Zion Market Research has published a new report titled “Over-the-Counter Drugs Market by Product (Cough & Flu Products, Analgesics, Cold, Weight Loss Products, Mineral and Vitamin Supplements, Gastrointestinal Products, Ophthalmic Products, Skin Products, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026” According to the report, global demand for over-the-counter drugs market was valued at approximately USD 142.4 Billion in 2019, and is expected to generate revenue of around USD 223.5 Billion by end of 2026, growing at a CAGR of around 6.8% between 2020 and 2026.
The medicines which can be bought without a doctor’s prescription as referred as over the counter drugs. Some of the over the counter medicines help in relieving itches, pains, and aches whereas some of these medicines help in the prevention or cure of diseases. Prescription medicines, on the other hand, can be sold only after displaying a verified prescription. In majority of the countries, over the counter drugs are designated by a governing agency to ensure that the drugs contain ingredients which are effective and safe when adopted without a doctor’s care. over the counter drugs are frequently regulated with respect to their active pharmaceutical ingredient (API) instead of final products. By monitoring APIs in place of precise drug formulations, administrations allow producers the freedom to develop components, or mixtures of components, into exclusive mixtures.
Factors such as increasing trend of self-medication, growing patent expirations, cost saving of people in developing regions, prescription to over the counter shift by pharmaceutical companies, convenience of purchasing over the counter medicines, high demand from emerging countries, advantageous regulatory structure, and increasing awareness due to availability of information on the web will act as major driving factors in the growth of global over-the-counter drugs market. Product innovation, increasing focus of major pharmaceutical companies on over the counter medicines will act as an opportunity for the market players in the over-the-counter drugs market. Nonetheless, concerns regarding improper diagnosis and issues related to substance abuse will restrict the growth of global over-the-counter drugs market.
The global over-the-counter drugs market has been split into product and region. Based on product, over-the-counter drugs market has been segmented into cough & flu products, analgesics, cold, weight loss products, mineral and vitamin supplements, gastrointestinal products, ophthalmic products, skin products, and others. The mineral and vitamin supplements accounted for the highest market share in 2019 due to increasing demand and ease of availability. The cough & flu products also accounted for a significant share due to high prevalence of these conditions.
Regionally, the over-the-counter drugs market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. North America will be the foremost region during the estimate period. Ease of availability, sale of higher quality products and existence of top market players will enhance the market growth in this region. Europe will be the second largest market. The major reasons are growing awareness regarding use of over the counter medicines and high demand for cold and flu medicines. Asia Pacific will proliferate at speedy rate over the forecast period due to increased investment in the health care domain and high demand for dietary supplements. Latin America market will progress at a noteworthy rate during the estimate period. The Middle Eastern and African countries are expected to experience noticeable growth in the projected time-frame.
The report also includes detailed profiles of key players such as GlaxoSmithKline (GSK), Sun Pharmaceutical Industries Ltd., Bayer HealthCare, Johnson & Johnson, Pfizer, Sanofi, Alkem Laboratories Limited, Glenmark Pharmaceuticals Ltd., Cipla, Inc., Takeda, Teva Pharmaceutical Industries Ltd., Reckitt Benckiser Group Plc, Innovus Pharmaceutical Inc., Piramal, and Dr. Reddy’s Laboratories among others.
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This report segments the global over-the-counter drugs market as follows:
Global Over-the-Counter Drugs Market: By Product
- Cough & Flu Products
- Weight Loss Products
- Mineral and Vitamin Supplements
- Gastrointestinal Products
- Ophthalmic Products
- Skin Products
Global Over-the-Counter Drugs Market: By Region
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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