Over the Counter (OTC) Drugs Market - By Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids), Distribution Channel & Forecast, 2023-2032

Over the Counter (OTC) Drugs Market - By Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids), Distribution Channel & Forecast, 2023-2032

Over the Counter Drugs Market Size

OTC Drugs Market size reached more than USD 162 billion in 2022 and is anticipated to exhibit over 5% CAGR from 2023-2032.
 

A steady shift from Rx, or doctor’s prescribed drugs to OTC drugs across pharmaceutical companies in developing nations, notably the U.S. will complement industry growth. Pharma giants are rapidly switching to OTC models allowing drug stores to compensate for the revenue losses rendered by patent expiry concerns pertaining to Rx. OTC has many benefits such as easy off-the-shelf availability, cost effectivity, and improved accessibility.
 

Growing concerns associated with substance abuse and incorrect diagnosis may impede the sale of OTC drugs. While OTC drugs are safe if consumed in the recommended dosage, they can be easily abused like illegal prescription drugs. Drug abuse is a big concern across several countries as it increases the risk of kidney failure, memory loss, and heart problems, and can even be fatal in some cases.
 

Over the Counter Drugs Market Analysis

Over the counter drugs market from gastrointestinal products is estimated to surpass USD 25 billion by 2032. Rising incidences of gastrointestinal disorders due to unhealing lifestyles and dietary habits will pave the way for OTC drugs. Over the last couple of decades, the number of digestive cancer cases has increased by 26%, whereas mortality has escalated by 17%.  Heartburn, constipation, nausea, and other conditions caused by current-day lifestyle choices are accelerating the demand for gastrointestinal products such as laxatives, and antacids.
 

Retail pharmacy segment held over 43% share of the OTC drugs market in 2022. Retail pharmacies are available in significant numbers across the globe. These drug stores are the primary centers that meet the healthcare and pharmaceutical needs of people at an affordable cost. Retail pharmacies enable access to a wide variety of OTC as well as prescription drugs along with free consultation. With increasing efforts to boost the accessibility and infrastructure of healthcare, several countries are investing in retail pharmacies. Additionally, a rise in collaborations between healthcare entities will proliferate industry progress.
 

Asia Pacific over the counter drugs market is poised to reach over USD 108 billion by 2032. Increasing demand for non-prescription drugs to avoid hospital visits will positively impact the industry growth in APAC. Countries such as India, Japan, and China have emerged as potential landscapes promising medical tourism over the last few years. India is being recognized as a robust world pharmacy sphere with substantial investments in healthcare infrastructure and a rising number of drug stores across the country.
 

Over the Counter Drugs Market Share

Some of the leading companies in the global over the counter drugs market include

• Bayer AG
• GlaxoSmithKline Plc
• Sanofi
• Johnson & Johnson Services Inc
• Sun Pharmaceutical Industries Ltd
• Alkem Laboratories Limited
• Cipla, Inc
• Reckitt Benckiser Group Plc
• Piramal Enterprises Limited
• Teva Pharmaceutical Industries Ltd
• Glenmark Pharmaceuticals Ltd
• The Blackstone Group, Inc. (Alinamin Pharmaceutical Co., Ltd.)
• Aytu Biopharma, Inc. (Aytu Consumer Health, Inc.)
• Dr. Reddy's Laboratories
• Viatris, Inc
   

COVID-19 Impact

The COVID-19 pandemic had a positive impact on the OTC industry with the increasing trend of self-medication and preventative care. The pandemic accelerated consumer inclination toward non-prescription drugs to address several general health conditions in home settings. Due to the higher risk of infection at hospitals and clinics, individuals adopted preventative and self-medication options. This scenario amplified the demand for OTC mineral and vitamin supplements owing to rising awareness regarding the need for immunity boosters during the pandemic.

Over the Counter Drugs Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments

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By Product

• Analgesics
• Cold, cough & flu products
• Weight loss products
• Gastrointestinal products
• Skin products
• Mineral and vitamin supplements
• Sleeping aids
• Ophthalmic products
• Others

By Distribution Channel

• Hospital pharmacy
• Retail pharmacy
• Online medstores
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Russia
  • Poland
  • Others
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Taiwan
  • Others
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Others
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • Qatar
  • Kuwait
  • Nigeria
  • Others