Dublin, Nov. 01, 2024 (GLOBE NEWSWIRE) -- The "Over the Counter (OTC) Drugs - Market Insight, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The global Over-the-Counter (OTC) drugs market is poised for significant growth, with expectations to expand from a valuation of USD 151.15 billion in 2023 to USD 213.08 billion by 2030. This forecast, including a Compound Annual Growth Rate (CAGR) of 5.93% from 2024 to 2030, showcases the sector's positive trajectory amidst rising health consciousness and healthcare advancements.
Driving Forces and Regional Dominance
A confluence of factors propels this market forward, including the swift reclassification of prescription medications to OTC, a growing incidence of conditions precipitating acute and chronic pain, and comprehensive regulatory support worldwide. North America leads this expansion, with robust contributions from key players and heightened demand for self-medication against common ailments such as colds, coughs, allergies, and gastrointestinal disorders.
Therapeutic and Distribution Channels Insights
The report delineates various market segments, noting that the cough, cold, and allergy category dominance in the therapeutic segment and points to a surge in retail and online pharmacy sales. These distribution channels offer increased accessibility to consumers, bolstering overall market growth.
Challenges and Considerations
Despite favorable growth predictions, potential hindrances such as adverse reactions and the misuse of OTC drugs could impede market progression. However, continual advancements and judicious consumer education on drug usage are crucial drivers in maintaining market health.
Key Market Players
Significant market contributors include Johnson & Johnson Services Inc., BAYER AG, Novartis, Pfizer Inc., and GlaxoSmithKline plc, among others. These entities continue to innovate and obtain regulatory approvals, underpinning the market's steadfast growth.
Market Outlook
As the global Over-the-Counter drugs market advances, it holds promise for stakeholders, healthcare providers, and consumers alike. Ensuring safe and effective medication accessibility, the OTC drugs market is an integral element in the evolving landscape of healthcare and self-care practices.
A selection of companies mentioned in this report includes, but is not limited to:
- Johnson & Johsnon Services Inc.
- BAYER AG
- Novartis
- Sanofi-aventis U.S. LLC.
- Pfizer Inc.
- GlaxoSmithKline plc.
- Cipla Inc.
- Piramal Enterprises Limited
- Duramed Pharmaceuticals, Inc.
- Glenmark Pharmaceuticals
- Dr. Reddy's Laboratories
- Innovus Pharmaceuticals, Inc.
- Teva Pharmaceutical Industries Ltd.
- Viatris Inc
- Reckitt Benckiser Group PLC
- Afaxys Pharma, LLC
- FOUNDATION CONSUMER HEALTHCARE
- Alcon Inc.
- Teva Pharmaceutical Industries
- Sun Pharmaceutical Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/amymu6
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