The latest research study “Over the Counter (OTC) Drugs Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global over the counter (OTC) drugs market reached a value of US$ 148 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 212.6 Billion by 2027, exhibiting a CAGR of 6.44% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Over-the-counter (OTC) drugs are medicines readily available without a prescription provided by a healthcare professional. These drugs are safe, effective, and well-tolerated when the consumer follows the directions of use on the label or as suggested by a physician. OTC drugs are used for treating conditions such as pain, cough, cold, diarrhea, constipation, acne, recurring migraine, and allergies that do not require direct consultation with a doctor. They also include dietary supplements that provide nutrient and non-nutrient chemicals in the human body. As a result, they are widely available in pharmacies, convenience stores, supermarkets, and gas stations.
Over the Counter (OTC) Drugs Market Trends and Drivers:
The global OTC drugs market is primarily driven by the significant growth of the healthcare industry. Governments across various countries are undertaking initiatives to create awareness among the population about using OTC drugs to treat minor health issues.
In addition, OTC drugs also help build a diverse product portfolio for pharmaceutical companies. Furthermore, the recent COVID-19 pandemic outbreak has shifted the importance toward self-care, which is propelling the demand for OTC drugs.
Furthermore, factors such as the rising geriatric population, along with the increasing approvals from regulatory bodies for switching prescription drugs to OTC drugs, are anticipated to facilitate the market growth in the upcoming years.
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|Over the Counter (OTC) Drugs Market Report Scope|
|Market size value in 2021||US$ 148 Billion|
|Market forecast in 2027||US$ 212.6 Billion|
|Growth Rate||CAGR of 6.44% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||product type, route of administration, dosage form and distribution channel|
|Regional scope||North America, Europe, Asia-Pacific, Europe, Latin America, Middle East and Africa|
|Key companies profiled||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. and Teva Pharmaceutical Industries Ltd.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
Global Over the Counter (OTC) Drugs Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these major key players include:
- 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.
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The report has segmented the market on the basis of region, product type, route of administration, dosage form and distribution channel.
Breakup by Product Type:
- Cough, Cold and Flu Products
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Minerals and Supplements (VMS)
- Weight-loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
Breakup by Route of Administration:
Breakup by Dosage Form:
- Tablets and Capsules
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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