Over The Counter (OTC) Drugs Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights

Overview and Scope

Over-the-counter (OTC) drugs are medications that can be purchased without a prescription from a healthcare professional. These drugs are considered safe and effective for use by the general public when used according to the instructions provided on the label. OTC drugs commonly treat minor health conditions and symptoms, such as headaches, colds, allergies, pain, and digestive issues.

Sizing and Forecast

The over the counter (OTC) drugs market size has grown strongly in recent years. It will grow from $149.57 billion in 2023 to $158.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to regulatory changes, consumer awareness, healthcare accessibility, demographic trends, and economic factors.

The over the counter (OTC) drugs market size is expected to see strong growth in the next few years. It will grow to $199.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing self-medication practices, expanding retail distribution channels, chronic disease burden, product innovation, and global health trends. Major trends in the forecast period include rising demand for natural and herbal remedies, expansion of e-commerce platforms, personalized medicine and targeted therapies, emphasis on preventive healthcare, and integration of digital health technologies.

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Segmentation & Regional Insights

The over the counter (OTC) drugs market covered in this report is segmented –

1) By Product Type: Cough, Cold And Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral And Supplements (VMS), Weight Loss Or Dietary Products, Ophthalmic Products, Sleeping Aids, Other Product Types

2) By Formulation Type: Tablets, Liquids, Ointments, Sprays

3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Other Channels

4) By End-Users: Specialty Clinics, Homecare, Hospitals, Other End Users

North America was the largest region in the over the counter (OTC) drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the over the counter (OTC) drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing prevalence of lifestyle-related health issues is expected to propel the growth of the over-the-counter (OTC) drugs market going forward. Lifestyle-related health issues refer to medical conditions or ailments primarily influenced by an individual’s habits, behaviors, and choices in areas such as diet, physical activity, substance use, and stress management. The increasing prevalence of lifestyle-related health issues is due to sedentary lifestyles, unhealthy dietary habits, smoking, excessive alcohol consumption, and rising levels of stress in modern society. Over-the-counter (OTC) drugs can play a significant role in managing lifestyle-related health issues by providing convenient, accessible, and effective treatments for common conditions associated with modern living. For instance, in March 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, about 1 billion people globally were obese, which includes 650 million adults, 340 million teenagers, and 39 million children. The prevalence of obesity is on the rise, and by 2025, it is projected that 167 million adults and children will suffer health consequences due to being overweight or obese. Furthermore, in 2021, according to the International Diabetes Federation, a Belgium-based organization, the projected number of individuals living with diabetes is expected to increase to 643 million by 2030 and 783 million by 2045. Therefore, the increasing prevalence of lifestyle-related health issues is driving the growth of the over-the-counter (OTC) drugs market.

Key Industry Players

Major companies operating in the over the counter (OTC) drugs market are Pfizer Inc., Johnson & Johnson Private Limited, The Procter & Gamble Company, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Sanofi S.A., Bristol Myers Squibb Company, AstraZeneca PLC, Novartis AG, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Ltd., Novo Nordisk A/S , Reckitt Benckiser Group PLC, Viatris Inc., Teva Pharmaceutical Industries Ltd., DAIICHI SANKYO COMPANY LIMITED, Sun Pharmaceutical Industries Ltd., Boehringer Ingelheim International GmbH, Perrigo Company plc, Cipla Inc., Dr. Reddy’s Laboratories Ltd., Alkem Laboratories Limited, Piramal Enterprises Ltd

The over the counter (otc) drugs market report table of contents includes: