Global Over the Counter (OTC) Drugs Market Report 2024

The over the counter (OTC) drugs market size has grown strongly in recent years. It will grow from $149.57 billion in 2023 to $158.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to regulatory changes, consumer awareness, healthcare accessibility, demographic trends, and economic factors.

The over the counter (OTC) drugs market size is expected to see strong growth in the next few years. It will grow to $199.99 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to increasing self-medication practices, expanding retail distribution channels, chronic disease burden, product innovation, and global health trends. Major trends in the forecast period include rising demand for natural and herbal remedies, expansion of e-commerce platforms, personalized medicine and targeted therapies, emphasis on preventive healthcare, and integration of digital health technologies.

The anticipated rise in lifestyle-related health issues is set to drive the expansion of the over-the-counter (OTC) drugs market in the future. These health issues, influenced by individual habits and choices in areas such as diet, exercise, substance use, and stress management, have become increasingly prevalent due to modern lifestyles. Sedentary habits, poor dietary choices, smoking, excessive alcohol consumption, and heightened stress levels contribute to this trend. OTC drugs offer a convenient and accessible means of managing common conditions associated with contemporary living, playing a significant role in addressing lifestyle-related health issues. For example, as of March 2022, the World Health Organization reported that globally, around 1 billion individuals were obese, with projections indicating a continued increase. By 2025, it is estimated that 167 million adults and children will suffer health consequences due to excess weight. Additionally, according to the International Diabetes Federation in 2021, the number of individuals living with diabetes is expected to rise to 643 million by 2030 and 783 million by 2045. These statistics underscore the growing importance of addressing lifestyle-related health concerns, thereby fueling the demand for OTC drugs.

Key players in the OTC drug market are leveraging innovation to gain a competitive edge, with a focus on developing novel products such as over-the-counter sprays. These sprays offer a user-friendly and effective way to administer therapeutic agents directly to targeted areas of the body. For instance, in August 2023, Emergent BioSolutions Inc., a US-based biotech company, introduced its over-the-counter NARCAN Naloxone HCl Nasal Spray 4 mg. This product provides a rapid means of reversing opioid effects, including those of potent synthetic opioids such as fentanyl, facilitating quick emergency response, even among individuals without medical training.

In September 2023, Cipla South Africa, a subsidiary of India-based Cipla Limited, acquired Actor Pharma (Pty) Ltd. for $49 million. This acquisition expanded Cipla's portfolio of consumer brands and enhanced its presence in the South African OTC pharmaceutical market. Actor Pharma specializes in generic and OTC medicines, aligning with Cipla's goal of catering to diverse healthcare needs and strengthening its position in key markets.

Major companies operating in the over the counter (OTC) drugs market are Pfizer Inc., Johnson & Johnson Private Limited, The Procter & Gamble Company, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Sanofi S.A., Bristol Myers Squibb Company, AstraZeneca PLC, Novartis AG, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Ltd., Novo Nordisk A/S, Reckitt Benckiser Group PLC, Viatris Inc., Teva Pharmaceutical Industries Ltd., DAIICHI SANKYO COMPANY LIMITED, Sun Pharmaceutical Industries Ltd., Boehringer Ingelheim International GmbH, Perrigo Company plc, Cipla Inc., Dr. Reddy's Laboratories Ltd., Alkem Laboratories Limited, Piramal Enterprises Ltd.

North America was the largest region in the over the counter (OTC) drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the over the counter (OTC) drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the over the counter (OTC) drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Over-the-counter (OTC) drugs are medications that can be obtained without a prescription from a healthcare professional. These drugs are deemed safe and effective for use by the general public when adhering to the instructions provided on the label. Typically, OTC drugs target minor health conditions and symptoms such as headaches, colds, allergies, pain, and digestive issues.

The primary product categories of OTC drugs encompass cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, minerals, and supplements (VMS), weight loss or dietary products, ophthalmic products, sleeping aids, and others. For instance, cough, cold, and flu products are formulated to alleviate symptoms associated with respiratory infections, including coughing, congestion, and fever, and are available in various formulations such as tablets, liquids, ointments, and sprays. OTC drugs are distributed through various channels, including hospital pharmacies, retail pharmacies, online pharmacies, and others, and are utilized by a diverse range of end-users, primarily specialty clinics, homecare, hospitals, among others.

The over the counter (OTC) drugs market research report is one of a series of new reports that provides over the counter (OTC) drugs market statistics, including over the counter (OTC) drugs industry global market size, regional shares, competitors with a over the counter (OTC) drugs market share, detailed over the counter (OTC) drugs market segments, market trends and opportunities, and any further data you may need to thrive in the over the counter (OTC) drugs industry. This over the counter (OTC) drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The over-the-counter (OTC) drugs market consists of sales of pain relievers, allergy medications, first aid supplies, anti-diarrheal medications, and nasal sprays. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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