IMARC Group, a leading market research company, has recently releases report titled “Over the Counter (OTC) Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global over the counter drugs market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Over the Counter Drugs Market?
The global over the counter drugs market size reached US$ 158.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.24% during 2023-2028.
What is Counter Drugs?
Over-the-counter (OTC) drugs, also known as non-prescription drugs, refer to the drugs that can be purchased and consumed without any medical prescription. They comprise cough, cold and flu products, analgesics, dermatology and gastrointestinal products, vitamins, minerals and supplements (VMS), weight loss or dietary products, ophthalmic products, and sleeping aids. They are widely available in various forms, such as tablets, liquids, sprays, soft gels, capsules, and ointments. They are inexpensive, safe, effective, and well-tolerated by individuals and assist in reducing physician workload. As a result, OTC drugs are widely utilized to treat common health problems among individuals across the globe.
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What are the growth prospects and trends in the over the counter drugs industry?
At present, the rising preference for OTC drugs over prescription drugs among individuals represents one of the key factors supporting the growth of the market. Besides this, the growing demand for OTC drugs due to their cost-effectiveness is offering a positive market outlook.
Additionally, the easy accessibility and affordability of OTC products around the world are offering lucrative growth opportunities to industry investors. Apart from this, the increasing demand for individualized drugs for minor disorders and the implementation of treatment procedures by healthcare payers are positively influencing the market.
Furthermore, key players are introducing technology-based spray and gel and anti-itching OTC products, which is strengthening the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Cough, Cold and Flu Products
- Analgesics
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Minerals and Supplements (VMS)
- Weight-loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
- Others
Breakup by Route of Administration:
- Oral
- Parenteral
- Topical
- Others
Breakup by Dosage Form:
- Tablets and Capsules
- Liquids
- Ointments
- Others
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
Market 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
- Teva Pharmaceutical Industries Ltd.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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