Over-the-Counter (OTC) Drugs Market Impact of Industry Size, Shares, and Impact Y-o-Y

The Global Over-the-Counter (OTC) Drugs Market is expected to grow at a CAGR of around 5.8% from 2022 to 2030 and reach the market value of over USD 288 Billion by 2030.

North America is leading the market for OTC drugs in terms of revenue, followed by Europe. Asia-Pacific and Latin America are emerging markets that are expected to witness stupendous growth in the forecast period. This is attributed to increasing healthcare industries and rising investment by the government to develop vast healthcare industries.

On the other hand, Europe OTC drugs regional market is projected to register significant growth in the forthcoming years. Rising geriatric population with several conditions coupled with deficiencies associated with age contribute to the market growth of global over-the-counter (OTC) drugs market. As Europe possesses presence of prominent players highly involved in expansion by integration of different strategies. Moreover, surge in product availability and penetration, the region witnesses consistent demand resulting in accelerating the OTC product sales.

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Market Dynamics

Factors that drive over-the-counter (OTC) drugs market involve changes witnessed in cultural attitudes regarding self-medication required for minor health problems, convenience of direct purchase, affordability of over-the-counter drugs, high adoption and acceptance in developing markets, savings enabled by the usage of over the counter drugs, and innovations and development of different product offerings in the global market.

Market Restraints

The market of global over-the-counter (OTC) drugs experiences certain restraints that involve stiff competition among the existing players, high possibility of substance abuse and addiction, complications and severity associated by taking wrong medications owing to misdiagnosis or incorrect self-diagnosis, and lack of awareness among the rural population in developing and undeveloped economies.

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Segmental Outlook

Over-the-counter (OTC) drugs market is segmented based on product type and distribution channel. By product type, the OTC drugs market is segmented as 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. Based on distribution channel, the market is segmented as hospital pharmacies, retail pharmacies, online pharmacy, and other distribution channel.

By product type, weight-loss and dietary products segment is anticipated to record significant CAGR in the forecast period. The prominent factors that contribute for the growth of the global OTC drugs market include rising consumption of junk food, resulting in occurrence of life-style related diseases. The VMS (vitamins, minerals, and supplements) segment is believed to show promising results by recording significant market share. The reason for this major share is due to vast customer base for various products under this category. Large patient pool gives rise to developed countries resulting in high revenue generation. VMS products are very popular in developed countries owing to increasing unhealthy population.

Competitive Landscape

The major players involved in the over-the-counter (OTC) drugs market involve Johnson & Johnson Services, Inc., Bayer AG, GlaxoSmithKline plc, Sanofi S.A., Dr. Reddy's Laboratories Ltd., Cipla Limited, and others.

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Some of the key observations regarding over-the-counter (OTC) drugs market include:

• In July 2019, Sanofi S.A. announced strategic agreement with Roche for the exclusive over-the-counter (OTC) rights of drug "Tamiflu" for the prevention and treatment of influenza or flu in the US. The agreement pinpoints that Sanofi will be responsible for leading FDA negotiations for the OTC switch and subsequent exclusive marketing, scientific engagement, and distribution of "Tamiflu" OTC in the US. "Tamiflu" is currently sold in the US by Genentech, a member of the Roche Group, for prescription use.

• In August 2019, Pfizer Inc. announced strategic collaboration with GlaxoSmithKline plc to combine the party's respective consumer healthcare businesses to create the world's largest over-the-counter (OTC) business with robust iconic brands. The successful closing of the joint venture represents an important and exciting step in formation of a world-class pure play consumer healthcare business.

• In September 2019, Dr. Reddy's Laboratories Ltd., announced launching of new product namely, "Lansoprazole" Delayed-Release Capsules USP, 15 mg, an over-the-counter (OTC) store-brand equivalent of "Prevacid®" 24HR Capsules, in the United States market, as approved by the U.S. Food and Drug Administration (USFDA). The newly launched product is a proton pump inhibitor (PPI) used to treat frequent heartburn occurring two or more days a week.

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