Over the Counter (OTC) Drugs Market is forecast to witness an increase in its revenue from US$ 1,22,854.5 Mn in 2021 to US$ 2,20,995.3 Mn by 2030. The market is registering growth at a CAGR of 6.9% during the forecast period (2022-2030).
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The selection of OTC (over-the-counter) medications available to customers is growing in many developed nations. The usage of over-the-counter medications is rising in emerging nations, where linked healthcare systems are also increasing. Over-the-Counter (OTC) drugs do not need a prescription to buy. They are also referred to as over-the-counter medications. They are additionally known as over-the-counter drugs. These are the types of drugs that can be easily purchased at the drugstore without a prescription or medical advice. OTC medications are available to treat a wide range of conditions and symptoms, including pain, colds and flu, diarrhea, constipation, acne, and more. Certain OTC drugs’ active ingredients have the potential to be abused at dosages higher than recommended.
The primary aspects driving the global market are rising pharmaceutical spending, favorable regulatory conditions, and more OTC product awareness. OTC products are getting better known to consumers. The internet’s widespread use strongly confirms this. Today, it is easy to find information online about the names of the medications that must be taken for a particular indication. It is therefore simple for customers to buy the medication from retail pharmacies or to do so online. Additionally, OTC drugs provide geographic convenience. They also save the patient’s time by avoiding the need to negotiate a prescription with a medical expert.
OTC drugs are frequently regulated based on their Active Pharmaceutical Ingredients rather than the final goods (APIs). Regulatory agencies in many countries select OTC drugs to ensure that they contain ingredients that are safe and effective when used without a doctor’s supervision. For instance, in the United States, the Food and Drug Administration oversees the manufacturing and distribution of over-the-counter medicines. Additionally, increased R&D costs in the pharmaceutical business are a major factor in market expansion.
However, the rise in drug abuse instances and unfavorable drug side effects may constrain the overall industry growth.
Product Type Segment Analysis
In 2021 the analgesics segment dominated the global OTC drugs industry. Analgesics also referred to as painkillers, have the ability to lessen pain. Analgesics are frequently used over the counter to relieve minor aches and pains. The market is expanding as a result of the rising need for medications that act quickly to cure minor aches and pains such as stomachaches, limb pain, and headaches. Additionally, in 2021, the cough, cold, and influenza sectors accounted for the second-highest market share.
Mode of Intake Segment Analysis
In 2021, the oral mode segment led the global industry. This is a result of the rising demand for oral pharmaceuticals such as gastrointestinal syrups and products, cough and cold syrups, painkiller tablets, vitamins, minerals, and supplements. Contrarily, the parenteral segment will exceed with the highest growth rate during 2022-2030.
Distribution Channel Segment Analysis
In 2021, the retail pharmacies segment held a significant share of the global industry and is likely to remain dominant during the forecast period. OTC medicine sales are growing as a result of retail pharmacies’ extensive availability and customers’ strong preference for quick and easy access to OTC drugs.
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In 2021, North America dominated the global over-the-counter drugs industry as it was home to significant market players such as Pfizer and AbbVie. The US dominated the market for over-the-counter medications in 2021. In the US, where a sizable section of the populace lacks health insurance, it is customary for people to purchase over-the-counter (OTC) drugs from a nearby vendor instead of visiting a hospital for mild symptoms. Furthermore, a lot of insurance plans available in the US include some coverage for over-the-counter medications. Anthem, a significant supplier of medical insurance, announced a partnership venture with Walmart in January 2019 to enhance access to OTC drugs for Medicare Advantage Plan subscribers and insurance for seniors.
The notable participants operating in the global over-the-counter (OTC) drugs market are:
- Reckitt Benckiser Group Plc
- Bayer AG
- Glenmark Pharmaceutical Products Ltd
- Johnson & Johnson
- Other Prominent Players
The global over-the-counter (OTC) drugs market segmentation focuses on Product Type, Mode of Intake, Distribution Channel, and Region.
By Product Type Segment
- Cough, Cold, and Influenza
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Minerals, and Supplements (VMS)
- Weight-Loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
By Mode of Intake Segment
By Distribution Channel Segment
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacy
By Region Segment
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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