February 24, 2021

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North America to Dominate Over the Counter (OTC) Drugs Market During Forecast Period – TechSci Research

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According to TechSci Research report, Global Over the Counter (OTC) Drugs Market By Product (Cough, Cold, and Flu, Analgesics, Dermatology Products, Vitamins, Mineral, and Supplements (VMS), Other), By Dosage Form (Tablets, Capsules, Powders, Ointments, Liquids), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Other), By Region, Forecast & Opportunities, 2025, Global Over the Counter (OTC) drugs market exceeded USD 140 billion in 2019 and is expected to witness a significant CAGR of around 8.23% during the forecast period. Growing inclination of pharmaceutical companies toward OTC drugs from Rx drugs is one of the major factors accounting for the growth of global over the counter (OTC) drugs market. Moreover, favorable regulatory framework is expected to bode well for the growth of global over the counter (OTC) drugs market through the forecast period. In addition to this, increasing product innovations is expected to positively influence the growth of global over the counter (OTC) drugs market in the years to come. Also, surging trend among the individuals to select OTC drugs for minor diseases is making headway for the growth of global over the counter (OTC) drugs market. Along with this, supportive government funding is positively contributing to the market growth. Also, rising tendency of people towards self-medication in developing economies is expected to bolster the market growth in the coming years. Furthermore, the key market players are switching from Rx to OTC on account of increasing patent expiration rates which is aiding the market growth. Also, the OTC drugs usage are economically beneficial which is accredited to savings on drug cost coupled with cost incurred on clinical visit, due to which, the global over the counter (OTC) drugs market is projected to rev up in the next 5 years. However, there are certain factors that might act as major impediments to the growth of global over the counter (OTC) drugs market during the forecast period such as stringent regulations by the FDA related to the safety and efficacy of OTC drugs.

Global over the counter (OTC) drugs market can be segmented based on product, dosage form, distribution channel, and region. Considering the dosage form, the market is fragmented into tablets, capsules, powders, ointments, liquids. Among these, the tablets segment dominated the global over the counter (OTC) drugs market in terms of largest market share until 2019 and is further anticipated to maintain its dominance during the forecast period as well. This can be ascribed to their longer shelf life coupled with its cost-effective manufacturing process. Additionally, they can accommodate a higher dose of active ingredient as compared to capsules, which is further boosting the segmental growth.

Johnson and Johnson, GlaxoSmithKline PLC (GSK Consumer Healthcare), Perrigo Company PLC, Reckitt Benckiser Group PLC, Takeda Pharmaceutical Company Ltd, Roche Holding AG, The Procter & Gamble Company, Sanofi S.A, Gilead Sciences Inc., Bayer Healthcare AG, AstraZeneca plc., Alacer Corp., Alcon Inc., and others are the leading players operating in global over the counter (OTC) drugs market. The players are adopting several growth strategies to enhance the market scenario of over the counter (OTC) drugs. Other competitive strategies include product launches, acquiring each other’s OTC business division mergers & acquisitions, agreements, partnerships, and collaborations, and expansions to diverse their product portfolio in order to strengthen their market position.

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“North America is expected to dominate the global over the counter (OTC) drugs market until 2025 on account of growing awareness pertaining to personal care and treatment in the region. Furthermore, increasing R&D in healthcare industries is also contributing to the growing trend. On the other hand, Asia-Pacific region is anticipated to register highest CAGR over the years to come, which can be attributed to rising investment by the government to develop health care industries in the region. In addition to this, growing middle class population along with increase in disposable income is further expected to bolster the growth of global over the counter (OTC) drugs market in the region.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Over the Counter (OTC) Drugs Market By Product (Cough, Cold, and Flu, Analgesics, Dermatology Products, Vitamins, Mineral, and Supplements (VMS), Other), By Dosage Form (Tablets, Capsules, Powders, Ointments, Liquids), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, Other), By Region, Forecast & Opportunities, 2025 has evaluated the future growth potential of global over the counter (OTC) drugs market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global over the counter (OTC) drugs market.

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