Over The Counter (OTC) Drugs Market

The global over-the-counter (OTC) drugs market size is projected to expand at a high CAGR of 6% during the forecast period, 2021–2028. The growth of the market is attributed to the cost-benefit analysis, positive outcomes, and easy availability.
 

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Over-the-counter (OTC) drugs, often known as non-prescription medicine, are related to drugs that can be purchased without a prescription or permission. When used according to the guidelines on the label or as prescribed by a healthcare practitioner, they are both effective and safe. A wide range of over-the-counter drugs is used to relieve pains, itches, and aches. Some, such as dental decay and athlete's feet, treat and cure diseases. Other medications aid in the treatment of persistent issues such as migraines and allergies.

Market Trends, Drivers, Restraints, and Opportunities

• Cost reductions from using OTC drugs resulted in lower drug costs as well as lower costs associated with the clinical visit is anticipated to spur the market expansion in the coming years.
• Product developments, significant adoption in the growing market, a favorable regulatory structure, and pharmaceutical companies' preference for OTC pharmaceuticals over Rx drugs are key factors boosting the market growth during the forecast period.
• Increasing elderly population, which is more prone to a variety of illnesses such as joint pains, as well as increased copyright expiries on prescription drugs are projected to fuel the market expansion in the coming years.
• Substance addiction and lack of information, the danger of taking the wrong medicine or self-medicating, and strict regulations are expected to restrict the market expansion.
• An emphasis on losing weight among people who are obese has led to a growing segment for vitamin supplements that are expected to offer immense opportunities for the market players.

Scope of the Report

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

Global Over The Counter (OTC) Drugs Market Segment Insights

Weight-loss/dietary products segment is projected to constitute a large market share
Based on product types, the global over-the-counter (OTC) drugs market is segmented into analgesics, cough, cold, and flu products, dermatology products, vitamins, minerals, and supplements (VMS), gastrointestinal products, weight-loss/dietary products, sleeping aids, ophthalmic products, and others. The weight-loss/dietary products segment is expected to hold a key share of the market during the forecast period owing to the general public's awareness of health is increasing, as is their consumption of fast food, which is directing to an increase in lifestyle-related illnesses. Various OTC drugs are more of a preventative nature than a cure or treatment for these diseases. As a result, the number of consumers is higher than the number of consumers for other indicators. Large consumer bases result in significant demand and, as a result, substantial raising revenue.

On the other hand, the vitamins, minerals, and supplements (VMS) segment is anticipated to expand at a rapid pace during the forecast period due to the large consumer base for diverse products in this segment is the cause for this significant market share. Owing to the growing number of ill people in developed countries, VMS products have become quite popular. The most significant contributors to the entire market are VMS and weight loss/dietary products OTC medications. These two categories account for approximately a quarter of the market.
 

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Retail pharmacies segment is expected to register at a robust pace
On the basis of distribution channels, the market is segregated into hospital pharmacies, online pharmacies, retail pharmacies, and others. The retail pharmacies segment is expected to account for a key share of the market in the coming years due to the growing number of retail pharmacies that offer over-the-counter (OTC) drugs and the growing patient demand for these products in stores and retail pharmacies.

However, the hospital pharmacies segment is anticipated to expand at a rapid pace during the forecast period owing to increased access to OTC drugs and the presence of alternative OTC drugs.

North America is anticipated to dominate the market
On the basis of regions, the over-the-counter (OTC) drugs market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to the growing preferences among pharmaceutical companies to shift from prescriptions to over-the-counter treatments, as well as increased drug discovery and accessibility. According to the National Institute of Health report, 93 percent of adults in the United States choose to treat minor illnesses with over-the-counter drugs before seeking medical attention.
 

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Segments

Segments Covered in the Report
The global over-the-counter (OTC) drugs market has been segmented based on

Product Types

• Analgesics
• Cough, Cold, and Flu Products
• Dermatology Products
• Vitamins Minerals, and Supplements (VMS)
• Gastrointestinal Products
• Weight-loss/Dietary Products
• Sleeping Aids
• Ophthalmic Products
• Others

Distribution Channels

• Hospital Pharmacies
• Online Pharmacies
• Retail Pharmacies
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Takeda Pharmaceutical Company Limited.
• Sanofi
• Reckitt Benckiser Group PLC.
• Pfizer Inc.
• Perrigo Company plc,
• Mylan N.V.
• Johnson & Johnson Private Limited
• GlaxoSmithKline plc.
• Bayer AG

Competitive Landscape

Key players competing in the global over-the-counter (OTC) drugs market include Takeda Pharmaceutical Company Limited.; Sanofi; Reckitt Benckiser Group PLC.; Pfizer Inc.; Perrigo Company plc,; Mylan N.V.; Johnson & Johnson Private Limited; GlaxoSmithKline plc.; and Bayer AG. Some of these players are adopting several business strategies including acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares.

For instance, In (September 2020) Hamdard Laboratories announced the release of 6 additional over-the-counter (OTC) medications for common illnesses like cold and cough in September 2020. Such announcements can broaden the firm's product range, bolstering its presence in the over-the-counter pharmaceuticals market.