include Pfizer Inc., Novartis International AG., Roche Holding AG, Merck & Co., Inc., Sanofi S.A, Johnson & Johnson, Gilead Sciences, GlaxoSmithKline plc., Bayer Healthcare AG, and AstraZeneca plc.
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