Over the Counter Market Forecasts to 2030 – Global Analysis By Product (Analgesics, Digestives & Intestinal Remedies, Cold & Cough Remedies, Vitamins & Minerals, Dermatological Products and Other Products), Dosage Form (Tablets, Ointments, Liquids, Spray

Over the Counter Market Forecasts to 2030 – Global Analysis By Product (Analgesics, Digestives & Intestinal Remedies, Cold & Cough Remedies, Vitamins & Minerals, Dermatological Products and Other Products), Dosage Form (Tablets, Ointments, Liquids, Sprays and Other Dosage Forms), Route of Administration, Distribution Channel, End User and By Geography

According to Stratistics MRC, the Global Over the Counter Drug Market is accounted for $173.34 billion in 2023 and is expected to reach $278.34 billion by 2030 growing at a CAGR of 7.0% during the forecast period. Over-the-Counter (OTC) drugs refer to medications that are available for purchase without a prescription from a healthcare professional. These drugs play a crucial role in providing accessible and convenient solutions for consumers to address minor health issues like common cold, body pain, allergies and flu, heartburn, acne, and other basic health problems. Acetaminophen, aspirin, antacids, decongestants, antihistamines, and laxatives are the examples of OTC drugs. These drugs are chosen by regulatory agencies in many countries to guarantee that they contain chemicals that are safe and effective when taken without the supervision of a physician.

According to a National Institute of Health report, 93% of adults in the U.S. prefer to treat minor illnesses with over the counter drugs before seeking professional help, and 85% of parents prefer to treat minor illnesses in their children with over the counter drugs before seeking professional help.

Market Dynamics:

Driver:

Growing demand for self-medications

Self-medication becomes increasingly popular as people explore readily accessible remedies without a prescription. These medications are readily available in pharmacies, supermarkets, convenience stores, and increasingly through online platforms. This accessibility allows consumers to easily purchase medications for minor ailments and everyday health concerns. Moreover, affordability is a key advantage of OTC drugs compared to prescription medications. With a focus on affordability and ease of access, the market benefits from consumers' preference for managing minor health issues on their own, contributing to the overall growth of the OTC Drug Market.

Restraint:

Safety concerns

OTC drugs, available without a prescription, pose risks of misuse, abuse, and adverse effects due to self-administration by consumers. As individuals may lack professional medical guidance, there's an increased potential for incorrect dosage, drug interactions, or reliance on OTC options for conditions requiring professional intervention. This raises regulatory scrutiny to ensure consumer safety. Instances of adverse reactions or safety issues may result in product recalls or restrictions, impacting market dynamics.

Opportunity:

Global aging population

As the world's population ages, there is a concurrent increase in the prevalence of age-related health issues and chronic conditions. OTC drugs cater to the rising demand for self-medication among the elderly, offering accessible and cost-effective solutions for common ailments. Moreover, aging is often associated with various health concerns, such as joint pain, arthritis, cardiovascular issues, and digestive problems. OTC drugs provide a convenient solution for managing these common ailments without the need for a prescription. OTC products, including vitamins, supplements, and wellness-focused medications, align with the trend of maintaining overall health and preventing age-related issues.

Threat:

Competition from generic drugs

The introduction of generic substitutes, which are frequently less expensive than branded over-the-counter medications, increases market rivalry and put well-known companies under pressure. Generic options, while meeting regulatory standards, can erode profit margins and diminish the market share of branded OTC drugs. Also, the branded OTC drugs may lose their exclusivity as generic options become available, leading to a reduction in market exclusivity and potentially impacting the sales and revenue of the original products.

Covid-19 Impact

Increased health awareness, preventive measures, and heightened demand for self-care products during the pandemic led to a surge in OTC sales. Consumers sought remedies for common symptoms, boosting sales of immune boosters, cough and cold medications, and hygiene-related products. However, disruptions in the supply chain, changes in consumer spending patterns, and economic uncertainties also presented challenges. The pandemic underscored the importance of adaptability and innovation in the OTC industry, shaping new trends in consumer behaviour and market dynamics.

