High Consumer Acceptance Shall Pace The Global Over The Counter (OTC) Drugs Market

Global Over the Counter (OTC) Drugs Market Report, published by Variant Market Research, forecast that the global market is expected to reach $273 billion by 2024 from $125 billion in 2016; growing at a CAGR of 10.2% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 10.8% and 10.4%, respectively, during the forecast period.
The factors supporting growth of the global OTC market are, rising consumer awareness towards therapeutics of minor health issues, and convenience in direct purchase. Moreover, instantaneous availability and high consumer acceptance are boosting the growth of the market. However, some drug adverse effect owing to wrong administration and lack of knowledge amongst illiterate consumers mainly in the rural areas, would restrain the market growth. Additionally, enlargement in untapped markets of developing countries and novel product innovation would provide several growths opportunities for the market during the forecast period.

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The global Over the Counter drugs market has been categorized into type and geography. By type the market is categorized into dermatological products, flu products, analgesic & pain relievers, cough, vitamin supplements, cold, ophthalmic products mineral supplements, and others.The ophthalmic products segment is bifurcated into glaucoma, infective drugs, dry eye, allergic, and other treatments.

Geographically, the market is segregated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest market share in the year 2016, driven by huge importunity for OTC drugs in the U.S. Asia-Pacific accounted for around one third of the global market share due to rising consumer awareness in developing nation such as China and Japan. Asia-Pacific is anticipated to attain at the fastest CAGR of 10.8% during the forecast period 2016-2024.

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The Major key players operating in the global Over the Counter (OTC) Drugs Market are Vigamox,, Merck KGaA, Lucentis, Restacis, Bayer AG, Sanofi, Teva Pharmaceutical Industries Ltd., Alkem Laboratories Limited, Johnson & Johnson Inc., GlaxoSmithKline Plc, Pfizer Inc., and Novartis AG, among others.

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