The Global Over-the-Counter (OTC) Drugs Market is expected to experience significant growth, with revenue projected to rise from US$ 1,29,963.03 Mn in 2022 to US$ 2,38,453.92 Mn by 2031, registering a CAGR of 7.0% during the forecast period from 2023 to 2031.
The global over-the-counter (OTC) drugs market is experiencing an extraordinary surge in growth throughout the projected period. This remarkable expansion can be due to a multitude of factors, including a notable increase in product approvals and launches. Additionally, the rising prevalence of chronic disorders worldwide has fueled the need for accessible and affordable treatment options, further driving the market’s growth. Moreover, the growing geriatric population, with its unique healthcare requirements, has contributed to the surge in demand for OTC drugs.
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Furthermore, the heightened awareness about health management has prompted individuals to seek self-care solutions, resulting in a rising acceptance of self-medication. Technological advancements in drug delivery systems have also played a pivotal role in the market’s growth, making it more convenient for consumers to access and administer OTC drugs. Lastly, the consumer preference for cost-effective medications has further propelled the demand for OTC drugs. As a result of these combined factors, the OTC drugs market is witnessing a remarkable upswing.
The utilization of Over-the-Counter (OTC) medicines has shown steady growth in recent years. This upward trend can be attributed to several factors, including the easy availability and affordability of these medications, as well as the increased awareness among patients regarding their benefits. Countries such as the USA, UK, Australia, and Japan have implemented guidelines that govern the classification, regulation, and usage of OTC drugs. In the United States, specifically, there are more than 80 classes of OTC medications, resulting in a staggering number of up to 100,000 marketed products. It is estimated that the use of OTC drugs in the US leads to savings of approximately $102 billion annually. These savings are comprised of $25 billion from the direct use of OTC drugs and an impressive $77 billion saved by avoiding unnecessary hospital visits. Thus, the increasing approval of OTC drugs has been a major driver of the OTC drugs market.
Rise in Digital Health: A Major Trend to Watch
With the ever-growing integration of technology into the healthcare sector, the popularity of digital health platforms and mobile health applications has soared. This surge in popularity is expected to have a profound impact on the OTC drugs market, as an increasing number of consumers are opting for digital channels to procure OTC drugs and seek information regarding their usage. This shift in consumer behavior is anticipated to drive significant growth within the OTC drugs market.
Digital health platforms provide a range of services, such as telehealth consultations, medication adherence apps, and comprehensive health information platforms. These platforms allow consumers to conveniently browse and purchase OTC drugs online, eliminating the need for physical visits to pharmacies. Additionally, they provide valuable information on the usage, dosage, and potential side effects of OTC drugs, empowering consumers to make informed decisions about their healthcare.
Analgesic to Capture Over 20% Revenue Share of Global OTC Drugs Market
The global market is poised for substantial growth, with an estimated revenue of over 220.9 billion. The analgesics segment is projected to generate a significant 20% of this revenue. The surging demand for analgesic drugs worldwide, driven by the increasing prevalence of chronic and acute pain, is a key factor contributing to this growth.
The aging population and rising stress levels are expected to further propel the use of over-the-counter (OTC) analgesics. As a result, the market is set to witness a surge in demand for these accessible pain relief options. The introduction of new products and innovative marketing strategies will act as catalysts, further driving the growth of this segment.
Moreover, the development of generics and the entry of new players into the OTC drugs market will fuel the expansion of the analgesics segment. Generic drugs offer cost savings to consumers without compromising on the quality of medications, making them an attractive option. Additionally, the market is likely to witness an increase in market share with the development of newer and more potent forms of OTC analgesics, including those derived from natural sources.
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The growing penetration of e-commerce is expected to play a pivotal role in the future growth of the OTC analgesics market. Online shopping provides consumers with convenience and easy access to a wide range of products, including over-the-counter analgesic drugs. Furthermore, the use of mobile applications and other digital platforms for purchasing medicines is anticipated to further fuel the growth of this segment.
Overall, the global market for analgesics is experiencing a steady rise, driven by factors such as increased demand, the development of generics, innovative products, and the advancing digital landscape. This presents significant opportunities for businesses operating in this sector to capitalize on the growing market and meet the evolving needs of consumers.
North America Emerges as the Leading Contributor to the Over-the-Counter (OTC) Drugs Market
The North America region is projected to be the frontrunner in the Over the Counter (OTC) drugs market, accounting for a significant share of revenue growth, estimated to exceed 40% by 2031. This dominance can be attributed to several factors, including a well-developed healthcare infrastructure, high adoption of OTC drugs, and an increasing demand for self-care products.
In 2022, North America already held a substantial market share, claiming 37% of the global market, with the United States leading in revenue generation. The prevalence of chronic diseases like diabetes, obesity, and hypertension has fueled the demand for OTC drugs in the region. Additionally, the growing trend of self-medication and homecare treatments, coupled with an increased awareness of the safety and effectiveness of OTC drugs, has further bolstered market growth.
The North America OTC drugs market has witnessed significant growth due to the presence of a well-established healthcare system, advanced technologies, and robust distribution channels. Online drug stores have emerged as a prominent distribution channel, providing convenient access to consumers. Furthermore, the government has extended support through tax incentives, subsidies, and other measures to promote the local pharmaceutical industry, amplifying market growth.
In addition, the growing acceptance of generic drugs, coupled with the introduction of new products and emerging trends, is expected to create numerous opportunities for the North America market in the forecast period. With its robust foundation and favorable market conditions, the region is poised to maintain its leading position in the OTC drugs market.
List of Key Companies Profiled:
- AbbVie Inc.
- Alfresa Pharma Corporation
- Bayer AG
- Dr.Reddy’s Laboratories
- GlaxoSmithKline Plc
- Glenmark Pharmaceutical Products Ltd.
- Johnson & Johnson
- Merck & Co Inc.
- Novartis AG
- Perrigo Company Plc.
- Reckitt Benckiser Group Plc.
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Other Prominent Players
By Product Type
- 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
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacy
- 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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