Spain Over the Counter Drugs Market Outlook 2031
The Spain Over-the-counter Drugs Market size was valued at USD 4.13 Billion in 2022 and is likely to reach USD 6.63 Billion by 2031 expanding at a CAGR of 5.4 % during the forecast period, 2023 – 2031.
Over-the-counter or OTC drugs are medicines offered directly to consumers without the need for a prescribed medication from a doctor or healthcare practitioner. Prescription drugs, on the other hand, are only available to consumers who have a valid prescription.
OTC medications are chosen by regulatory agencies in many countries to guarantee that it contains compounds that are safe and effective when taken without the supervision of a physician.
The active pharmaceutical ingredient (API) of over-the-counter medications is usually regulated rather than the end product. Governments allow firms to synthesize combinations of ingredients or chemicals into proprietary mixes by regulating APIs instead of specific medication compositions.
The impact of COVID-19 pandemic has been positive on the over-the-counter drugs market. The trend of self-medication has been considered to induce dramatically during the pandemic as a large number of the population of Spain are usually avoiding clinic and hospital visits unless absolutely necessary.
Spain Over the Counter Drugs Market Trends, Drivers, Restraints, and Opportunities
- Growing trend of self-medication among old-age population in the country is one of the key factors driving the market.
- Wide prevalence of chronic diseases and significant cost savings due to easy availability of OTC drugs is expected to boost the market in the coming years.
- Rapid expansion of the pharmaceutical companies manufacturing OTC drugs is anticipated to propel the market during the projected period.
- Several concerns pertaining to substance abuse and incorrect diagnosis act as major challenge. This is anticipated to hamper the market growth in the projected period.
- Affordability and easy accessibility of OTC products is projected to create significant growth opportunities for the market in the near future.
Scope of Spain Over the Counter Drugs Market Report
The report on the Spain 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.
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Attributes
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Details
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Report Title
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Over-the-counter Drugs Market - Spain Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Distribution Channels (Online Pharmacies, Retail Pharmacies, and Others) and Products (Weight-loss/Dietary Products, Dermatology Products, Ophthalmic Products, Cough, Cold & Flu Products, Analgesics, Gastrointestinal Products, Vitamin, Mineral, and Supplement Products, Sleeping Aids, and Others)
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Country
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Spain
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Sanofi S.A.; Bayer AG; GlaxoSmithKline plc.; Reckitt Benckiser Group PLC; and Pfizer Inc.
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Spain Over the Counter Drugs Market Segment Insights
Retail pharmacies segment to grow at a rapid pace
Based on distribution channels, the Spain over-the-counter drugs market is divided into online pharmacies, retail pharmacies, and others. The retail pharmacies segment is expected to grow at a rapid pace during the forecast period owing to less clinic and hospital visits. Additionally, rising patient preference for stores & retail pharmacies is expected to boost the segment further.
However, the online pharmacies segment is anticipated to hold a key share of the market in the coming years due to growing access of pharmaceutical related online applications into smartphones.
Cough, cold & flu products segment to expand at a considerable CAGR
On the basis of products, the market is segregated into weight-loss/dietary products, dermatology products, ophthalmic products, cough, cold & flu products, analgesics, gastrointestinal products, vitamin, mineral, and supplement products, sleeping aids, and others. The cough, cold & flu products segment is projected to expand at a considerable CAGR during the forecast period attributed to rise in the number of individuals affected by these conditions.
On the other hand, the vitamin, mineral, and supplement products segment is anticipated to account for a major market share during the forecast period as these drugs are readily available and can be consumed without any specific prescription by the doctors.
Segments
The Spain over-the-counter drugs market has been segmented on the basis of
Distribution Channels
- Online Pharmacies
- Retail Pharmacies
- Others
Products
- Weight-loss/Dietary Products
- Dermatology Products
- Ophthalmic Products
- Cough
- Cold & Flu Products
- Analgesics
- Gastrointestinal Products
- Vitamin, Mineral, and Supplement Products
- Sleeping Aids
- Others
Country
Key Players
Competitive Landscape
Key players competing in the Spain over-the-counter drugs market are Sanofi S.A.; Bayer AG; GlaxoSmithKline plc; Reckitt Benckiser Group PLC; and Pfizer Inc. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives such as partnerships, collaborations, and mergers & acquisitions.
Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
For instance, in January 2021, Pfizer Inc. spent an estimated of USD 120 million in four different clinical-stage biotech businesses as part of the Pfizer Breakthrough Growth Initiative (PBGI) programs. In September 2020, Sanofi S.A. obtained Principia Biopharma Inc. for USD 100 per share in cash to bolster its autoimmune and allergy disease portfolio.
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