OTC Drugs Market Size (2020 to 2025)
As per the report published by Market Data Forecast, the size of the global over the counter drugs market is forecasted to Worth USD 264.46 Billion by 2025 from USD 175.47 Billion in 2020, registering a CAGR of 8.55% between 2020 to 2025.
Key Market Drivers:
Shifting trends over the counter drugs as they are effective and safe is a major factor for growth. Increasing incidences of infectious diseases and a rise in self-medication demand are ascribed to present growth opportunities for OTC drugs market growth. The rising economy in both developed and developing countries are escalating the demand for counter drugs. As these drugs can available without the doctor’s prescription, where healthcare visits are also not required is greatly levelling up the market’s growth rate. Also, the increasing elderly population and the rising number of people suffering from chronic illness are bolstering the market’s growth rate to the extent. The introduction of favourable reimbursement policies by government organizations is also propelling the demand of the over the counter drugs market.
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However, lack of proper knowledge over the availability of the drugs, especially in rural areas, is slowly impeding the market’s growth rate. Also, sometimes, self-medication may not work properly, which implies incorrect diagnosis. Due to this reason, many OTC drugs were withdrawn over the years from the market. This factor is mainly hindering the demand of the market.
COVID 19 impact on the OTC drugs market:
The deadly COVID-19 pandemic has affected many lives in distinct ways. In the fight against the COVID 19, the doctors are front line warriors. They are keeping many efforts to save many lives across the world. World Health Organization (WHO) and FDA have recommended using over the counter drugs in case of mild symptoms with coronavirus. Most of the people affected with COVID 19 are getting recover at home by using these drugs. Taking medications for fever, flu, and body pains will relieve the coronavirus in some patients. Scientists are working enormously to introduce effective drugs to treat COVID 19. As of now, patients hospitalized with COVID 19 were getting treated with the antiviral drug Remdesivir which was approved by FDA in October 2020. During this pandemic, many drugs got approval as OTC drugs. The demand for OTC drugs is expected to continue in the coming years as well.
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This research report on the global OTC drugs market has been segmented and sub-segmented based on the product type, formulation type, distribution channels, and region.
By Product Type:
- Cough, Cold, and Flu Products
- Vitamins and Minerals
- Dermatological Products
- Gastrointestinal Products
- Ophthalmic Products
- Sleep Aid Products
- Weight Loss/Diet Products
By Formulation Type:
By Distribution Channels:
- Convenience stores
- Others (Online Drug Stores)
- North America
- Latin America
- The Middle East and Africa
Among all, North America is the one leading with dominant shares of the market. Rising investment in the pharmaceutical industries to manufacture quality drugs is a major factor for growth in this region. Rising prevalence for the early detection of the diseases is also likely to fuel the market’s demand. Europe is positioned second in holding the largest shares of the market, owing to the emergence of e-commerce in the healthcare sector. Increasing disposable income and a rise in healthcare expenditure are levelling up the growth rate of the market. Asia Pacific is esteemed to have the highest CAGR in the coming years. India and China are the major contributors to the market growth.
NOTABLE COMPANIES IN THIS MARKET:
Some of the companies that are playing a promising role in the global over the counter drugs market analysed in this report are GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, GSK Boehringer Ingelheim, Sanofi, Takeda, and PGT Healthcare.
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List of Tables and Figures of the report:
- Global Over the Counter (OTC) Drugs Market, By Region, From 2020 to 2025 (USD Million)
- Global Over the Counter (OTC) Drugs Market, By Product Type, From 2020 to 2025 (USD Million)
- Global Analgesics Market, By Region, From 2020 to 2025 (USD Million)
- Global Cough Market, By Region, From 2020 to 2025 (USD Million)
- Global Cold and Flu Products Market, By Region, From 2020 to 2025 (USD Million)
- Global Dermatological Products Market, By Region, From 2020 to 2025 (USD Million)
- Global Gastrointestinal Products Market, By Region, From 2020 to 2025 (USD Million)
- Global Vitamins Market, By Region, From 2020 to 2025 (USD Million)
- Global Minerals Market, By Region, From 2020 to 2025 (USD Million)
- Global Weight Loss Products Market, By Region, From 2020 to 2025 (USD Million)
- Global Sleep Aids Market, By Region, From 2020 to 2025 (USD Million)
- Global Ophthalmic Products Market, By Region, From 2020 to 2025 (USD Million)
- Global Smoking Cession Aids Market, By Region, From 2020 to 2025 (USD Million)
- Global Other Products Market, By Region, From 2020 to 2025 (USD Million)
- 86+ More
Browse Regional Reports:
- North America OTC Drugs Market
- Europe OTC Drugs Market
- Asia-Pacific OTC Drugs Market
- Latin America OTC Drugs Market
- MEA OTC Drugs Market
- China OTC Drugs Market
- Germany OTC Drugs Market
- Singapore OTC Drugs Market
- South Korea OTC Drugs Market
- Taiwan OTC Drugs Market
- Indian OTC Drugs Market
- S. OTC Drugs Market
- France OTC Drugs Market
- Saudi Arabia OTC Drugs Market
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