Over the Counter (OTC) Drugs Market

Over the Counter (OTC) Drugs Market Highlights

The global over the counter (OTC) drugs market is expected to cross a value of USD 232.3 billion by the end of 2032. The market was valued at USD 128.6 billion in 2023 and is expected to expand at a CAGR of 6.7% between 2024-2032.

• Over the mid-term, the rise in demand for self-medications and drugs is the primary factor anticipated to drive the global over the counter (OTC) drugs market.
• The rise in concerns regarding the side effects of these drugs is a major factor to challenge the market growth.
• The North America over the counter (OTC) drugs market is projected to dominate the global market.

Over the Counter (OTC) Drugs Market Outlook

Any medications that can be purchased without a prescription from a healthcare professional, such as a doctor or pharmacist, is known as over the counter (OTC) drugs. OTC drugs are commonly used to treat minor ailments and health conditions such as headaches, fever, coughs, colds, allergies, indigestion, and minor aches and pains. They are typically available in pharmacies, supermarkets, convenience stores, and online retailers.

Our analysts at KD Market Insights have analyzed that the rise in demand for self-medications and drugs among individuals globally is one of the major factors expected to drive the growth of the market in the coming years. Our researchers have found that in Spain, about 22% of its population prefers non-prescribed medication. Consumers are increasingly taking responsibility for their health management, seeking quick relief from minor ailments without the need for a prescription. This trend is fueled by factors such as easy access to health information online, busy lifestyles, and the desire for cost-effective healthcare solutions. Johnson & Johnson, GlaxoSmithKline, and Pfizer Inc. are some of the significant parties in the global market for over the counter (OTC) drugs.

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Over the Counter (OTC) Drugs Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global over the counter (OTC) drugs market are:

• Growing Need for Preventive Healthcare Among Individuals: The preference for preventive healthcare among individuals globally is increasing at a rapid pace. This, as a result, has raised the demand for OTC drugs. People are becoming more proactive in managing their health and are inclined towards using OTC drugs for preventive purposes, such as vitamin supplements, dietary supplements, and pain relievers. Our researchers have estimated that by the end of 2033, the revenue generated from preventive medicine globally would reach near to USD 890 billion.
• Surge in Aging Population: Globally, the ageing population is increasing, and so is the concern for various chronic conditions and age-related ailments among this population. This demographic shift, particularly those targeting pain relief, digestive health, and cardiovascular support, to manage common symptoms associated with aging and chronic illnesses, is expected to contribute to a higher demand for OTC drugs.

Which Probable Factors Could Hamper the Growing Over the Counter (OTC) Drugs Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of over the counter (OTC) drugs are:

• Stringent Regulatory Requirements: To ensure consumer safety upon the use of OTC drugs, the regulatory bodies have imposed strict guidelines and regulations on manufacturing, labeling, and marketing of these drugs. Owing to these strict regulatory requirements, manufacturers of OTC drugs may face challenges to comply with these regulations, which is expected to hinder the market growth.
• Rise in Concerns Regarding the Side Effects of These Drugs: With the increasing incidences associated with the side effects of OTC drugs, and the rise in awareness among consumers for these potential risks, the demand for safer and natural alternatives among the consumers is increasing.

How is the Global Over the Counter (OTC) Drugs Market Segmented?

Our experts at KD Market Insights have segmented the global over the counter (OTC) drugs market as:

What are the Probable Factors Influencing the North America Over the Counter (OTC) Drugs Market Forecast?

The North America over the counter (OTC) drugs market is majorly driven by the increasing availability and accessibility of these drugs in the region, along with the ongoing advancements in drug formulations and delivery systems. In North America, OTC drugs are available through various channels, including pharmacies, supermarkets, convenience stores, and online retailers. On the other hand, the manufacturers of OTC drugs in the region are increasingly working on enhancing the effectiveness, safety, and convenience of OTC medications. Such factors are therefore expected to boost the market growth for OTC drugs.

As per our analysts at KD Market Insights, the following five players lead the North America over the counter (OTC) drugs market growth:

• Johnson & Johnson
• Pfizer Inc.
• Procter & Gamble Co.
• Perrigo Company plc
• GlaxoSmithKline Consumer Healthcare

Which Key Players Top the Global Over the Counter (OTC) Drugs Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global over the counter (OTC) drugs market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with over the counter (OTC) drugs market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global over the counter (OTC) drugs market share:

• Johnson & Johnson
• GlaxoSmithKline
• Pfizer Inc.
• Bayer AG
• Sanofi
• Novartis International AG
• Merck & Co., Inc.
• Reckitt Benckiser Group plc
• Perrigo Company plc
• Teva Pharmaceutical Industries Ltd.
• Sun Pharmaceutical Industries Ltd.
• Cipla Limited

What are the Recent Developments Observed in the Over the Counter (OTC) Drugs Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global over the counter (OTC) drugs market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Bayer AG announced that it has received approval from the U.S. Food and Drug Administration (FDA) for Astepro Allergy, an OTC medicine to cure temporary alleviation of nasal congestion, itchy nose, runny nose, and other respiratory infections.

Further, Pfizer Inc. stated that it has entered into a joint venture with GlaxoSmithKline Plc. for establishing a leading consumer healthcare company which would deal with OTC drugs.