Dublin, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom OTC Drugs - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)" report has been added to ResearchAndMarkets.com's offering.
The over-the-counter (OTC) drugs market in the United Kingdom has experienced significant growth, with expectations to reach a valuation of USD 6.13 billion by the year 2029, expanding at a compound annual growth rate (CAGR) of 4.86% during the forecast period between 2024 and 2029. This growth is underpinned by a range of factors, including developments in the regulatory landscape and the increased proclivity of consumers towards self-medication.
Impact of COVID-19 and Subsequent Market Dynamics
The unprecedented times brought forth by the COVID-19 pandemic saw a surge in demand for over-the-counter medications, notably analgesics, as the populace sought self-treatment options amidst the outbreak. While the industry faced challenges such as supply chain disruptions, the decreasing incidence of COVID-19 cases has led to a stabilization of this demand, although future trends remain closely tied to the evolution of the pandemic's aftermath and consumer behaviors.
Analgesics Segment Demonstrates Market Dominance
Analgesics stand as a prominent segment within the market, anticipated to maintain a significant share throughout the forecast period. The prevalent self-medication practices and the escalating burden of chronic pain diseases contribute to this trend. Recent reports indicate a substantial portion of the UK population suffers from musculoskeletal conditions, directly impacting the consumption of OTC analgesic products. The steady influx of new analgesic products further solidifies this segment's market position.
Rising CAGR Predicted for Oral Administration Route
The oral route of medication administration continues to be the preferred mode due to its non-invasive nature and high patient compliance. This segment is predicted to register a high growth rate in the forthcoming years, fueled by strategic industry maneuvers such as demergers and the subsequent increased focus on OTC products.
Competitive Landscape of the OTC Drugs Market
The United Kingdom's market landscape for over-the-counter drugs is fragmented, with key players engaging in strategic alliances like mergers and acquisitions to strengthen their market positions. The presence of several multinational giants is a testament to the robust nature of this marketplace. As the industry continues to evolve, these companies are expected to remain instrumental in shaping the market's trajectory through their innovative product offerings and consumer-centric practices.
Strategic Industry Movements Signal Positive Outlook
The market's positive outlook is also a reflection of the increased government support for shifting certain drugs from prescription-only to pharmacist-recommended over-the-counter products. Coupled with the rising consciousness about self-care and responsible medication usage, the United Kingdom OTC drugs market is poised for continued vibrancy and dynamism in the years to come.
A selection of companies mentioned in this report includes, but is not limited to:
- Bayer AG
- Haleon Group of Companies
- Johnson & Johnson
- Perrigo Company plc
- Pfizer Inc
- Reckitt Benckiser Group PLC
- Sanofi
- Manx Healthcare Ltd
- Novo Nordisk A/S
For more information about this report visit https://www.researchandmarkets.com/r/fujtjn
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
