Europe Over the Counter Drugs Market Growth | Forecast 2031

Report Description

Europe Over-the-Counter Drugs Market Outlook 2031:

The Europe over the counter drugs market size was valued at USD 37.13 Billion in 2022 and is projected to reach USD 59.61 Billion by 2031, expanding at a CAGR of 5.4% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing expenditure on over-the-counter drugs in European countries as an affordable treatment option and increasing awareness of self-care.

Over-the-counter drugs are medicines that can be purchased without a prescription and are safe and effective when used as directed. They usually contain various medicines used to relieve pain and itching and some common symptoms, including colds, body aches, allergies and flu, heartburn, acne, and other serious health problems. OTC drugs are safe and well tolerated. These products can be purchased in hospital pharmacies, medical supply stores, and sometimes even retail stores, and can be legally sold without a prescription.

Get Free Sample Report

Self-medication is one of the key factors for market growth during the forecast period. According to pharmacological epidemiology and drug safety data, approximately 20.0% of the total population of Spain relies on over-the-counter drugs.

The Covid-19 pandemic affected the demand and supply of Europe over the counter drugs market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Over-the-Counter Drugs Market Trends, Drivers, Restraints, and Opportunities

• Increasing self-medication trend and adoption of over the counter drugs is expected to boost the market during the forecast period.
• Rapid growth of the pharmaceutical industry owing to innovation of over the counter drugs and increasing demand from consumers is major factors fueling the market during the forecast period.
• Rising cases of chronic diseases and availability & accessibility of over the counter products is anticipated to drive the market during forecast period.
• High risk of wrong medication and side effects due to self-medications is projected to hamper the market growth.
• Lack of awareness about drug and strict government regulation on preventing the use of specific drugs act as major factors that restrict the market growth during the forecast period.
• R&D investment and innovation of new OTC products with broad portfolio of medicines and minimum side effects is expected to offer significant opportunities for the market players.

Scope of Over The Counter Drugs Market Report

The report on the Europe over the counter drugs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Europe Over The Counter Drugs Market Segment Insights

The cough, cold & flu products segment is projected to hold a major market share

In terms of product types, the Europe over the counter drugs market is segregated into analgesics, dermatology products, cough, cold & flu products, gastrointestinal products, vitamins, mineral & supplements, ophthalmic products, sleeping aids, weight-loss/dietary products, and others.

The cough, cold & flu products segment is expected to hold a key share of the market during the forecast period owing. In addition, the recent COVID19 pandemic has led to a strong demand for over-the-counter medicines to treat virus-related common symptoms such as flu, colds, and coughs. In addition, market participants frequently launch new products to gain a competitive advantage in the market.

The increasing prevalence of these common diseases (such as cough, cold and flu) in the aging population has prompted patients to use more over-the-counter drugs because these drugs are easily available and widely used. They can be purchased without a prescription. This saves time and money for doctor and hospital visits. Consumers are increasingly relying on over-the-counter cough and cold medicines as the first response for rapid symptom relief.

On the other hand, the vitamins, minerals & supplements segment is anticipated to expand at a rapid pace during the forecast period. Strong demand from athletes and professionals for energy products and dietary supplements for weight management is driving the market. According to the survey conducted by the committee on responsible nutrition in 2019, it was found that vitamins and minerals are the most commonly consumed nutritional supplement category. Over-the-counter drugs for these situations are more preventive than treatment.

Get Free Sample Report

The retail pharmacies segment is expected to grow at a rapid pace

Based on distribution channels, the Europe over the counter drugs market is fragmented into hospital, pharmacies, online pharmacy, retail pharmacies, and others. The retail pharmacies segment is projected to hold a key share of the market during the forecast period due to increasing number of retail pharmacies offering OTC products and growing patient preference for these products in retail stores and pharmacies, the retail pharmacy and pharmacy segment is expected to hold major market share during the forecast period.

Get Free Sample Report

 Germany is anticipated to dominate the market

On the basis of regions, the Europe over the counter drug market is categorized as United Kingdom, France, Italy, Germany, Spain, and Rest of Europe. Germany is anticipated to dominate the market during the forecast period. Germany is the largest market in Europe, with a market share of 22%. While developing countries such as UK are showing growth mainly due to insufficient penetration rates due to the widespread use of self-medication and the presence of non-prescription drug companies in the region.

The high CAGR is due to changing consumer attitudes towards self-medication, increasing elderly population, and rapid shift from prescription-only drugs to over-the-counter drugs and availability of over-the-counter medicines. In addition, the existence of pharmaceutical companies such as GlaxoSmithKline, Procter & Gamble in the region is driving the market.