Over-the-Counter (OTC) Drugs Market outlook 2021 | Worldwide industry growth statistics, trends and forecasts 2027
Rise in demand for healthcare products at an affordable price point could spur the OTC drug market growth. Increasing inclination towards self-medication in developed, as well as developing countries, will positively impact OTC drug business growth. Shift of manufacturers from RX to OTC drugs could favor new product launches over time. Furthermore, increasing demand for lifestyle-associated products including nutrient supplements will foster industry expansion. According to Global Market Insights, the over-the-counter (OTC) drugs market size was valued over USD 151.7 billion in 2020, and is expected to witness a 5.1% CAGR during the projected period.
Shedding light on some of the trends emerging in the OTC drugs market:
- Impact incurred due to the COVID-19 pandemic
The COVID-19 pandemic has impacted businesses globally in many ways. However, the healthcare sector is the one that has seen an exponential growth during this crisis. The requirement for multivitamins drugs and immunity boosters has spurred in recent times, vastly influencing the sales of some categories of OTC drugs.
During the pandemic, consumers were strongly focusing on being healthy and boosting their immunity by consuming various vitamin supplements, and products to keep common flu and cold at bay. People were seen to refrain from making visits to a doctor for common cold, flu treatment due to the threat of being affected by the coronavirus. These aspects has led to a considerable growth in the sales of OTC drugs to treat common disease conditions.
OTC drugs help in saving the treatment cost related to visits to clinics. During the pandemic, people were treating themselves at home due to the strict lockdowns and rising number of coronavirus cases globally. Growing focus on living a healthy life and body fitness offers profitable demand for vitamins and mineral supplements in emerging provinces. The existence and availability of an extensive variety of OTC medicines and their collective adoption will arouse the market revenue worldwide.
To access sample pages of this report titled, “Over-the-counter (OTC) Drugs Market Size By Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids, Ophthalmic Products), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents, please click on the link below:
- Rise in cases of cold, cough, and flu
Cold, cough, and flu segment in the OTC drugs market witness huge demand in the year 2020. The segment growth is primarily accredited to the frequent manifestation of cough, cold, and flu illnesses among the population. As per a report, in 2020, OTC drug market for cold, cough, and flu segment constituted about USD 31.8 billion in revenue, and is projected to grow exponentially over the analysis period (2020 – 2026). The increasing number of cases of cold, cough, and seasonal flu owing to climatic changes and weather conditions will further propel product demand, thereby augmenting market share.
- Asia Pacific to hold a major market share
The Asia Pacific OTC drugs market held more than 37.7% market share in 2020 and is anticipated to foresee robust growth during the forecast timeframe. According to the NCDC (National Centre for Disease Control), in 2019, India recorded total of 6,701 swine flu/seasonal influenza (H1N1) cases. Instances like these could spike the demand for OTC drugs to treat such diseases.
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