Over the Counter (OTC) Drugs Market 2023 | Size, Business Growth, Report 2028

How Big is the Over the Counter (OTC) 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.

What are Over the Counter (OTC) Drugs?

Over the counter (OTC) drugs are medicines that are available in pharmacies and can be purchased without the need for a prescription from a healthcare provider. They comprise aspirin, acetaminophen, ibuprofen, decongestants, antihistamines, and cough suppressants. They also include dietary supplements containing vitamins, minerals, herbal ingredients, and probiotics. They are available in various forms, including tablets, capsules, liquids, creams, ointments, and sprays. They may contain one or more active ingredients that address specific symptoms or conditions. They are generally more affordable than prescription medications, making healthcare more affordable for consumers. They empower individuals to take control of their health and manage common ailments independently.

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What are the growth prospects and trends in the over the counter (OTC) drugs industry?

At present, the increasing demand for OTC drugs to treat various chronic health conditions represents one of the crucial factors impelling the growth of the market.

Besides this, the rising prevalence of lifestyle-related diseases, such as obesity, diabetes, and cardiovascular disorders, is contributing to the growth of the market. In addition, the growing innovations in drug delivery systems, such as transdermal patches and fast-dissolving tablets, are offering a favorable market outlook.

Apart from this, the increasing emergence of e-commerce platforms or online pharmacies selling OTC drugs online and delivering them to the doorstep of buyers is supporting the growth of the market.

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Report Segmentation:

The report has segmented the market into the following categories:

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

Some of the Top Key players in the Over the Counter (OTC) Drugs Market

Alkem Laboratories Limited, Bayer AG, Daiichi Sankyo Company Limited, Dr. Reddy's Laboratories Ltd., GlaxoSmithKline plc, Johnson & Johnson, Novartis AG, Perrigo Company plc, Pfizer Inc., Piramal Enterprises Ltd., Reckitt Benckiser Group PLC, Sanofi S.A., Sun Pharmaceutical Industries Ltd. and Teva Pharmaceutical Industries Ltd.

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