The latest research study “Over the Counter (OTC) Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global over the counter (OTC) drugs market reached a value of US$ 148 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 212.6 Billion by 2027, exhibiting a CAGR of 6.44% during 2022-2027.
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Over-the-counter (OTC) drugs, also known as non-prescription medicines, refer to medications that can be taken and sold directly to consumers without a prescription. They are safe and effective and can be consumed as per the directions on the label or as recommended by the healthcare professional. They are widely available in pharmacies, convenience stores, online stores, supermarkets, and gas stations. As a result, OTC drugs are used to relieve symptoms and cure or manage acne, diarrhea, pain, constipation, chronic migraines, allergies, cough, and cold.
COVID-19Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Over the Counter (OTC) Drugs Market Trends and Drivers:
The global over-the-counter drugs market is primarily driven by the increasing product usage for treating minor ailments. Besides this, the rising adoption of OTC drugs, such as proton pump inhibitors (PPIs), antacids, and histamine-2 (H2) blockers, to relieve and prevent acid indigestion or heartburn is another major growth-inducing factor.
Moreover, with the growing consciousness among individuals regarding the significance of self-care and surging healthcare costs, there has been a shift toward self-medication to treat minor symptoms and illnesses before seeking professional help. In line with this, the rising sales of painkillers and nutritional supplements amid the recent coronavirus disease (COVID-19) outbreak has augmented the demand for OTC drugs.
Additionally, key market players are expanding their customer base and geographical presence by expanding their product portfolio. Other factors, including the increasing approvals from regulatory bodies to switch prescription medicines to OTC drugs, expanding pharmaceutical industry, aging population, and easy product availability via online channels, are also anticipated to propel market growth.
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|Over the Counter (OTC) Drugs Market Report Scope|
|Market size value in 2021||US$ 148 Billion|
|Market forecast in 2027||US$ 212.6 Billion|
|Growth Rate||CAGR of 6.44% from 2022 to 2027|
|Base year for estimation||2021|
Global Over the Counter (OTC) Drugs Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Alkem Laboratories Limited, Bayer AG, Daiichi Sankyo Company Limited, Dr. Reddy’s Laboratories Ltd., GlaxoSmithKline plc, Johnson & Johnson, Novartis AG, Perrigo Company plc, Pfizer Inc., Piramal Enterprises Ltd., Reckitt Benckiser Group PLC, Sanofi S.A., Sun Pharmaceutical Industries Ltd. and Teva Pharmaceutical Industries Ltd.
The report has segmented the market on the basis of region, product type, route of administration, dosage form and distribution channel.
Breakup by Product Type:
- Cough, Cold and Flu Products
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Minerals and Supplements (VMS)
- Weight-loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
Breakup by Route of Administration:
Market Breakup by Dosage Form:
- Tablets and Capsules
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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