North America Over the Counter Drugs Market Forecast 2031

Report Description

The North America Over-the-counter Drugs Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 2.7% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing awareness related to general health concerns and advancements in healthcare and pharmaceutical industries.

OTC drugs, also known as non-prescription medicines, can be availed without a prescription. These drugs are safe and effective if they are administered according to the instructions as provided by a physician. Some examples of pain relief pills are Tylenol and Advil, whereas people regularly use dextromethorphan and antihistamines for cough. These drugs are usually available in local pharmacies, grocery shops, and even in gas stations. Dietary supplements contain dietary ingredients that are mainly used for provide nutrients to the body.

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During the COVID-19 pandemic, the over-the-counter drugs market in North America was positively impacted, especially in 2020. Over six OTC drugs got approval from the Food and Drug Administration to treat diseases associated with mild symptoms.

Market Trends, Drivers, Restraints, and Opportunities

• Improvement in lifestyles and age-related diseases is anticipated to drive the market growth during the forecast period.

• Rising self directed consumer is estimated to spur the market growth in the coming years.

• Growing convenience of direct purchase is projected to boost the market growth in the coming years.

• Increasing affordability of OTC drugs is anticipated to drive the market growth during the forecast period.

• Growing adoption and acceptance in developing markets, savings enabled by the usage of OTC drugs, and innovation and development in drugs are some of the major factors estimated to spur the market growth in the coming years.

• Rising high market penetration is projected to boost the market growth in the coming years.

• Wrong medication due to incorrect self diagnosis and misdiagnosis can restrict the market growth.

• Lack of awareness regarding the active drugs in underdeveloped and rural regions is estimated to restrict the market growth.

• Stringent regulatory policies by governing bodies and less awareness among individuals can restrict the market growth.

• Drug abuse and the possibilities of drug addiction are the major challenges of the market.

• Increasing number of pharmaceutical companies, retail outlets, hospitals pharmacies and online pharmacies in developed and developing countries can create lucrative opportunities in the market growth.

Scope of Over The Counter Drugs Market Report

The report on the North America 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.

North America Over-the-counter (OTC) Drugs Market Segment Insights

Ophthalmic products segment to hold a significant market share

On the basis of product types, the market is divided into cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, mineral, and supplements (VMS), weight-loss/dietary products, ophthalmic products, sleeping aids, and others.

The weight-loss/dietary products segment is expected to hold a key share of the market in the coming years owing to rising awareness of the general population about health and the rise in the consumption of junk food, which is estimated to lead in the rising of lifestyle-related diseases However, the ophthalmic products segment is anticipated to expand at a rapid pace during the forecast period owing to increase in the bioavailability of the active substances and reduction in the susceptibility of drug forms to defense mechanism of the human eye.

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Online pharmacies segment is expected to grow at a rapid pace

Based on distribution channels, the market is segregated into hospital pharmacies, retail pharmacies, online pharmacies, and others. The hospital pharmacies segment is anticipated to hold a key share of the market in the coming years, as it ensure the safe and effective use of medicines. On the other hand, the online pharmacies segment is anticipated to expand at a rapid pace during the forecast period owing to better pricing than offline stores, with increased access, lower transaction, and product costs.

Mexico is estimated to account a major market share

In terms of regions, the market is classified as the US, Mexico, and Canada. The US is expected to constitute a key share of the market during the projected period due to increase in healthcare industries and rising investment of government to develop healthcare infrastructure. However, the market in Mexico is anticipated to expand at a rapid pace during the forecast period due to increase in awareness among the population about usage of OTC drugs to treat minor health issues.