Europe Over-the-Counter (OTC) Drug Market - Segmented by Product and Geography - Growth, Trends, and Forecasts (2018 - 2023)

The European over-the-counter drug market has been estimated at USD 33.5 billion in 2017. The market is expected to register a CAGR of 3% during the forecast period (2018-2023). Germany accounted for the largest market in the European region.

Increasing Self-Medication

The rising healthcare costs demand better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs plays an important role in this aspect and helps improve the accessibility and cost benefits of healthcare services. There is an increase in self-medication in Europe. According to the Association of the European Self-medication Industry, one out of two packages of medicines sold in Europe is a non-prescription medicinal product. By allowing citizens to address their conditions by themselves when medical advice is not necessary, self-medication produces significant public health and economic benefits for societies. It reduces significant burden on health systems, freeing at the same time health professionals’ time to counsel patients in need of professional care and also reduces the cost for the citizens. As the usage of OTC drugs is increasing, many companies launching several over-the-counter drugs. Because of these multiple benefits, the European OTC drug market is expected to grow.

OTC Drug Abuse

Along with the potential benefits, OTC drugs have a few restraints, such as substance abuse, incorrect self-diagnosis, and lack of popular knowledge about the drugs. Drug abuse, mostly by the teenagers, is one of the major challenges for the European OTC drug market. As these drugs are readily available in the market, they are prone to getting abused on a large scale. It is estimated that nearly one in every eight teenagers, or nearly 12%, abuse OTC cough syrups. Over three million adolescents and youngsters engage in OTC drug abuse. This is an alarming statistics for the market. This has hindered the growth of the market studied, as the governments of developed economies are concerned about the drug abuse situation and are therefore not lenient toward the approval of OTC drugs, even though the pros outweigh the cons.

Germany to Dominate the Market Growth

Germany is estimated to be the largest market in Europe, with a market share of 22%. However, the annual growth of the developed countries of Europe is decreasing, whereas in developing countries, such as Poland, are showing growth aspects,, mainly due to the lack of penetration and the lenient regulatory framework. The United Kingdom is also one of the market leaders in Europe, with a market share of nearly 10%.

Key Developments in the Market

• November 2017: Viagra became available over the counter in the United Kingdom.
• May 2017: Ipsen completed the acquisition of select Consumer Healthcare products from Sanofi.
• July 2017: Cardinal Health completed the acquisition of Medtronic's Patient Care.

Major Key Players: Abbott, Astrazeneca, Bayer Healthcare, Boehringer Ingelheim GmbH, Bristol- Myers Squibb, Cardinal Health, GlaxoSmithKline PLC, Prestige Brands Inc., Johnson & Johnson, and Merck & Co., among others.

Reasons to Purchase the Report

• Current and future market outlook for over-the-counter drugs in developed and emerging European markets
• Analyzing various perspectives on the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• The regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players.
• Three-month analyst support, along with the Market Estimate sheet in Excel.

Customization of the Report

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