Over the Counter (OTC) Drugs Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Cough, Cold & Flu, Vitamins, Mineral, & Supplements (VMS), Analgesics, Gastrointestinal Products, Dermatology Products, Others), By Route of Administration (Oral, Parenteral, Topical, Others), By Dosage Form (Tablets, Capsules, Liquids & Solutions, Cream/Lotion/Oint

Market Overview

Key Market Drivers

Rising Prevalence of Diseases

High Cost of Rx Drugs Leading to Shift Towards OTC Drugs

Increasing Approval of OTC Drugs

Increased Patent Expirations of Many Pharmaceuticals

Key Market Challenges

Price Sensitivity Issues Associated with Over-The-Counter (OTC) Drugs

Inaccurate Self-Diagnosis

Key Market Trends

Increasing Geriatric Population

High Adoption and Acceptance In Developing Markets

Segmental Insights

Product

Based on the product, the cold, cough & flu remedies accounted for a significant revenue share in 2022. This dominance can be attributed to seasonal variations, leading to an increase in the occurrence of common colds and coughs among the population. The rise in the senior population, which is more susceptible to cough and colds, coupled with increased automobile pollution, has further contributed to the demand for remedies in this segment. Moreover, the continual growth in research and development activities, along with increasing awareness about advanced medications, is expected to drive the revenue generation of cough remedies in the coming years. The expansion of testing and research facilities, particularly in the pharmaceutical and biotechnology industries, will also play a crucial role in the growth of this segment.

Cold, cough & flu drugs play a vital role in alleviating the symptoms associated with regular colds. These symptoms include a runny nose, sore throat, coughing, and sneezing. According to the Centers for Disease Control and Prevention, cold and cough are the most prevalent illnesses in children under the age of ten and the elderly population over 65. This demographic trend further fuels the demand for effective treatments. The cold, cough & flu remedies segment is expected to experience sustained growth in the market due to various factors contributing to its revenue generation.

Distribution Channel Insights

Based on the distribution channel, the retail pharmacies segment dominated the market with the highest market share during 2022. This is primarily attributed to the rising number of retail pharmacies providing over the counter (OTC) drugs. The convenience and accessibility offered by retail pharmacies have contributed to the growing preference among patients for obtaining medications without a prescription. With an increasing number of retail pharmacies offering a wide range of OTC medications, the drug retailers and retail pharmacies category is expected to continue to hold the greatest market share over the projection period.

On the other hand, the e-pharmacies segment is the fastest-growing segment in the over the counter (OTC) drugs market. This growth can be attributed to the significant increase in internet penetration, particularly in developing and underdeveloped regions. Online pharmacies, also known as internet pharmacies or mail-order pharmacies, have gained popularity due to their convenience and ability to deliver orders to consumers through shipping firms, mail services, or online pharmacy web portals. The ease of ordering medications online has attracted a growing number of consumers to opt for e-pharmacies, contributing to their rapid growth in the OTC drugs market.

Regional Insights

Recent Developments

• In October 2022, VirgoCX unveiled the highlyanticipated OTC Direct overhaul for its over the counter (OTC) tradingplatform, VirgoCX Wealth. This launch exemplifies the firm's ongoing dedicationto delivering top-notch tools and an exceptional user experience for itsesteemed clientele.
• In July 2022, AFT Pharmaceuticals and RooLifeGroup announced the successful introduction of a range of AFT's over thecounter (OTC) pharmaceuticals on the China Cross Border E-Commerce (CBEC)online platform Tmall Global. This strategic partnership showcases theircommitment to expanding market reach and meeting the evolving needs ofconsumers.
• In June 2022, Glenmark Pharmaceuticals Ltdcompleted the acquisition of approved generic versions of select over thecounter drugs from Wockhardt Ltd in the United States. Through its fully ownedsubsidiary Glenmark Pharmaceuticals Inc, the acquisition includes the approvedabbreviated new drug applications (ANDAs) for famotidine tablets, 10 mg and 20mg, which are indicated for the treatment and prevention of ulcers in thestomach and intestine.
• In March 2022, Perrigo obtained FDA approvalfor the OTC use of Nasonex 24-hour allergy (mometasone furoate monohydrate)50mcg. This regulatory milestone further strengthens Perrigo's position inproviding accessible and effective allergy relief for consumers.

Key Market Players

• Sanofi S.A.
• Pfizer Inc.
• GlaxoSmithKline plc
• Perrigo Company plc
• Reckitt Benckiser Group PLC
• Takeda Pharmaceutical Company Ltd
• Boehringer IngelheimInternational GmbH
• Sun Pharmaceutical IndustriesLtd.
• Teva Pharmaceutical IndustriesLtd.
• Glenmark Pharmaceuticals Ltd.