Global OTC Drugs Market Scope Report

Global OTC Drugs Market Highlights Over 2023 - 2035

The global OTC drugs market is estimated to garner a revenue of ~ USD 294 billion by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~ USD 151 billion in the year 2022. The prevalent practice of self-medication which is encouraged when done appropriately for limiting the time spent commuting to and back from the hospitals and reducing the work burden of medical professionals is the primary factor that drives the growth of the global OTC drugs market. It has been observed that ~67% of adults and ~71% of parents choose over the counter (OTC) medicines for the cough to treat symptoms that they or their children experience.

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The effectiveness of OTC medicines to give relief from self-diagnosed symptoms such as headache, allergies, or cold and their easy availability is a fundamental reason for the growth of the global OTC drugs market.

Global OTC Drugs Market: Growth Drivers and Challenges

Growth Drivers

• Seasonal Recurring Influenza – It is estimated that yearly influenza leads up to 5 million cases of grave illness and respiratory deaths, that amount to up to 650001. Influenza usually occurs during the winter or more frequently in cold-weathered places. This is mainly a result of dehydrated mucus membranes in people, which prevents fighting the respiratory virus from entering the body. Influenza is accompanied by a few symptoms, including chills, muscle pain, runny nose, headache, and fatigue. These symptoms could be self-diagnosed, and OTC drugs could be effectively used to treat these symptoms, thereby contributing to the growth of global OTC drugs.

• Cost-Effectiveness of OTC Drugs - It has been observed that it would be possible for taxpayers and consumers to save ~ USD 5 billion annually with more self-care and sensible intake of OTC drugs and avoid about half of their hospital visits.

• Large Patient-base in Geriatric Population – In the U.S., older adults who are over 65 are less than 14% of the U.S. population. However, they comprise ~30% of the users of OTC drugs.

• Sudden Growth of Online Pharmacies – The user penetration of online pharmacies worldwide is expected to grow from form ~20% in 2022 to ~29% in 2027.

Challenges

• Stringent Government Regulations to Hinder the Market Growth

• Reaction of OTC Drugs on People with Some Medical Conditions

• Possibility of OTC Drug Reaction with Other Drugs

The global OTC drugs market is segmented and analyzed for demand and supply by route of administration into oral, parental, topical, and others. The oral segment is expected to garner the largest market share in the forecast period as oral administration is considered the most convenient, safe, and cost-effective means of administering medicine. Oral administration is believed the safest as it is the least invasive form of drug administration. These features result in this method of drug administration being chosen for most situations, thus leading to segmental growth. It is estimated that 85% of the most used pharmaceutical products are administered orally.

Global OTC Drugs Market Regional Synopsis

Regionally, the global OTC drugs market is studied into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the European region is projected to hold the largest market share by the end of 2035. The high sales of OTC medicines, the awareness of people regarding the intake of OTC medicines, and the unprecedented growth of online pharmacies are some factors that would lead to regional market growth. According to the National Center for Biotechnology Information (NCBI), in March 2020, the OTC drugs sold in Sweden, including painkillers, cough and cold preparations, and others, saw an increase in the volume traded by 96%.

Market Segmentation

Our in-depth analysis of the global OTC drugs market includes the following segments:

Key Companies Dominating the Global OTC Drugs Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global OTC drugs market that are included in our report are Bayer AG, Takeda Pharmaceutical Company Limited, Pfizer Inc., Johnson & Johnson Services, Inc., Sanofi US, Reckitt Benckiser Group PLC, Novartis AG, Boehringer Ingelheim International GmbH., GlaxoSmithKline plc., Glenmark Pharmaceuticals Limited, and others.

Global OTC Drugs Market: Latest Developments

• June, 2022: Glenmark Pharmaceuticals Limited announced the acquisition of the approved generic versions of some OTC drugs from Wockhardt Ltd in the U.S.

• June, 2020: Novartis AG announced the launch of a not-for-profit portfolio of 15 OTC and generic medicines for urgent symptomatic treatment of COVID-19 in low- and lower-middle-income countries.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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