Over The Counter (OTC) Drugs Market | Growth, Forecast (2019–2024)

Over the Counter Drugs Market - Growth, Trends, and Forecast (2019 - 2024)

Over The Counter (OTC) Drugs Market is expected to reach USD 491.02 billion by 2024, at a CAGR of 8.5%. Download the market research report now.

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Study Period:

2016-2024

Base year:

2018

Fastest growing market:

Asia Pacific

Largest market:

North America

Key Players:

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Market Overview

Global Over the Counter Drugs market was valued at USD 303.51 billion in 2018 and is estimated to be valued at USD 491.02 billion in 2024, witnessing a CAGR of 8.5%. Growth propelling factors of this market are product innovations, high penetration in the emerging market, favorable regulatory framework and inclination of pharmaceutical companies towards OTC drugs from Rx drugs.

The global over the counter (OTC) drugs market will record the highest growth rate in the emerging markets of Latin America, and South East Asia over the coming years. This can be attributed to the rapidly growing population, coupled with the fact that the middle class in these regions is expanding on a large scale and the increase in disposable income of the population, which will add critical mass to the population available to access OTC medication. New channels of the accessibility in emerging markets in retail outlets, supermarkets are also contributing to the growth of the OTC medication market in the emerging economies.

Scope of the Report

As per the scope of this report, over the counter drugs are referred to as a nonprescription drug. These medicines can be bought by an individual without the doctors prescription and are safe for consumption without the doctor’s consent.

Product Type
Cough, Cold, and Flu Products
Analgesics
Dermatology Products
Gastrointestinal Products
Vitamins, Mineral, and Supplements (VMS)
Weight Loss/Dietary Products
Ophthalmic Products
Sleeping Aids
Others
Distribution Channel
Hospital Pharmacies
Retail Pharmacies
Online Pharmacy
Others
Geography
North America
United States
Canada
Mexico
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America
  • MARKET SEGMENTATION
    • Product Type
      • Cough, Cold, and Flu Products
      • Analgesics
      • Dermatology Products
      • Gastrointestinal Products
      • Vitamins, Mineral, and Supplements (VMS)
      • Weight Loss/Dietary Products
      • Ophthalmic Products
      • Sleeping Aids
      • Others
    • Distribution Channel
      • Hospital Pharmacies
      • Retail Pharmacies
      • Online Pharmacy
      • Others
    • Geography
      • North America
        • United States
        • Canada
        • Mexico
      • Europe
        • United Kingdom
        • Germany
        • France
        • Italy
        • Spain
        • Rest of Europe
      • Asia Pacific
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • Rest of Asia-Pacific
      • Middle East and Africa
        • GCC
        • South Africa
        • Rest of Middle East & Africa
      • South America
        • Brazil
        • Argentina
        • Rest of South America

Key Market Trends

Weight loss and Dietary Products Segment Expected to Grow with High CAGR

Weight loss and dietary products segment are believed to show the highest CAGR of 8.10% during the forecast period. This is majorly attributed to the rising awareness of the general population towards health and growth in the consumption of junk food which is leading to the rise in lifestyle diseases. The VMS (Vitamins, Minerals, and Supplements) segment is believed to have the largest market share.  

VMS and weight loss OTC drugs contribute the most to the overall market. In fact, nearly 1/4th of the market belongs to this segment. The reason for this huge share is the wide customer base for various products under this category. Unlike other conditions which are intense in nature, the VMS and weight loss conditions are not very bothersome. OTC products for these conditions are more of precautious nature than that of treatment or cure. And this is why the number of customers is relatively high than the ones for other indications. Large customer pools give rise to high demand, which in turn, results in high revenue generation. VMS products are very popular in developed countries because of the increasing unhealthy population

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North America is Expected to Dominate the Market in the Forecasted Period

North America currently dominates the market for Over the Counter Drugs and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future owing to the leading trend among pharmaceutical companies to switch from Rx to OTC drugs. Report of the National Institute of Health has stated that 93% of adults in the United States prefer to treat their minor ailments with OTC medicines before seeking professional care, and 85% of parents in the United States prefer to treat their children's minor ailments with an OTC medicine before seeking professional care. This is resulting in the formation of the bigger market.

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Competitive Landscape

The Over the Counter Drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Companies like Johnson and Johnson, Novartis AG, Bayer AG, Glaxosmithkline Plc and Pfizer holds the significant market share in the Over the Counter Drugs market.

Major Players

  1. Johnson and Johnson
  2. Novartis AG
  3. Bayer AG
  4. Sanofi
  5. Pfizer

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. INTRODUCTION
    1. Study Deliverables
    2. Study Assumptions
    3. Scope of the Study
  2. RESEARCH METHODOLOGY
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Market Overview
    2. Market Drivers
      1. Product Innovation
      2. High Penetration in Emerging Market
      3. Favourable Regulatory Framework
      4. Inclination of Pharmaceutical Companies Towards OTC Drugs from RX Drugs
    3. Market Restraints
      1. Probability of Substance Abuse
      2. Lack of Awareness in the Rural Regions
    4. Industry Attractiveness – Porter’s Five Force Analysis
      1. Threat of New Entrants
      2. Bargaining Power of Buyers/Consumers
      3. Bargaining Power of Suppliers
      4. Threat of Substitute Products
      5. Intensity of Competitive Rivalry
  5. MARKET SEGMENTATION
    1. Product Type
      1. Cough, Cold, and Flu Products
      2. Analgesics
      3. Dermatology Products
      4. Gastrointestinal Products
      5. Vitamins, Mineral, and Supplements (VMS)
      6. Weight Loss/Dietary Products
      7. Ophthalmic Products
      8. Sleeping Aids
      9. Others
    2. Distribution Channel
      1. Hospital Pharmacies
      2. Retail Pharmacies
      3. Online Pharmacy
      4. Others
    3. Geography
      1. North America
        1. United States
        2. Canada
        3. Mexico
      2. Europe
        1. United Kingdom
        2. Germany
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
      3. Asia Pacific
        1. China
        2. Japan
        3. India
        4. Australia
        5. South Korea
        6. Rest of Asia-Pacific
      4. Middle East and Africa
        1. GCC
        2. South Africa
        3. Rest of Middle East & Africa
      5. South America
        1. Brazil
        2. Argentina
        3. Rest of South America
  6. COMPETITIVE LANDSCAPE
    1. Company Profiles
      1. Johnson and Johnson
      2. Novartis AG
      3. Bayer AG
      4. Sanofi
      5. Pfizer
      6. GlaxoSmithKline Plc.
      7. Perrigo Company Plc.
      8. Reckitt Benckiser Group Plc.
      9. Takeda Pharmaceutical Company Ltd.
    2. *List Not Exhaustive
  7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments