Europe Over-the-counter (OTC) Drugs Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Europe OTC Drugs Market Analysis

The European over-the-counter (OTC) drugs market was valued at USD 35,258 million in 2021 and is expected to reach USD 48,377 million in 2027, registering a CAGR of 5.4% during the forecast period (2022-2027).

During the COVID-19 pandemic, over-the-counter (OTC) medicines witnessed unprecedented demand, owing to the restricted visits to hospitals and health professionals. The absence of medical assistance for general physical disorders paved the way for pain killers as a temporary solution. The demand from community doctors and physicians for OTC medicines also rose as they experienced a greater influx of patients. The purchase of dietary supplements and vitamins also significantly increased, as people bought these products to increase their immunity and combat the spread of COVID-19. An article titled “Dietary Supplements and Nutraceuticals Market Growth During the Coronavirus Pandemic – Implications for Consumers and Regulatory Oversight” and published in the journal of Pharmanutrition in December 2021 indicated that the sales of vitamins in the United Kingdom increased by 63% in March 2020 compared to the same period in the previous year.

The growth of online pharmacies and the expected launch of online pharmacy services by e-commerce giants, such as Amazon, are expected to drive the market growth. The other factors driving the market growth include increasing self-medication practices and new product launches.

According to the Eurostat article on population structure and aging (updated in February 2022), around 20.8% of the people in the European Union in 2021 were aged 65 years and over. This percentage increased by 0.96% from 20.6% of the EU population in 2020. Finland had the highest elderly population among all European countries, with around 22.7% of its population over the age of 65 years. The continuous growth of the geriatric population leads to a rise in health issues related to old age. These people refrain from going to the hospitals for these issues and prefer to buy medications and treat themselves at home. Such factors are leading to the growing adoption of basic analgesic OTC products.

It has also been found that, with the rising healthcare costs, people demand better accessibility to and affordability of healthcare services. Self-medication with non-prescription drugs plays a vital role in this aspect and improves accessibility while providing cost benefits. As per an article titled “Patterns of Prescription Dispensation and Over-The-Counter Medication Sales in Sweden During the COVID-19 Pandemic,” published in the journal of Plos One in August 2021, from February 2020 to March 2020, there were increases in the weekly volumes of dispensed medication. This peaked in the second week of March at 46%. In the same week, there was a 96% increase in the volume of OTC drugs sold, including vitamins, antipyretics, painkillers, and nasal, throat, cough, and cold preparations.

The widespread use of OTC medications is linked with significant cost benefits to the healthcare providers of various countries. OTC medicines allow consumers to take adequate care of themselves without consulting a physician/doctor, which is expected to drive the overall market growth.

The presence of the key global market players and the strengthening of local manufacturers in Europe are also expected to boost the market growth. For instance, in May 2022, Vaneeghen launched a mineral complex for plant-based joint health in the European market.

However, the high probability of drug abuse and lack of awareness among the people restrict the market growth.

Europe OTC Drugs Industry Segmentation

As per the scope of this report, over-the-counter (OTC) drugs are referred to as nonprescription drugs. These medicines can be bought by individuals without a doctor’s prescription and are safe for consumption without the doctor’s consent. The European over-the-counter drugs market is segmented 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, and other product types), distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, and other distribution channels), and geography (United Kingdom, Germany, Italy, France, Spain, and Rest of Europe). The report offers the value (in USD million) for the above segments.

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Europe OTC Drugs Market Trends

This section covers the major market trends shaping the Europe OTC Drugs Market according to our research experts:

Cough, Cold, and Flu Products Expected to Register High Growth

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