Market Size of North America Over the Counter Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.70 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Over the Counter Drugs Market Analysis
The North America Over the Counter (OTC) Drugs Market is anticipated to grow with a CAGR of 2.7%, during the forecast period.
The OTC drugs market is innovation-driven and relies on the advent of innovative drugs for different disease complexities and vary in their degree of intensity, and efficacy. The product innovations in OTC drugs have built confidence among the consumers and have resulted in the increased demand for OTC drugs. Although the market share is high in the North American region, the USA's share is less when compared to the other countries on a global forefront. This can be due to the strict regulatory measures taken by the US government in the labelling of drugs as OTC. But in recent times, there has been a change in opinion regarding the OTC market. The potential benefits have been identified and as a result, OTC drugs have been made more accessible.
According to the Consumer Healthcare Products Association, 2019, it was estimated that about 93% of the Americans prefer to treat their minor ailments with OTC medicines before seeking professional care. For the treatment of musculoskeletal injuries and disorders, many patients in the United States generally use nonprescription topical analgesics. Counterirritants are approved by the FDA for the topical treatment of minor pains and muscle and joint aches and are often used for the treatment of acute musculoskeletal injuries, such as simple backache, arthritis pain, strains, bruises, and sprains. Thus, owing to above factors the market is expected to show growth over the forecast period.
