Over-the-counter Drugs Market
OTC or nonprescription medications are other names for over-the-counter drugs. These phrases all refer to medications that are available over the counter. Without a doctor’s prescription, some medications are offered to consumers directly. OTC medicines are used to treat a range of diseases and associated symptoms. OTC medications allow consumers to easily and cheaply treat various ailments as well as relieve a variety of irksome symptoms. However, education, common sense, and accountability are necessary for safe drug usage. When individuals adhere to the instructions on the label and those given by the healthcare provider, over-the-counter (OTC) medications are both safe and effective.
Market Statistics
By the end of 2022, the global market for over-the-counter medicines is anticipated to be worth $150.7 million.
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Drivers
Over the projection period, there is likely to be an increase in the production and availability of OTC medications for a wide variety of common illnesses or disorders. This might be linked to the increased prevalence of self-medication as well as the expanding patient population. Hamdard Laboratories introduced 12 over-the-counter medications to assist strengthen immunity in January 2021. In India, over-the-counter medications have been introduced. According to a statement from Hamdard Laboratories, the company will continue to introduce goods that will benefit consumers in getting through difficult times and maintaining their health.
Opportunities
Players in the global over-the-counter medicine industry should benefit from attractive growth possibilities due to the growing support and collaboration for the development of OTC pharmaceuticals. For instance, the Union Government of India proposed in May 2022 to legalise the selling of over-the-counter (OTC) medications in India by amending the Drugs and Cosmetics Rules to permit their retail market sale without a prescription. 16 medications, including basic antipyretic medications like paracetamol 500 mg, certain laxatives, nasal decongestants, and topical antifungal creams, have been suggested for inclusion in the over-the-counter (OTC) drug category in a draught notice released by the Union Health Ministry.
Restraints
The likelihood of substance addiction and a lack of knowledge about OTC pharmaceuticals are two important issues that are anticipated to restrain the expansion of the worldwide market for over-the-counter medicines. For instance, few individuals are aware of the accessibility and advantages of over-the-counter medications. Being aware of over-the-counter (OTC) medications can enable better medical behaviour and stop any unfortunate medical events. Teenagers are the group most likely to abuse OTC medications. Pharmacists may promote awareness of the urgent need to stop the misuse and abuse of over-the-counter (OTC) medications via vigilance and patient education.
Impact
The COVID-19 outbreak has raised demand for over-the-counter medications to treat typical COVID-19 symptoms including cough, cold, and flu. Although it was discovered that none of the over-the-counter medications could treat the virus (COVID-19), they do give relief from its typical signs and symptoms. A smartphone app called “COVID Pharma” was released by the Medical and Health Department of Andhra Pradesh (India) in April 2020 to monitor who is buying over-the-counter medications for colds, coughs, and fever from pharmacies. Additionally, in April 2020, Cipla Health teamed up with Zomato, Swiggy, and Dunzo to offer home delivery of over-the-counter health items in India in response to a rise in demand.
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Key Takeaways
The worldwide over-the-counter medicine market had a value of US$ 143.7 million in 2021 and is projected to grow at a CAGR of 4.9% from 2022 to 2028 reaching US$ 201.4 million.
Cough, cold, and flu products held the largest market share in terms of value in the worldwide over-the-counter medicine market in 2021, accounting for 25.8% of the market. Increasing product approval and launches are anticipated to drive category growth during the forecast period.
Market Trends
The global market for over-the-counter medications is anticipated to expand as a result of an increase in demand for OTC medications globally. As an illustration, the introduction of AFT Pharmaceuticals and RooLife Group, in July 2022, a variety of OTC medications via their storefront on the China Cross Border E-Commerce (CBEC) online marketplace Tmall Global.
The global market for over-the-counter medications is anticipated to rise as a result of an increase in innovative medicine approvals. For the first OTC medications to be marketed under the TERPACAN brand, Tetra Bio Pharma Inc. obtained two Drug Identification Numbers (DINs) from Health Canada in January 2020.
Competitive Landscape
Pharmaceutical Company Ltd., Pfizer Inc., Perrigo Company PLC, Takeda, GlaxoSmithKline PLC, Johnson & Johnson, Sanofi, Mylan NV, Reckitt Benckiser Group PLC, and Bayer AG, are a few of the major companies that compete in the worldwide over-the-counter medicine industry.
Recent Developments
KABZEND Natural Laxative Granules, a new OTC medicine from Mankind Pharma, was introduced in 2019 to aid with constipation.
After getting USFDA certification, Tremotyx Biomedical released its new over-the-counter (OTC) eczema therapy in April 2019 in the US.
PharmaHopers announced the opening of its Derma Franchise category in India in January 2019 in order to manufacture OTC and prescription dermatological medicines there.
The US Food and Drug Administration (USFDA) granted Zydus Cadila permission to commercialise OTC versions of omeprazole and sodium bicarbonate capsules in March 2018. These medications are used to treat conditions including ulcers in the stomach and oesophagus.
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Table of Contents:
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Product Type
- Market Snapshot, By Distribution Channel
- Market Snapshot, By Geography
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Inclination of pharma companies toward OTC drugs from Rx drugs
- Lack of awareness about OTC drugs
- Increase in preference or demand for over the counter drugs
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product launch/Approvals
- PEST Analysis
- PORTER’s Analysis
- Merger and Acquisition Scenario
- Market Dynamics
- Global Over the Counter Drugs Market – Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Epidemiology
- Supply Side and Demand Side Analysis
- Economic Impact
- Global Over the Counter Drugs Market, By Product Type, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- Cough, Cold, and Flu Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Analgesics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Dermatology Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Gastrointestinal Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Vitamins, Mineral, and Supplements (VMS)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Weight-loss/Dietary Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Ophthalmic Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Sleeping Aids
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Other Product Types
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Introduction
- Global Over the Counter Drugs Market, By Distribution Channel, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- Hospital Pharmacies
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Retail Pharmacies
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Online Pharmacy
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Other Distribution Channels
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Introduction
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