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Over-the-Counter Drug Market (Administration - Parenteral, Topical, Oral, and Others; Therapeutic Class - Pain Medications, Gastrointestinal Drugs, Dietary Supplements, Respiratory Drugs, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : November, 2020

  • Rep Id : HC0866

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on the over-the-counter drug market provides in-depth analysis of segments and sub-segments in the global as well as regional over-the-counter drug market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional over-the-counter drug market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global over-the-counter drug market. According to the report, the global over-the-counter drug market is projected to grow at a CAGR of 9.4%% over the forecast period of 2020-2026.

 

Market Insight

Over-the-counter (OTC) medicines play an important role in the overall healthcare industry. There are more than 100,000 OTC products in the healthcare marketplace. OTC medicines are safe, effective and are available at more than 7,50,000 retail outlets including pharmacies, convenience and grocery stores, or mass merchandisers, OTC medicines are also regulated by the U.S. Food and Drug Administration (FDA). The inclination in health consciousness among customers and their changing behavior towards self-medicine are the variables impelling expanded interest, trailed by the developing tendency of pharma organizations towards OTC medications from prescription drugs. The global Over-the-Counter Drug market was sized USD 139.64 Billion in 2019. The global Over-the-Counter Drug market is projected to grow with a CAGR of 9.27% during 2020-2026.

 

The growing healthcare costs and an increase in the older population demand the need for better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs play an important role in this and help in improving the accessibility and cost-benefits of healthcare services. Apart from this, the increase in self-care and self-medication is influenced by factors such as lifestyle, socioeconomic factors, and easy accessibility of drugs. Also, the limited reimbursement policies for prescription drugs will lead to individuals opting for more OTC medicines. Furthermore, emerging countries such as China, India, Brazil, Mexico, and others offer lucrative potential for the growth of the OTC market. Regulations imposed by the government and regulatory bodies of the emerging economies on the OTC drug approval process are lenient compared with that of prescription drugs, allowing the entry of vendors in these developing countries. In addition, switching from branded drugs to generic non-prescription drugs results in saving of up to 75%-85%. This increases the consumption of drugs and decreases the incidence of withdrawal from treatment regimens due to the low cost of these drugs. However, high expenditure on advertisements is hampering the profitability of the manufacturers. Nevertheless, strategic alliances of the major manufacturers offer fruitful growth opportunities for the growth of the market.

 

Among the geographies, the Over-the-Counter Drug market is segmented into North America, Europe, Asia Pacific, and RoW. The North American region dominates the global Over-the-Counter Drug market owing to the quick adoption of OTC products. The growing trend of self-medication in European countries is helping the growth of the market in this region. The Over-the-Counter Drug market in the Asia Pacific region is projected to witness the fastest growth owing to the increasing focus on personal well-being and rising preference for self-medication for minor ailments. Latin America and Middle East & Africa are likely to expand at a steady pace in the coming years. The growing preference for OTC drugs due to less cost as compared to branded drugs is likely to boost demand for the Over-the-Counter Drug market in the region.

 

Segment Covered

The report on global over-the-counter drug market covers segments such as administration, and therapeutic class. On the basis of administration, the sub-markets include parenteral, topical, oral, and others. On the basis of therapeutic class, the sub-markets include pain medications, gastrointestinal drugs, dietary supplements, respiratory drugs, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as GlaxoSmithKline PLC, Abbott Laboratories, Johnson & Johnson Services, Bayer AG, Sanofi S.A., Eli Lilly and Company, Pfizer plc, Teva Pharmaceuticals, Perrigo Company plc, and Dr. Reddy's Laboratories Limited.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of over-the-counter drug market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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