United States Over The Counter (OTC) Drugs Market Size to Grow US$ 32.9 Billion by 2028, CAGR of 5.2% | IMARC Group

IMARC Group's report titled "United States Over The Counter (OTC) Drugs Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The United States over the counter (OTC) drugs market size reached US$ 24.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

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Factors Affecting the Growth of the United States Over the Counter Drugs Industry:

• Rising Health Consciousness Among Individuals:

The increasing focus on personal health and wellness among the masses in the United States is propelling the growth of the market. In line with this, people are increasingly becoming health-conscious and are actively seeking ways to manage common health issues. Moreover, people are focusing on the proactive approach to well-being, which is bolstering the market growth. Apart from this, rising preferences for over the counter (OTC) drugs, as they offer a convenient solution for addressing minor ailments without the need from a prescription of a doctor, are impelling the market growth.

• Wide Availability of Over the Counter (OTC) Drugs:

The wide availability of OTC drugs via various online and offline distribution channels in the country is contributing to the growth of the market. In line with this, the easy accessibility of these drugs ensures that people can conveniently purchase the products when they are facing common health issues. Furthermore, the rising number of e-commerce platforms is making these drugs more accessible to a large consumer base in the country. In addition, these online platforms provide doorstep delivery that assists in enhancing the shopping experience among people.

• Growing Demand for Cost-Effective Medications:

The escalating demand for OTC drugs among individuals due to their affordability is offering a positive market outlook in the US. In line with this, people are actively seeking cost-effective alternatives to expensive prescription medications. The lower price of OTC medications makes them an attractive choice for individuals looking to manage their healthcare expenses. Furthermore, OTC drugs are usually consumed for common headaches, allergies, or heartburn to provide rapid relief as compared to visiting a healthcare provider and obtaining a prescription, which is impelling the market growth.

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United States Over the Counter Drugs Market Trends:

The growing demand for OTC drugs among the geriatric population, as they are more prone to common health issues, is positively influencing the market. Apart from this, these OTC drugs provide convenient and cost-effective solutions, which is contributing to the growth of the market.
The rising focus on maintaining a healthy lifestyle among individuals is bolstering the growth of the market. In line with this, people are increasingly opting for sports-related OTC products like pain relievers and muscle creams, which are propelling the market growth.

United States Over the Counter Drugs Market Report Segmentation:

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

Vitamins, minerals, and supplements (VMS) represented the largest segment due to the rising focus on maintaining overall health among individuals.

By Route of Administration:

• Oral
• Parenteral
• Topical
• Others

Oral accounted for the largest market share as it provides quick relief from common ailments.

By Dosage Form:

• Tablets and Capsules
• Liquids
• Ointments
• Others

Tablets and capsules hold the biggest market share due to their enhanced convenience and portability.

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others

Retail pharmacies exhibit a clear dominance in the market as OTC drugs are easily available through these stores.

Regional Insights:

• Northeast
• Midwest
• South
• West

West enjoys the leading position in the United States over the counter drugs market on account of the rising trend of self-medication among individuals.

Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape in the market.

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