The analgesics segment is expected to be the largest during the forecast period

The analgesics segment is estimated to hold the largest share. Analgesics are medications used in the management and treatment of pain. Widely used to alleviate mild to moderate pain, analgesics include common OTC drugs such as acetaminophen, ibuprofen, and aspirin. These medications addresses a broad spectrum of pain conditions, including headaches, muscle pain, menstrual cramps, and minor arthritis pain. The analgesics segment is characterized by its accessibility ease of use, and broad consumer acceptance, contributing significantly to the overall OTC drug market's growth

The tablets segment is expected to have the highest CAGR during the forecast period

The tablets segment is anticipated to have lucrative growth during the forecast period. Tablets are solid, compressed forms of medication, containing active ingredients along with various excipients. Tablets offer precise dosage control, with each tablet containing a standardized amount of the active ingredient. This ensures consistency in dosing and helps consumers follow recommended usage guidelines. Moreover, they cater to various therapeutic areas, addressing conditions like pain, allergies, digestive issues, and nutritional deficiencies. The convenience, precision in dosing, and broad range of medications available in tablet form contribute to their widespread use and popularity in the OTC drug market.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period owing to increasing healthcare awareness, rising disposable incomes, and a growing population. There's a notable trend towards self-medication, driven by factors such as busy lifestyles, easy access to information, and a preference for non-prescription solutions. Moreover, preferences and buying behaviours vary across countries due to cultural differences, healthcare practices, and historical factors. Understanding these nuances is essential for companies aiming to establish a strong presence in the region.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period. Consumers in North America often prefer self-care and over-the-counter solutions for common health issues. This trend is driven by factors like convenience, accessibility, and the desire to manage minor ailments without the need for a prescription. The regulatory environment in North America is well-defined, with the U.S. Food and Drug Administration (FDA) and Health Canada overseeing the approval and regulation of OTC drugs. Furthermore, the North American OTC market is highly competitive, with both domestic and multinational pharmaceutical companies vying for market share.

Key players in the market

Some of the key players in the Over the Counter Drug Market include Bayer AG, Pfizer, Takeda Pharmaceutical Company Ltd., Johnson & Johnson Services Inc., Novartis AG, Sanofi S.A., GlaxoSmithKline PLC, Reckitt Benckiser Group PLC, Boehringer Ingelheim International GmbH, Mylan, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd, Cipla Inc., Glenmark Pharmaceuticals Ltd, Dr. Reddy's Laboratories, Alkem Laboratories Limited, Viatris, Inc, The Blackstone Group, Inc., Aytu Biopharma, Inc. and Merck & Co. Inc.

Key Developments:

In June 2022, Glenmark Pharmaceuticals Ltd. acquired a portfolio of approved OTC abbreviated new drug applications (ANDAs) in the U.S. from Wockhardt. The acquired ANDAs helped the company expand its OTC portfolio in the U.S.

In June 2021, Bayer announced the approval of Astepro Allergyfrom the U.S. Food and Drug (FDA) as an over the counter (OTC) product for the temporary relief of nasal congestion runny nose and Itchy nose and other respiratory allergies.

Products Covered:
• Analgesics
• Digestives & Intestinal Remedies
• Cold & Cough Remedies
• Vitamins & Minerals
• Dermatological Products
• Other Products

Dosage Forms Covered:
• Tablets
• Ointments
• Liquids
• Sprays
• Other Dosage Forms

Route of Administrations Covered:
• Oral
• Parenteral
• Topical
• Other Routes of Administration

Distribution Channels Covered:
• Drug Stores & Retail Pharmacies
• Online Pharmacies
• Hospital Pharmacies

End Users Covered:
• Speciality Clinic
• Hospital
• Homecare
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements