Over The Counter (OTC) Drugs Market is valued at USD 186.67 Billion in 2019 and expected to reach USD 300.27 Billion by 2026 with the CAGR of 8.35% over the forecast period
Increasing awareness regarding the personalized medicine for treating minor ailments, the introduction of treatment protocols by healthcare payers and also rapidly increasing chronic diseases are some of the major factors driving the growth of Global Over the Counter (OTC) Drugs Market.
Scope of Over The Counter (OTC) Drugs Market-
Over-the-counter drugs also referred as non-prescription drugs. These drugs are safe and effective that consumer can bring without the prescription from pharmacies and local stores. Over-the-counter drugs are mainly used to treat conditions that do not require direct consultation of a doctor. It is very safe and cost effective service. It provides affordable treatment to the middle class income countries and also used to decrease the workload of doctors. It is helps to create a various product portfolio for health care business of pharmaceutical companies also it helps to increase product range for consumer brands of companies. OTC drugs are easily available in pharmacies /drugstores, supermarkets /hypermarkets, convenience stores and others.
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Global over the counter (OTC) drugs market report is segmented on the basis of product, formation type, and distribution channel and region & country level. Based on product, market is classified into analgesics & pain relievers, cough, cold & flu products, dermatological products, vitamin supplements, mineral supplements, gastrointestinal products, sleep aids, weight loss products, smoking cession aids, ophthalmic products and other products. Based upon formation type, market is classified into tablets, liquids, ointments and sprays. Based upon distribution channel, the market is classified into pharmacies/drugstores, supermarkets /hypermarkets, convenience stores and others.
Key Players for Over The Counter (OTC) Drugs –
Over The Counter (OTC) Drugs market report covers prominent players Pfizer, Inc., Sun Pharmaceutical Industries Ltd., Bayer AG, Boehringer Ingelheim GmbH, Cipla, Inc., Glenmark Pharmaceuticals Limited, Johnson & Johnson Services, Inc., GlaxoSmithKline Plc., Merck KGaA, Novartis AG, Sanofi, Alkem Laboratories Limited, Teva Pharmaceutical Industries Ltd. and others.
The regions covered in this over the counter (OTC) drugs market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of over the counter (OTC) drugs is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Cipla Health Expanded Consumer Health Biz with New Launches and Acquisitions
November 29th, 2017; Cipla Health introduced to expand its over-the-counter (OTC) consumer business through more in-house launches and brand acquisitions. The company recently launched kids nutritional supplement ActivKids Immune Boosters developed by Cipla’s in-house research and development team. The company is developing a pipeline of OTC products in child nutrition. Cipla Health OTC portfolio consists of nicotine replacement therapy gum Nicotex and cough lozenges Cofsil. The company has invested USD 5 billion for higher growth as people shift towards wellness from illness.
Global Over The Counter (OTC) Drugs Market Segmentation:–
Analgesics & pain relievers, Cough, cold & flu products, Dermatological products, Vitamin supplements, Mineral supplements, Gastrointestinal products, Sleep aids, Weight loss products, Smoking cession aids, Ophthalmic products, Other products
By Formation Type:
Tablets, Liquids, Ointments, Sprays
By Distribution Channel:
Pharmacies/Drugstores, Supermarkets/Hypermarkets, Convenience Stores, Others
Global Over The Counter (OTC) Drugs Market Dynamics–
Increasing awareness regarding the personalized medicine for treating minor ailments and introduction of treatment protocols by healthcare payers and also rapidly increasing chronic diseases are some of the major driving factors making remarkable new drug development and impact positively the expansion of the over the counter (OTC) drugs market. In fact, the proper drug for the proper patient at the proper time is the mantra of personalized medicine. According to Consumer Healthcare Products Association, approximately 85 % of U.S. parents prefer with an OTC medicine to treat their children’s minor ailments before looking for professional cares. In addition, increasing geriatric population with chronic diseases, and shift in consumer attitude towards self- medication and affordability of OTC drugs are also supplementing the market growth. According to Consumer Healthcare Products Association, annually 2.9 billion retail trips to purchase OTC products in United States. On an average, U.S. households spend about USD 338 per year on OTC products.
However, stringent rules and regulation by government bodies may hamper the growth of the global over the counter (OTC) drugs market. In spite of that, increase in R&D expenditure, innovations and technological advancements in the drug development process may generate new opportunities for the further growth of the market.
Global Over The Counter (OTC) Drugs Market Regional Analysis–
North America is expected to dominate the global over the counter drugs market with the potential rate within the forecast period due to high investments in R&D enhanced healthcare of infrastructure, presence of pharmaceuticals industry addition of innovative technologies, rising incidence of lifestyle related diseases and presence of leading players in this region. In Fact, OTC medicines available 24/7 to provide conveniently healthcare options for busy families and caregivers. According to Consumer Healthcare Products Association, U.S. consumers make 26 trips to purchase OTC products per year. According to Consumer Healthcare Products Association, there are approximately 54,000 pharmacies in the United States; there are more than 750,000 retail outlets that sell OTC products.
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