Over-The-Counter (OTC) Drugs Market by Technology, Treatment and Application (2017–2024)
Over-The-Counter (OTC) Drugs Market size is expected to grow rapidly during the forecast period due to rising geriatric population and increasing demand from patients to treat various medical conditions without requiring physician’s consultation. As per WHO estimates, the worldwide elderly population aged 65 years and above is set to rise to 16% by 2050 from 7% in 2000, fueling the demand for medicines in the future.
OTC drugs can be easily available through pharmacies, grocery stores, hospitals, online resources and other distributing channels. Easy accessibility, cost-savings in healthcare services and rise in self-medication will further boost the industry over the coming years. Rising awareness for consumer healthcare products coupled with shifting trend of pharma companies from prescription-based to non-prescription-based medicines or over-the-counter drugs should boost the business growth over the forecast timeframe. Stringent regulations for use of OTC medicine in developed economies, lack of reimbursement along with associated side-effects with inappropriate dosage can hamper the over-the-counter drugs market in the coming years.
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Based on product type, the industry is segmented into analgesics, skin products, cold, cough & flu drugs, weight loss or dietary products, sleeping aids, gastrointestinal products, vitamins & mineral supplements, ophthalmic products and others. Analgesics or pain relievers account for larger market share due to rising demand from elderly patient pool, climatic conditions, and growing awareness for consumer healthcare medicines. Dietary products and sleeping aids segment will grow at a faster pace over the forecast period owing to the consumer awareness for healthy lifestyle.
North America OTC drugs market accounts for largest revenue share due to the increased acceptance by consumers in the U.S., established regulatory authorities, rising preference for over-the-counter medicines for minor ailments coupled with increasing self-medication and self-care. Rising demand from elderly population, presence of giant pharmaceutical companies developing novel products for minor health issues, easy availability and cost-savings are accelerating the European OTC drugs market growth.
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India and China will show exponential growth due to rising population, growing awareness for consumer healthcare drugs for health problems and increasing investment in healthcare sector. Some of the other major factors include changing climatic conditions, rise in self-medication, affordability for these medicines and convenience for purchase of over-the-counter drugs boosting the overall demand in the coming years.
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Brazil over-the-counter drugs market is expected to grow rapidly over the forecasted timeline owing to rising awareness about OTC drugs to treat minor conditions, rising healthcare costs leading to increased adoption, cost-benefits, and convenient purchase options in the coming years.
Some of the prominent players in the OTC drugs market include GlaxoSmithKline (GSK), Bayer Healthcare, Johnson & Johnson, Novartis, Merck, Pfizer and Sanofi. Effective promotional & marketing activities and rising R&D efforts to develop novel products and fetch huge consumer base are major growth strategies adopted by key players in the industry to capture higher market share and gain a competitive edge. Some of the other participants are Teva Pharmaceuticals, Takeda, Cipla, Sun Pharmaceutical Industries, Glenmark and Innovus Pharmaceuticals. Mergers, joint ventures, collaborations, distribution agreements and acquisitions are other growth strategies adopted by the players to sustain in the market.
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