The Over-The-Counter Drugs Market size was valued at USD 175.6 billion in 2023 and is expected to reach at USD 275.7 billion by 2031, and grow at a CAGR of 5.80% over the forecast period of 2024-2031.
The rising expense of hospitals and the adverse effect of the economic condition are promoting the use of OTC medicines. The rising percentage of the OTC in developed and emerging countries is what driving the market. Basically, over-the-counter medicine means medicines which can be bought without any prescriptions. The basic objective behind selling the drugs over the counter is to help people from relieving their minor health issues related to headaches, colds, coughs, diarrhoea, acne, and so forth. The licenses are been authorized by the government to run the pharmacies where the license holder can sell the medicines. In U.S. Food And drug Administrator (FDA) approves the drugs which have to be sold. According to the World health organization (WHO), 50% of the people who are using over-the-counter medicines are most probably consuming them in an inappropriate way which is creating a question of morality for over-the-counter medicines.
The rising access to easy medications all around the globe through the medium of over-the-counter is contributing to the growth of the market also, there are many other factors which are associated with it. We would like to mention some of the important factors which are highly contributing to the growth of the market such as the social, economic, and political factors. The National Institute of Health (NIH) states that there is a decline in the consumption of OTC drugs with the rising age. This gives us a clear idea about the risk associated with OTC and the dependency factor on OTC drugs.
Another fact that cannot be denied is, the pandemic supported the growth of the OTC medicine as the global disruption created issues such as low access to hospitals because of the fear of the coronavirus which led to influencing people to choose self-medication.
Drivers :
The rising demand for the OTC medicines.
The rising expense of the healthcare services.
The rising practices of self-medication.
Almost around 25 to 70% of people all around the globe consume the OTC drugs, and as we mentioned earlier the other external factors also contribute to the growth of the self-medication practice. The rising economic constraints and the rising unemployment rate in developed and emerging countries all around the globe forces people to choose the OTC platform. The unemployment rate in the U.S. has raised to 3.7% and the past data explains how the unemployment rate affected the healthcare sector and according to our sources, 80% of North American consumers prefer private label products because of the lower cost element. Also, the rising innovations in favor of the OTC drugs are driving the market.
Restrain
The risk associated with the self-medication and the misuse of the same.
Lack of knowledge regarding the consumption of OTC medicines which causes cases of overdose.
Opportunity
The rising initiative form the government to support the OTC drugs
According to recent updates, there has been a rise in the budget and the supportive activities for the pharmaceutical sector all around the world, the Ministry of Health of particularly developed nations is being very particular in terms of over-the-counter drugs, Innovation of new drugs and so forth. The Inflation Reduction Act 2022 where the U.S. government initiative is to reduce the cost of prescribed drugs and the spending of the feral government over the production of drugs. This will positively impact the pharmaceutical sector, hence will give a positive outlook to the OTC drugs market in terms of cost-benefit.
Challenge
The stringent rule and the regulation of the government organizations regarding the selling of the drugs through the OTC medium.
Impact of Recession:
The impact of recession will be moderate on this market as the high expense of the healthcare services will force the people to choose OTC for the minor health services. Also, the rising initiatives and the innovations which also includes the minimization of the cost factor to help the people will drive the market regardless of the high inflation rates.
Trade and transportation routes have been hampered by the conflict and the ensuing political tensions between Russia and Ukraine. The chain of over-the-counter (OTC) medication supply could be impacted by this disturbance. OTC drugs may not be as readily available or sooner if supply lines are hindered or interrupted in either nation.
By Product Type
Analgesics
Cold & Cough remedies,
Digestives & Intestinal remedies
Skin Treatment
Others
By Distribution Channel
Drug Stores & Retail Pharmacies,
Hospital Pharmacies
Online Pharmacies
By distribution channel segment is divided into three subsegments and amongst them, drug stores and retail pharmacies have the largest share of the total market estimation of the segment. According to FDA, there has been a 27% increase in the number of pharmacies in the past 3 years. There have been several changes in the retail pharmacies if we compare it with the previous one, the rising technological trends and the improvement in the sales services are what contributing to the growth of the drug stores and retail pharmacies segment. Also, the covid pandemic created a good opportunity for the drug stores to improve their value proposition and increase their credibility.
North America region will be dominating the market as the rising awareness about OTC drugs in the developed and emerging countries of this region will be a major factor. According to a past survey by NIH, almost 85.57% of people in the U.S. consume OTC drugs. The U.S. is considered as the leading nation in terms of drug innovation and development which hence promotes the growth of the market in this region.
