The global OTC drugs market size is projected to grow from USD 157.0 billion in 2021 to USD 233.6 billion in 2028. The rising number of private label products is set to affect growth positively. In the U.S., shares of these products reached 31.0% in 2018 from 26.0% in 2009. Also, numerous companies are collaborating with e-commerce platforms to launch their products on their platforms. Amazon.com, Inc., for instance, introduced Perrigo’s over-the-counter healthcare products in February 2018. Fortune Business Insights™ mentioned this in a published report, titled, “OTC Drugs Market, 2021-2028.” The report further states that the market stood at USD 148.0 billion in 2020. It is set to showcase a CAGR of 5.8% in the forecast period during 2021-2028.
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Drivers & Restraints-
Rising Investments in Supply Chain through Retail Stores to Boost Growth
The cost-effectiveness and accessibility of various OTC type of drugs in several retail stores across the globe is anticipated to propel the over the counter drugs market growth in the upcoming years. In emerging and developed countries, the private sector is increasingly investing in the enhancement of the supply chain through numerous distribution outlets and retail stores. The Consumer Healthcare Products Association, for instance, stated in February 2021 that there are around 54,000 pharmacies in the U.S. alone. Also, more than 750,000 retail outlets are currently selling OTC products.
Regional Insights-
Presence of Cipla Inc., Procter & Gamble, and TajPharma to Favor Growth in Asia Pacific
In 2020, North America procured USD 58.4 billion in terms of revenue. It is set to remain at the forefront backed by the high demand for OTC drugs, as compared to prescription ones. Asia Pacific is expected to grow rapidly because of the increasing presence of numerous reputed manufacturers, such as TajPharma, Procter & Gamble, The Himalaya Drug Company, GlaxoSmithKline plc, and Cipla Inc. in this region. Europe would remain in the second position, followed by North America owing to the surging awareness of the availability of over the counter drugs in the region.
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Segments-
Cold & Cough Remedies Segment to Dominate Backed by its Surging Prevalence
Based on the distribution channel, the market is segregated into drug stores & retail pharmacies, hospital pharmacies, and online pharmacies. By the product type, it is classified into analgesics, cold & cough remedies, digestives & intestinal remedies, skin treatment, vitamins & minerals, and others. Amongst these, the cold & cough remedies segment is likely to dominate the market throughout the forthcoming years. This growth is attributable to the rising prevalence of cough and cold among people on account of season changes. In 2020, the cough & cold remedies segment earned 21.8% in terms of the OTC drugs market share.
Market Segmentation:
By Product Type
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
By Distribution Channel
- Drug Stores & Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
By Geography
- North America (By Product Type, By Distribution Channel and By Country)
- Europe (By Product Type, By Distribution Channel and By Country)
- Asia Pacific (By Product Type, By Distribution Channel and By Country)
- Latin America (By Product Type, By Distribution Channel, and By Country)
- The Middle East & Africa (By Product Type, By Distribution Channel and By Country)
- Rest of the Middle East and Africa (By Product Type)
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A list of reputed OTC drug manufacturers operating in the global market:
- Johnson & Johnson Services Inc. (New Jersey, US)
- Bayer AG (Leverkusen, Germany)
- Novartis AG (Basel, Switzerland)
- Sanofi S.A (Paris, France)
- Pfizer (New York, US)
- GlaxoSmithKline Plc (Brentford, UK)
- Boehringer Ingelheim International GmbH (Ingelheim, Germany)
- Reckitt Benckiser Group PLC (Slough, UK)
- Takeda Pharmaceutical Company Ltd (Tokyo, Japan)
- Other Players
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
- Key Developments, Mergers, Acquisitions, etc.
- Impact of Covid-19 on the Market
- Global OTC Drugs Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- 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
- North America OTC Drugs Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- 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
TOC Continued…..
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