New York, United States, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Global Over the Counter (OTC) Drugs Market Size is to Grow from USD 163 Billion in 2022 to USD 265 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period.
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The pharmaceutical industry will grow as emerging nations, especially the US, move steadily away from prescription (Rx) drugs and toward over-the-counter (OTC) ones. Pharma giants are fast switching to OTC business models, allowing pharmacists to make up for income losses driven on by concerns about prescription pharmaceutical patent infringement. OTC has several benefits, including enhanced accessibility, cost-effectiveness, and simple off-the-shelf availability. However, people can get over-the-counter (OTC) medications that are thought to be secure without a prescription from a physician. Hospital pharmacies, medical supply shops, and infrequently even grocery stores carry these products, which are legitimately available without a prescription. Over-the-counter (OTC) drugs are used to treat the symptoms of the common cold, body aches, allergies, the flu, heartburn, acne, and other basic health conditions.
Due to pharmaceutical companies' preference for OTC medications over prescription medications, the global market for over-the-counter medications is predicted to grow more quickly throughout the forecast period. The term "Rx-to-OTC switch" describes the process of making effective prescription drugs available over-the-counter (OTC). OTC drugs are becoming more and more well-liked among consumers worldwide since they provide the user with significant discounts. A favorable regulatory environment is also likely to support the expansion of the global market for over-the-counter medicines during the projected year.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Over the Counter (OTC) Drugs Market, By Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids), By Distribution Channel (Drug Stores & Retail Pharmacies, Hospital Pharmacies, & Online Pharmacies), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032."
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The gastrointestinal products segment is dominating the largest market share during the forecast period.
The global over-the-counter (OTC) drugs market is divided into many product-based sectors, including those for analgesics, cold, cough, and flu remedies, weight-loss aids, gastrointestinal products, skin care products, nutritional supplements, and sleeping aids. The gastrointestinal products section is one of them that is anticipated to have the most growth potential during the projection period. Due to a rise in gastrointestinal disorders brought on by poor dietary and lifestyle choices, OTC drugs will become increasingly common. Over the previous 20 years, deaths from intestinal cancer have grown by 17% while incidence has increased by 26%. Due to issues like heartburn, constipation, nausea, and others brought on by contemporary lifestyle choices, there is an increase in demand for gastrointestinal products like laxatives and antacids.
The retail pharmacies segment is dominating the largest market share during the forecast period.
The over-the-counter (OTC) drug market is divided into various types based on the distribution channel, including drug stores & retail pharmacies, hospital pharmacies, & online pharmacies. The retail pharmacies segment is leading the market with the highest revenue share over the projection period among all segments. There are several retail pharmacies throughout the world. The primary resource for supplying people with affordable access to drugs and healthcare is these pharmacies. Retail pharmacies give customers access to a large selection of OTC and prescription pharmaceuticals in addition to providing free consultations. As part of ongoing initiatives to enhance the accessibility and infrastructure of healthcare, many countries are investing in retail pharmacies. Collaborations between healthcare organizations will rise, speeding up industry growth.
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North America led the market with the largest market share over the forecast period
North America is expected to lead substantial market expansion during the forecast period due to customers increasingly selecting OTC drugs over prescription ones. Because more people are using over-the-counter pharmaceuticals, the market for them is growing in North America. In the United States, 93% of adults prefer to treat minor diseases with over-the-counter remedies before seeking professional treatment, while 85% of parents prefer to treat minor illnesses in their children this way before doing so.
Europe is predicted to experience strong revenue market growth throughout the forecast period due to there being many businesses that make over-the-counter (OTC) medications there and because self-medication is very common there. The public's awareness of over-the-counter (OTC) pharmaceuticals is also contributing to the market boom in this sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Over the Counter (OTC) Drugs Market include Merck & Co. Inc., Novartis AG, AERIE Pharmaceuticals, Inc., Akorn Operating Company LLC, Cipla Inc., AbbVie, Bausch & Lomb Incorporated, Inotek Pharmaceuticals, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Santen Pharmaceutical Co., Ltd. and Others.
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Recent Development
- In March 2022, The U.S. FDA gave final permission for Perrigo Company plc to market Nasonex 24HR Allergy for over-the-counter usage. The company's market presence has grown stronger as a result of this approval.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Over the Counter (OTC) Drugs Market based on the below-mentioned segments:
Global Over the Counter (OTC) Drugs Market, By Product Type
- Analgesics
- Cold
- Cough & Flu Products
- Weight Loss Products
- Gastrointestinal Products
- Skin Products
- Minerals and Vitamin Supplements
- Sleeping Aids
Global Over the Counter (OTC) Drugs Market, By Distribution Channel
- Drug Stores & Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
Over the Counter (OTC) Drugs Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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