OTC drugs and self-medication is been highly promoted by the health ministry of almost every nation in the Europe region, the major reasons are the economic condition of the countries and the citizens as well, also the fact that European healthcare systems lack resources due to demographic development and the scarce of healthcare staffs and this is the reason the European healthcare sector is primarily focusing and creating awareness about the self-medication and OTC drugs. According to our sources, 51 to 90% of Europeans are willing to practice self-medication. As the point of view stated that the time and cost can be saved which will be ultimately beneficial for them and hence, Europe region will be holding the second large share of the OTC drugs market.
The major key players are Johnson & Johnson, Bayer Ag, Novartis Ag, Sanofi, Pfizer, Takeda pharmaceutical, Reckitt Benckiser group and Others.
The approval from the FDA for the Topical Gel Eroxon for ED reinforcers which is been categorized in the OTC products.
The market expansion strategy by the Bayer Ag with the plan of investing around $12.67 Mn in OTC drug production hub in Egypt.
The official announcement from Alcon regarding the approval of Pazeo from FDA for the sale OTC in U.S.
| Report Attributes | Details |
| Market Size in 2023 | US$ 175.6 Bn |
| Market Size by 2031 | US$ 275.7 Bn |
| CAGR | CAGR of 5.80% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Analgesics, Cold & Cough remedies, Digestives & Intestinal remedies, Skin Treatment, Others) • By Distribution Channel (Drug Stores & Retail Pharmacies, Hospital Pharmacies, Online) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Johnson & Johnson, Bayer Ag, Novartis Ag, Sanofi, Pfizer, Takeda pharmaceutical, Reckitt Benckiser group and Others. |
| Key Drivers | • The rising demand for the OTC medicines. • The rising expense of the healthcare services. • The rising practices of self-medication. |
| Market Opportunities | • The rising initiative form the government to support the OTC drugs |
Ans : Over The Counter Drugs market size was valued at USD 166 billion in 2022 and is expected to reach at USD 254 billion by 2030, and grow at a CAGR of 5.5% over the forecast period of 2023-2030.
ANS : The rising demand for the OTC medicines.
Ans ; The major key players are Johnson & Johnson, Bayer Ag, Novartis Ag, Sanofi, Pfizer, Takeda pharmaceutical, Reckitt Benckiser group and Others.
Ans :North America region will dominate this market.
Ans : The impact of recession will be moderate on this market
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.2 Impact of ongoing Recession
4.3 impact of Russia-Ukraine war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Over the Counter Drugs Market Segmentation, by Product Type
8.1 Analgesics
8.2 Cold & Cough remedies,
8.3 Digestives & Intestinal remedies
8.4 Skin Treatment
8.5 Others
9. Over the Counter Drugs Market Segmentation, by Distribution Channels
9.1 Drug Stores & Retail Pharmacies,
9.2 Hospital Pharmacies
9.3 Online Pharmacies
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Over the Counter Drugs Market by country
10.2.2North America Over the Counter Drugs Market by Product Type
10.2.3 North America Over the Counter Drugs Market by Distribution Channel
10.2.4 USA
10.2.4.1 USA Over the Counter Drugs Market by Product Type
10.2.4.2 USA Over the Counter Drugs Market by Distribution Channel
10.2.5 Canada
10.2.5.1 Canada Over the Counter Drugs Market by Product Type
10.2.5.2 Canada Over the Counter Drugs Market by Distribution Channel
10.2.6 Mexico
10.2.6.1 Mexico Over the Counter Drugs Market by Product Type
10.2.6.2 Mexico Over the Counter Drugs Market by Distribution Channel
10.3 Europe
10.3.1 Europe Over the Counter Drugs Market by country
1.3.3.2 Europe Over the Counter Drugs Market by Product Type
10.3.3 Europe Over the Counter Drugs Market by Distribution Channel
10.3.4 Germany
10.3.4.1 Germany Over the Counter Drugs Market by Product Type
10.3.4.2 Germany Over the Counter Drugs Market by Distribution Channel
10.3.5 UK
10.3.5.1 UK Over the Counter Drugs Market by Product Type
10.3.5.2 UK Over the Counter Drugs Market by Distribution Channel
10.3.6 France
10.3.6.1 France Over the Counter Drugs Market by Product Type
10.3.6.2 France Over the Counter Drugs Market by Distribution Channel
10.3.7 Italy
10.3.7.1 Italy Over the Counter Drugs Market by Product Type
10.3.7.2 Italy Over the Counter Drugs Market by Distribution Channel
