IMARC Group, a leading market research company, has recently releases report titled “Over The Counter (OTC) Drugs Market Report 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, and Others), Route of Administration (Oral, Parenteral, Topical, and Others), Dosage Form (Tablets and Capsules, Liquids, Ointments, and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the market.
How Big is the Over The Counter (OTC) Drugs Market?
The global over the counter (OTC) drugs market size reached US$ 168.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 275.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032.
Industry Overview of Over The Counter (OTC) Drugs
Non-prescription drugs, commonly known as over the counter (OTC) drugs, are accessible without a prescription or the involvement of healthcare professionals. These medications are deemed safe and effective for treating various conditions such as pain, cough, cold, diarrhea, constipation, acne, recurring migraines, and allergies. OTC drugs are widely available in pharmacies, convenience stores, supermarkets, and gas stations worldwide.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/over-the-counter-drugs-market/requestsample
What are the growth prospects and trends in the over the counter drugs industry?
The market growth of over the counter (OTC) drugs is fueled by the increasing usage of these medications for treating minor ailments. Notably, OTC drugs like antacids, H2 blockers, and PPIs are effective in relieving and preventing heartburn and acid indigestion. Additionally, the COVID-19 pandemic has heightened awareness regarding the importance of self-care, resulting in higher sales of nutritional supplements and boosting market growth.
To capitalize on this trend, key industry players are expanding their product portfolios to reach a wider consumer base and expand their geographic presence. The growing number of approvals from regulatory bodies for switching prescription drugs to OTC status is also positively impacting the market. Rising healthcare costs have led to a surge in individuals opting for OTC drugs instead of consulting healthcare professionals.
Furthermore, self-medication practices offer benefits such as better management of chronic diseases, reduced work absenteeism, and preservation of valuable medical resources for more critical conditions. Factors such as the global increase in the geriatric population, the rapid expansion of distribution channels, and substantial growth in the pharmaceutical industry are further driving overall sales and profitability in the OTC market.
Leading Companies Operating in the Global Over The Counter (OTC) Drugs Industry:
- 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.
- Teva Pharmaceutical Industries Ltd.
Over The Counter (OTC) Drugs Market Report Segmentation:
The report has segmented the market into the following categories:
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:
- 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:
- 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
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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