Market Trends of Over The Counter Drugs Industry
The Cough, Cold, and Flu Products Segment is Expected to Witness High Growth Over the Forecast Period
A common cold can be caused by many different types of viruses. The condition is generally harmless, and symptoms usually resolve within two weeks. The rise in the number of people suffering from cough, cold, and flu is what is causing an increase in the amount of over-the-counter (OTC) drug use in this category. Consumers depend on OTC cough, cold, or flu medicines, as they are the first resort, to get relief from the symptoms. For instance, according to CDC, the common cold causes 22 million school days to be missed each year in the United States. Also, almost 1 billion people catch colds each year in the United States.
Furthermore, according to India Meteorological Department (IMD), doctors reported a 25% spike in the number of flu-related fever, colds, and cough in Tamil Nadu in August 2021. Thus, the higher prevalence of flu and cold is expected to spur growth as paracetamol is commonly used in the management of these conditions. Owing to their easy procurement, the sale of OTC drugs for cough, cold, and flu increased globally. Thus, given the aforementioned factors, the studied segment is expected to propel significantly over the forecast period.
North America Holds the Major Share and is Expected to Dominate the Market During the Forecast Period
North America has a significant impact on the global market studied, owing to factors, such growing prevalence of minor illnesses coupled with the adoption of self-medication to relieve the symptoms and an increase in approval of OTC drugs in the region are expected to drive the studied market growth in North America. For instance, according to an article published by Drugs.com, in May 2021, there are more than 80 classes of OTC medications in the United States, ranging from acne medicines to weight loss products. Further, according to an article published by Migraine Research Foundation, in January 2021 more than 4 million adults experienced chronic daily migraine, with at least 15 migraine days per month, in the United States. The increase in patients requiring self-medication is expected to boost the market growth.
Additionally, the increasing product approvals and product launches in the region drive the growth of the studied market. For instance, in December 2021, the US Food and Drug Administration approved the prescription drug Lastacaft (alcaftadine ophthalmic solution), a 0.25% to Over the Counter drug. Additionally, in October 2022, Futura Medical is preparing to seek approval from the FDA to launch OTC in the United States, MED3000 erectile dysfunction treatment. Such an initiative is expected to drive the growth of the market. Thus, given the factors above, the studied market is expected to grow significantly in North America over the forecast period.
