Global Over-the-Counter (OTC) Medications Market, By Product Type (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral, and Supplements (VMS), Weight-loss/Dietary Products, Ophthalmic Products, Sleeping Aids, Other Product Types), Dosage Form (Tablets, Hard Capsules, Powders, Ointments, Soft Capsules, Liquids, Others), Category (Branded, Generic Drugs), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Other Distribution Channels) - Industry Trends and Forecast to 2029
Market Analysis and Insights
Over-the-counter drug products play an increasingly vital role in global health care system. Over The Counter (OTC) medicines, also known as nonprescription medicine, refer to effective and safe drugs that can be bought at pharmacies and local stores without a doctor’s prescription.
- These drugs are widely used for common ailments that pharmacists dispense after verifying customer’s identification and age. Data Bridge Market Research analyses that the over-the-counter (OTC) medications market is estimated to grow at a 7.50% during the forecast period of 2022 to 2029.
Over The Counter (OTC) Medications Market Dynamics
- Emergence of COVID-19
Coronavirus influenced the sales of OTC drugs as it increased focus on personal health during pandemic. The increase in the intake of cold and flu products along with vitamins across the globe acts as one of the major factor driving the growth of over-the-counter (OTC) medications market.
Wide availability of the OTC drugs
The rise in the availability and manufacturing of OTC drugs for broad range of common disease conditions accelerate the market growth.
Financial support to the researchers for developing novel intervention
Various public and private organizations are increasing their investments in developing novel interventions and treatments that enhance the over-the-counter (OTC) medications market.
Occurrences of Common Flu
The increase in the common flu and cold among population further influence the market.
Additionally, development in technology, large patient base and superior technology, increase in demand for effective therapies, surge in healthcare expenditure and cost-benefits, positive results and broader accessibility positively affect the over-the-counter (OTC) medications market.
Furthermore, surge in demand for demand for vitamin supplements and weight loss products extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, expansion of product availability further will escalate the growth of over-the-counter (OTC) medications market.
On the other hand, restrictions in some regions to counteract stockpiling and maintain supply are expected to obstruct the market growth. The long-time approvals are projected to challenge the over-the-counter (OTC) medications market in the forecast period of 2022-2029.
This over-the-counter (OTC) medications market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on over-the-counter (OTC) medications market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Patient Epidemiology Analysis
Vitamin A deficiency is known to affect over 150 million preschool-aged children, according to the Centers for Disease Control and Prevention. About 1.8 billion people have insufficient iodine intake across the globe.
The oncogene inhibitors market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analysed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period.
Covid-19 Impact on Over-the-Counter (OTC) Medications Market
Emergence of COVID-19 has affected several industrial sectors. However, COVID-19 had a positive impact on the over the counter (OTC) medications market as the increased focus on personal health increased during pandemic. There was a rise in the intake of cold and flu products along with vitamins among population across the globe.
Global Over-the-Counter (OTC) Medications Market Scope
The over-the-counter (OTC) medications market is segmented on the basis of product type, dosage form, category and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Cold, and Flu Products
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Mineral, and Supplements (VMS)
- Weight-loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
- Other Product Types
On the basis of product type, the over-the-counter (OTC) medications market is segmented into cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, mineral, and supplements (VMS), weight-loss/dietary products, ophthalmic products, sleeping aids and other product types.
- Hard Capsules
- Soft Capsules
On the basis of dosage form, the over-the-counter (OTC) medications market is segmented into tablets, hard capsules, powders, ointments, soft capsules, liquids and others.
- Generic Drugs
On the basis of category, the over-the-counter (OTC) medications market is segmented into branded and generic drugs.
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacy
- Other Distribution Channels
On the basis of distribution channel, the over-the-counter (OTC) medications market is segmented into hospital pharmacies, retail pharmacies, online pharmacy and other distribution channels.
The sales of private over-the-counter (OTC) medications increased from 26% to 31% during the time period of 2009-2018. The online sales of nonprescription medicine is also rising each year. Johnson & Johnson Services, Inc., Novartis AG, Bayer AG, sanofi-aventis U.S. LLC, and Pfizer Inc., among others are some of the manufacturers involved with the development of OTC drugs.
Regulatory Framework: Over-the-Counter (OTC) Medications Market
CDER's Office of Nonprescription Drugs generally handles FDA's review of OTC drugs. Nonprescription Drug Advisory Committee evaluates the issues surrounding these products by meeting regularly with agencies. FDA reviews the labelling and active ingredients of over 80 therapeutic classes of drugs, consisting of over 300,000 marketed OTC drug products.
Over-the-Counter (OTC) Medications Market Regional Analysis/Insights
The over-the-counter (OTC) medications market is analysed and market size insights and trends are provided by country, product type, dosage form, category and distribution channel as referenced above.
The countries covered in the over-the-counter (OTC) medications market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the over-the-counter (OTC) medications market due to the high awareness regarding medications and high disposable income within the region.
Asia-Pacific is expected to witness high growth during the forecast period of 2022 to 2029 because of the surge in research and development activities in the region.
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Over-the-Counter (OTC) Medications Market Share Analysis
The over-the-counter (OTC) medications market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to over-the-counter (OTC) medications market.
Some of the major players operating in the over-the-counter (OTC) medications market are Johnson & Johnson Services, Inc., Novartis AG, Bayer AG, sanofi-aventis U.S. LLC, Pfizer Inc., GlaxoSmithKline plc, Perrigo Company plc, Reckitt Benckiser Group plc., Takeda Pharmaceutical Company Limited., Alkem Labs, Sun Pharmaceutical Industries Ltd., Cipla Inc, Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd. Piramal Enterprises, Merck & Co., Inc, and F. Hoffmann-La Roche Ltd, among others.