Over the Counter (OTC) Drugs Market Size By Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids, Ophthalmic Products), Distribution Channel (Hospi

Over the Counter (OTC) Drugs Market Size By Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids, Ophthalmic Products), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Medstores), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Over the Counter (OTC) Drugs Market is slated to witness massive growth through 2032, mainly owing to the increasing affordability of OTC drugs for both the consumers as well as for the healthcare system across the globe.

In addition, Rx to OTC switch results in greater availability and sales due to easy off-the-shelf availability, better accessibility, and cost-effectiveness.

Several key players operating in the over the counter (OTC) drugs market are incorporating strategic initiatives like acquisitions, mergers, and product developments to strengthen their foothold in the industry.

For instance, in May 2022, Bayer Healthcare entered into a partnership agreement with Alibaba Health to promote and distribute consumer health products and solutions. This supported the firm expand its capabilities and market share in the industry.

Overall, the over the counter (OTC) drugs market is bifurcated in terms of product, distribution channel, and regional landscape.

By product, the cold, cough & flu products segment recorded a revenue of more than USD 30 billion in 2022 and is poised to grow exponentially by 2032. The segmental growth will be attributed to the rising incidence of cold & flu among the population and increased awareness and preferences about self-medication treatment.

The skin products segment is also expected to register strong growth by 2032, owing to consumers' rising inclination and preference towards several beauty products such as serums, creams, and moisturizers. In addition, rising consciousness regarding one's physical appearance, especially among the female population, will further push the segment's growth.

By distribution channel, the hospital pharmacy segment is expected to account for 27% market share by 2032. Hospital pharmacy offers better patient counseling for authentic products. Along with this, the availability of various products in the market will propel the segment share in the coming future.

Considering the regional perspective, the North America over the counter (OTC) drugs market held a substantial market share of more than 25% in 2022 and is predicted to grow significantly through 2032. The regional growth will be attributed to the rising acceptance of OTC drugs by consumers in the North American economies combined with the established regulatory authorities.

Some of the key players operating in the market are Johnson & Johnson Services Inc., GlaxoSmithKline Plc., Bayer AG, Sanofi, The Blackstone Group, Inc. (Alinamin Pharmaceutical Co., Ltd.), Piramal Enterprises Limited, Sun Pharmaceutical Industries Ltd., Cipla, Inc., Alkem Laboratories Limited., Reckitt Benckiser Group Plc., Teva Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals Ltd., and Dr. Reddy's Laboratories, Viatris, Inc.