Over The Counter Drugs Market Overview:
Global over the Counter Drugs market was valued at USD 303.51 billion in 2018 and is estimated to be valued at USD 491.02 billion in 2024, witnessing a CAGR of 8.5%. Growth propelling factors of this market are product innovations, high penetration in the emerging market, favorable regulatory framework and inclination of pharmaceutical companies towards OTC drugs from Rx drugs.
The global over the counter (OTC) drugs market will record the highest growth rate in the emerging markets of Latin America, and South East Asia over the coming years. This can be attributed to the rapidly growing population, coupled with the fact that the middle class in these regions is expanding on a large scale and the increase in disposable income of the population, which will add critical mass to the population available to access OTC medication. New channels of the accessibility in emerging markets in retail outlets, supermarkets are also contributing to the growth of the OTC medication market in the emerging economies.
Scope of the Report
As per the scope of this report, over the counter drugs are referred to as a nonprescription drug. These medicines can be bought by an individual without the doctor’s prescription and are safe for consumption without the doctor’s consent.
Key Market Trends
Weight loss and Dietary Products Segment Expected to Grow with High CAGR
Weight loss and dietary products segment are believed to show the highest CAGR of 8.10% during the forecast period. This is majorly attributed to the rising awareness of the general population towards health and growth in the consumption of junk food which is leading to the rise in lifestyle diseases. The VMS (Vitamins, Minerals, and Supplements) segment is believed to have the largest market share.
VMS and weight loss OTC drugs contribute the most to the overall market. In fact, nearly 1/4th of the market belongs to this segment. The reason for this huge share is the wide customer base for various products under this category. Unlike other conditions which are intense in nature, the VMS and weight loss conditions are not very bothersome. OTC products for these conditions are more of precautious nature than that of treatment or cure. And this is why the number of customers is relatively high than the ones for other indications. Large customer pools give rise to high demand, which in turn, results in high revenue generation. VMS products are very popular in developed countries because of the increasing unhealthy population
Regional Presence of Over the Counter Drugs Market:
North America currently dominates the market for Over the Counter Drugs and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future owing to the leading trend among pharmaceutical companies to switch from Rx to OTC drugs. Report of the National Institute of Health has stated that 93% of adults in the United States prefer to treat their minor ailments with OTC medicines before seeking professional care, and 85% of parents in the United States prefer to treat their children's minor ailments with an OTC medicine before seeking professional care. This is resulting in the formation of the bigger market.
Prominent Companies Dominating the Market analyzed in this report are
- Pfizer Inc.
- Novartis International AG
- Roche Holding AG
- Merck & Co., Inc.
- Sanofi S.A
- Johnson & Johnson
- Gilead Sciences
- GlaxoSmithKline plc.
- Bayer Healthcare AG
- AstraZeneca plc.
This research report includes following segmentation for the Over The Counter Drugs Market size and forecast 2018 – 2024
By Product Type
- Cough, Cold, and Flu Products
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Mineral, and Supplements (VMS)
- Weight Loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacy
Over The Counter Drugs Market Analysis – By Region
- North America
- Central & South America
- Middle East & Africa