Press release
Over The Counter Drugs Market is Expected to Reach US$ 231.7 Billion by 2028, With 6.24 % CAGR
Over The Counter Drugs Market 2023-2028
Report Highlights
How Big is the Over The Counter Drugs Market?
The global over the counter (OTC) drugs market size reached US$ 158.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.24% during 2023-2028.
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What are Over The Counter Drugs?
Over the counter (OTC) drugs are medicines used for the treatment of common and minor ailments. They include pain relievers for minor aches and pains, antacids for heartburn, cough suppressants, antihistamines for common colds and allergies, and topical creams for skin conditions. They are characterized by their safety, effectiveness, and ease of use by the public. They allow individuals to take an active role in their own healthcare, providing quick relief for many common ailments. They also include dietary supplements like vitamins and minerals, and first-aid supplies like bandages and antiseptics. Besides this, as they reduce overall healthcare costs by mitigating the need for professional medical consultation for minor ailments, the demand for OTC drugs is increasing.
What are the growth prospects and trends in the over the counter drugs industry?
The growing geriatric population, which is more prone to minor health issues, and the rising prevalence of diabetes and obesity represent one of the key factors escalating the demand for OTC drugs.
Additionally, with the increasing awareness about general health and wellness is driving the need for self-medication for minor ailments. Apart from this, the expansion of pharmacies and drug stores is leading to the increasing accessibility of OTC drugs.
Moreover, extensive marketing campaigns by pharmaceutical companies increase public awareness about various OTC drugs and their benefits resulting in the increasing sales of these drugs.
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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
• Analgesics
• Dermatology Products
• Gastrointestinal Products
• Vitamins, Minerals and Supplements (VMS)
• Weight-loss/Dietary Products
• Ophthalmic Products
• Sleeping Aids
• Others
Breakup by Route of Administration:
• Oral
• Parenteral
• Topical
• Others
Breakup by Dosage Form:
• Tablets and Capsules
• Liquids
• Ointments
• Others
Breakup by Distribution Channel:
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others
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
If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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.
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