As per the latest report by IMARC Group, titled "Over the Counter (OTC) Drugs Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global over the counter (OTC) drugs market size reached US$ 158.8 Billion in 2022. Over the counter (OTC) drugs are medications that can be purchased without a prescription from a healthcare provider. These drugs are used to treat a variety of common health conditions, such as headaches, allergies, and minor aches and pains. The main advantages of OTC drugs include their affordability and easy accessibility in drugstores, supermarkets, and online platforms. Currently, there are several different types of OTC drugs available in the market, including pain relievers, cough and cold medicines, allergy medications, and digestive aids.
Global Over The Counter (OTC) Drugs Market Trends:
The global market for over the counter (OTC) drugs is experiencing significant growth on account of the increasing use of OTC drugs to treat minor ailments such as headaches and colds. Additionally, the recent COVID-19 outbreak has led to a rise in awareness among individuals about the importance of self-care, which has contributed to increased sales of nutritional supplements, further strengthening the market growth. In line with this, key market players are expanding their product portfolios to attract a wider consumer base and increase their geographical presence, which, in turn, is bolstering the market growth. Furthermore, governments in various nations are approving the switching of prescription drugs to OTC drugs, which is creating a positive impact on the market. Apart from this, the rising healthcare costs have compelled consumers to opt for OTC drugs instead of consulting physicians, which is fueling the market growth. Other factors, such as the burgeoning geriatric population, the rapidly expanding healthcare sector, significant growth in the pharmaceutical industry, and significant improvements in distribution channels, are propelling the market growth. Looking forward, the market value is projected to reach US$ 231.7 Billion by 2028, expanding at a CAGR of 6.24% during 2023-2028.
- Based on product type, the market is divided into cough, cold and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, minerals, and supplements (VMS), weight-loss/dietary products, ophthalmic products, sleeping aids, and others.
- By route of administration, the market is segmented into oral, parenteral, topical, and others.
- On the basis of the dosage form, the market is segregated into tablets and capsules, liquids, ointments, and others.
- Based on the distribution channel, the market is divided into hospital, retail, online, and other pharmacies.
- Based on region, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Alkem Laboratories Limited, Bayer AG, Daiichi Sankyo Company Limited, Dr. Reddy’s Laboratories Ltd., GlaxoSmithKline plc, Johnson & Johnson, Novartis AG, Perrigo Company plc, Pfizer Inc., Piramal Enterprises Ltd., Reckitt Benckiser Group PLC, Sanofi S.A., Sun Pharmaceutical Industries Ltd. and Teva Pharmaceutical Industries Ltd.
|Base Year of the Analysis
||Product Type, Route of Administration, Dosage Form, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alkem Laboratories Limited, Bayer AG, Daiichi Sankyo Company Limited, Dr. Reddy’s Laboratories Ltd., GlaxoSmithKline plc, Johnson & Johnson, Novartis AG, Perrigo Company plc, Pfizer Inc., Piramal Enterprises Ltd., Reckitt Benckiser Group PLC, Sanofi S.A., Sun Pharmaceutical Industries Ltd. and Teva Pharmaceutical Industries Ltd.
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