As per Precedence Research, the over the counter (OTC) drugs market size is estimated to hit US$ 294.18 billion by 2030 and growing at a CAGR of 6.9% from 2021 to 2030.
As per Precedence Research, the over the counter (OTC) drugs market size is estimated to hit US$ 294.18 billion by 2030 and growing at a CAGR of 6.9% from 2021 to 2030.
The over the counter (OTC) drugs are safe drugs and medicines that people buy without any kind of prescription. The over the counter (OTC) drugs are used for skin treatment, cold and cough, and intestinal infections. The over the counter (OTC) drugs are widely available in online pharmacies, drug stores and retail pharmacies, and hospital pharmacies.
The manufacturing rates of over the counter (OTC) drugs have increased over a period of time. The reason being the surge in demand for over the counter (OTC) drugs. Due to the pandemic of COVID-19, the number of patients of common cold and cough has increased significantly. Thus, this also resulted into the increase in demand for over the counter (OTC) drugs in the market. The pandemic has also raised the awareness of over the counter (OTC) drugs among people, which is now resulting into high revenue share in the over the counter (OTC) drugs market.
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The key market players and pharmaceutical corporations, particularly in the U.S. are shifting from prescription to over the counter (OTC) drugs. The underdeveloped countries where proper resources are not available and healthcare infrastructure is also not developed properly, then the people of those nations are tending towards the concept of self-medication. They don’t consult any kind of doctors and healthcare workers for the treatment, which is increasing the need and demand for over the counter (OTC) drugs. In addition, the cost saving benefits by production of over the counter (OTC) drugs had also propelled the over the counter (OTC) drugs market growth during the forecast period.
| Report Scope | Details |
| Market Size in 2020 | USD 150.80 Billion |
| Growth Rate from 2021 to 2030 | CAGR of 6.9% |
| Cold & Cough Remedies Market Share in 2021 | 52% |
Report Highlights:
- Based on the product, the cold and cough remediessegment dominated the global over the counter (OTC) drugs market in 2020 with largest market share. The cold and cough are very common illnesses which can cause to any type of person. Therefore, over the counter (OTC) drugs are highly consumed by people who are facing seasonal cough and cold.
- On the basis of distribution channel, the drug stores and retail pharmaciessegment hold the largest market share the global over the counter (OTC) drugs market in 2020. The drug stores and retail pharmacies offer wide range of over the counter (OTC) drugs. Moreover, people prefer to buy over the counter (OTC) drugs from retail pharmacies or drug stores.
- North America is the largest segment for over the counter (OTC) drugs market in terms of region. The North America region people like to consume over the counter (OTC) drugs instead of prescribed drugs. This factor is driving the growth of the over the counter (OTC) drugs market.
- Europe region is the fastest growing region in the over the counter (OTC) drugs market.The Europe region is considered as second largest dominating region for the over the counter (OTC) drugs market. The growth of the over the counter (OTC) drugs market in this region is attributed to the growing awareness about over the counter (OTC) drugs among the people.
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Future of Over the Counter (OTC) Drugs Market
The market for over the counter (OTC) drugs is expected to grow at rapid pace due to growing prevalence for chronic disorders. It has been noticed that almost 71% of the population suffer from the chronic diseases. And around 40% of the population don’t consult doctors or healthcare practitioners for the treatment of such diseases. As a result, the demand for over the counter (OTC) drugs has increased over a period of time. Thus, all these factors are paving way for the growth of the global over the counter (OTC) drugs to expand in the upcoming years.
COVID-19 Impact Analysis:
- The COVID-19 pandemic had positive impact on the growth of the global over the counter (OTC) drugs market.
- It has been observed that the demand for nutritional supplements expand during the coronavirus outbreak.
- The demand for vitamins and nutritional supplements increased with the growth of the pandemic. This had positive impact on the over the counter (OTC) drugs market.
Key Developments in the Marketplace:
- Alcon declared in July 2020 that Pataday Once Daily Relief Extra Strength had been approved by the FDA for over the counter (OTC) drugs sales in the U.S. It is the only eye allergy itch drop available in the U.S. that provides full 24-hour relief without a prescription.
- The FDA approved Astepro Allergy as an over the counter (OTC) drugs for the brief alleviation of runny nose, nasal congestion, itchy nose, and other respiratory disorders in June 2021, according to Bayer.
Market Segmentation
By Product Type
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
By Distribution Channel
- Drug Stores & Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
By Geography
- North America
- Europe
- Asia-Pacific
- MEA
- Rest of the World
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