Global Over the Counter Drugs Market Report and Forecast 2023-2031

Global Over the Counter Drugs Market Report and Forecast 2023-2031

Global Over the Counter Drugs Market Outlook

The global over-the-counter drugs (OTC) market is expected to grow at a significant rate due to the increasing prevalence of common ailments, rising healthcare expenditure, and growing awareness about self-medication are the key drivers of the market. The global over the counter drugs market size reached a value of USD 167.5 billion in 2022. The market is likely to grow at a CAGR of 6.9% in the forecast period of 2023-2031 to reach a market value of USD 304.4 billion by 2031.

Over the Counter Drugs Market: Introduction

The global over-the-counter drugs market report by Expert Market Research provides an in-depth analysis of the market and its segments. OTC drugs are those medications that can be purchased without a prescription from healthcare professionals. They are typically used for the treatment of common ailments such as cold, cough, pain, fever, allergies, and digestive problems. The report covers the market for OTC drugs, including various drug types, and provides a detailed analysis of the market size, growth, and trends.

OVER THE COUNTER DRUGS Market Segmentations

The market can be categorised into product type, formulation type, and Distribution channel.

Market Breakup by Product Type

• Cough, Cold, and Flu Products
• Analgesics
• Dermatology Products
• Vitamins, Minerals, and Supplements (VMS)
• Weight Loss/Dietary Products
• Ophthalmic Products
• Sleeping Aids
• Other Product Types

Market Breakup by Formulation Type

• Tablets
• Liquids
• Ointments
• Sprays

Market Breakup by Distribution Channel

• Hospital Based Pharmacies
• Online Pharmacies
• Retail Pharmacies

Market Breakup by Region

• North America
• United States of America
• Canada
• Europe
• United Kingdom
• Germany
• France
• Italy
• Others
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Australia
• Others
• Latin America
• Brazil
• Argentina
• Mexico
• Others
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Over the Counter Drugs Market Scenario

The global over-the-counter drugs market is experiencing significant growth due to several factors. One of the primary drivers is the increasing prevalence of common ailments such as cold, cough, pain, fever, allergies, and digestive problems. These health issues affect a large percentage of the population, leading to a high demand for OTC drugs.

Another driver of the market is the rising healthcare expenditure across the world. As healthcare costs continue to rise, people are increasingly turning to self-medication to manage their health conditions. This has led to an increase in the demand for OTC drugs, which are typically cheaper than prescription drugs.

The growing awareness about self-medication is also contributing to the growth of the market. Consumers are becoming more aware of the benefits of OTC drugs, such as convenience, accessibility, and cost-effectiveness. This has led to an increase in the adoption of self-medication, which is driving the demand for OTC drugs.

Moreover, the COVID-19 pandemic has also had a significant impact on the OTC drugs market. The pandemic has led to a surge in demand for OTC drugs such as cold and flu products, pain relievers, and vitamins and supplements. Consumers are increasingly turning to OTC drugs to manage their symptoms and boost their immunity.

North America dominates the OTC drugs market, followed by Europe and Asia Pacific. The high prevalence of common ailments, rising healthcare expenditure, and growing awareness about self-medication are driving the growth of the market in these regions. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, owing to the increasing adoption of self-medication, rising healthcare expenditure, and growing awareness about OTC drugs.

Key Players in the Global Over the Counter Drugs Market

The report gives an in-depth analysis of the key players involved in the Over-the-Counter Drugs market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:

• Johnson & Johnson Private Limited
• Bayer AG
• Novartis AG
• Sanofi
• Takeda Pharmaceutical Company Limited
• Pfizer Inc.
• GSK plc
• Boehringer Ingelheim International GmbH
• Reckitt Benckiser Group PLC
• Procter & Gamble
• Abbott
• Perrigo Company plc.