10.3.8 Spain
10.3.8.1 Spain Over the Counter Drugs Market by Product Type
10.3.8.2 Spain Over the Counter Drugs Market by Distribution Channel
10.3.9 The Netherlands
10.3.9.1 Netherlands Over the Counter Drugs Market by Product Type
10.3.9.2 Netherlands Over the Counter Drugs Market by Distribution Channel
10.3.10 Rest of Europe
10.3.10.1 Rest of Europe Over the Counter Drugs Market by Product Type
10.3.10.2 Rest of Europe Over the Counter Drugs Market by Distribution Channel
10.4 Asia-Pacific
10.4.1 Asia Pacific Over the Counter Drugs Market by country
10.4.2 Asia Pacific Over the Counter Drugs Market by Product Type
10.4.3 Asia Pacific Over the Counter Drugs Market by Distribution Channel
10.4.4 Japan
10.4.4.1 Japan Over the Counter Drugs Market by Product Type
10.4.4.2 Japan Over the Counter Drugs Market by Distribution Channel
10.4.5 South Korea
10.4.5.1 South Korea Over the Counter Drugs Market by Product Type
10.4.5.2 South Korea Over the Counter Drugs Market by Distribution Channel
10.4.6 China
10.4.6.1 China Over the Counter Drugs Market by Product Type
10.4.6.2 China Over the Counter Drugs Market by Distribution Channel
10.4.7 India
10.4.7.1 India Over the Counter Drugs Market by Product Type
10.4.7.2 India Over the Counter Drugs Market by Distribution Channel
10.4.8 Australia
10.4.8.1 Australia Over the Counter Drugs Market by Product Type
10.4.8.2 Australia Over the Counter Drugs Market by Distribution Channel
10.4.9 Rest of Asia-Pacific
10.4.9.1 APAC Over the Counter Drugs Market by Product Type
10.4.9.2 APAC Over the Counter Drugs Market by Distribution Channel
10.5 The Middle East & Africa
10.5.1 The Middle East & Africa Over the Counter Drugs Market by country
10.5.2 The Middle East & Africa Over the Counter Drugs Market by Product Type
10.5.3 The Middle East & Africa Over the Counter Drugs Market by Distribution Channel
10.5.4 Israel
10.5.4.1 Israel Over the Counter Drugs Market by Product Type
10.5.4.2 Israel Over the Counter Drugs Market by Distribution Channel
10.5.5 UAE
10.5.5.1 UAE Over the Counter Drugs Market by Product Type
10.5.5.2 UAE Over the Counter Drugs Market by Distribution Channel
10.5.6 South Africa
10.5.6.1 South Africa Over the Counter Drugs Market by Product Type
10.5.6.2 South Africa Over the Counter Drugs Market by Distribution Channel
10.5.7 Rest of Middle East & Africa
10.5.7.1 Rest of Middle East & Asia Over the Counter Drugs Market by Product Type
10.5.7.2 Rest of Middle East & Asia Over the Counter Drugs Market by Distribution Channel
10.6 Latin America
10.6.1 Latin America Over the Counter Drugs Market by country
10.6.2 Latin America Over the Counter Drugs Market by Product Type
10.6.3 Latin America Over the Counter Drugs Market by Distribution Channel
10.6.4 Brazil
10.6.4.1 Brazil Over the Counter Drugs Market by Product Type
10.6.4.2 Brazil Africa Over the Counter Drugs Market by Distribution Channel
10.6.5 Argentina
10.6.5.1 Argentina Over the Counter Drugs Market by Product Type
10.6.5.2 Argentina Over the Counter Drugs Market by Distribution Channel
10.6.6 Rest of Latin America
10.6.6.1 Rest of Latin America Over the Counter Drugs Market by Product Type
10.6.6.2 Rest of Latin America Over the Counter Drugs Market by Distribution Channel
11. Company Profile
11.1 Johnson & Johnson
11.1.1 Market Overview
11.1.2 Financials
11.1.3 Product/Services/Offerings
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Bayer AG
11.2.1 Market Overview
11.2.2 Financials
11.2.3 Product/Services/Offerings
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Novartis Ag
11.3.1 Market Overview
11.3.2 Financials
11.3.3 Product/Services/Offerings
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Sanofi
11.4.1 Market Overview
11.4.2 Financials
11.4.3 Product/Services/Offerings
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Pfizer
11.5.1 Market Overview
11.5.2 Financials
11.5.3 Product/Services/Offerings
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Takeda Pharmaceutical Company Limited
11.6.1 Market Overview
11.6.2 Financials
11.6.3 Product/Services/Offerings
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Reckitt Benckiser Group
11.7.1 Market Overview
11.7.2 Financials
11.7.3 Product/Services/Offerings
11.7.4 SWOT Analysis
11.7.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share analysis
12.3 Recent Developments
13. Use Cases and Best Practice’s
14. Conclusion
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