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Over The Counter (OTC) Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A5189
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Market Overview:
The global over the counter (OTC) drugs market size reached US$ 158.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.24% during 2023-2028.
Over the counter (OTC) drugs, also known as non-prescription drugs, can be used without a prescription or the need for seeking treatment by a healthcare professional. They are safe and effective and help cure pain, cough and cold, diarrhea, constipation, acne and manage recurring migraines and allergies. They are currently available in pharmacies, convenience stores, supermarkets and gas stations across the globe.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Over The Counter (OTC) Drugs Market Trends:
The increasing utilization of OTC drugs to treat minor ailments among individuals represents one of the key factors bolstering the market growth. Besides this, OTC medications, such as antacids, histamine-2 (H2) blockers, and proton pump inhibitors (PPIs), are used to relieve and prevent heartburn or acid indigestion. In addition, due to the coronavirus disease (COVID-19) outbreak, there is a rise in awareness among individuals about the importance of self-care. This, in turn, is increasing the sales of nutritional supplements and strengthening the market growth. Moreover, key players are expanding their product portfolio to widen their consumer base and increase their geographical presence. This, coupled with the increasing approvals from regulatory bodies for switching prescription drugs to OTC drugs, is positively influencing the market. Apart from this, there is currently an increase in the number of people opting for OTC drugs rather than consulting physicians on account of increasing healthcare costs. Furthermore, self-medication practices can assist in controlling chronic diseases, reducing absenteeism from work, and saving scarce medical resources from being exhausted during minor conditions. Some of the other factors, such as the rising geriatric population worldwide, rapid expansion of distribution channels, and significant growth in the pharmaceutical industry, are driving the overall sales and profitability.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global over the counter (OTC) drugs market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, route of administration, dosage form and distribution channel.
Breakup by Product Type:
- Cough, Cold and Flu Products
- Analgesics
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Minerals and Supplements (VMS)
- Weight-loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
- Others
Breakup by Route of Administration:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Oral
- Parenteral
- Topical
- Others
Breakup by Dosage Form:
- Tablets and Capsules
- Liquids
- Ointments
- Others
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Product Type, Route of Administration, Dosage Form, Distribution Channel, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global over the counter (OTC) drugs market was valued at US$ 158.8 Billion in 2022.
We expect the global over the counter (OTC) drugs market to exhibit a CAGR of 6.24% during 2023-2028.
The increasing utilization of OTC drugs to treat minor ailments, along with the growing demand for nutritional supplements, owing to the emerging trend of self-care, is currently driving the global over the counter (OTC) drugs market.
The sudden outbreak of the COVID-19 pandemic has led to the rising inclination towards OTC drugs, including antibiotics, multi-vitamin tablets, cough syrups, etc., for treating the mild symptoms of coronavirus infection.
Based on the product type, the global over the counter (OTC) drugs market has been 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. Among these, cough, cold and flu products currently exhibit a clear dominance in the market.
Based on the route of administration, the global over the counter (OTC) drugs market can be categorized into oral, parenteral, topical, and others. Currently, oral route of administration holds the majority of the total market share.
Based on the dosage form, the global over the counter (OTC) drugs market has been segmented into tablets and capsules, liquids, ointments, and others. Among these, tablets and capsules currently represent the largest market share.
Based on the distribution channel, the global over the counter (OTC) drugs market can be bifurcated into hospital pharmacies, retail pharmacies, online pharmacies, and others. Currently, retail pharmacies account for the majority of the global market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global over the counter (OTC) drugs market include 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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