Spain Over-the-Counter (OTC) Drugs Market - Growth, Trends, COVID -19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Spain Over-the-Counter (OTC) Drug Market was valued at USD 3,750 million in 2020 and is anticipated to reach USD 5,150 million in 2026, by registering a CAGR of nearly 5.4% over the forecast period.

In the COVID-19 situation where the population is generally avoiding the hospital and clinic visits unless necessary, the trend of self-medication has observed to increase exponentially. Over-the-counter (OTC) medicines are witnessing unprecedented demand amid the COVID-19 crisis owing to the restricted visitations to hospitals and health professionals. For instance, in March 2020, Sandoz, one of the largest medicines providers in Europe reported that they are increasing supplies of key antibiotics needed to respond to the COVID crisis owing to the increased demand in the European countries.

The major factors propelling the growth of the Spain OTC market include product innovation, growing distribution channels, an inclination of the pharmaceutical companies from Rx to OTC drugs, and increasing self-medication among the general population. The increasing healthcare costs demand the need for better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs has been increased in the past years owing to its advantages such as it helps improve the accessibility and cost benefits of healthcare services. Thus, there is an increase in trends towards self-medication in European countries, including Spain.

According to the data published by the Association of the European Self-medication Industry, one out of two packages of medicines sold in Europe is a non-prescription medicinal product. Self-medication produces significant public health and economic benefits for societies, by allowing citizens to address their conditions by themselves when medical advice is not necessary. It also reduces a significant burden from the healthcare systems, allowing health professionals to counsel patients in need of professional care. In a recent report published by Pfizer, it was found that every nine out of 10 consumers in the European countries including Spain France, and Germany has found considering self-care as a vital part of the management and prevention of both minor ailments and chronic conditions and diseases.· Because of these multiple benefits, increase in self-medication is expected to drive the growth of the Spanish OTC drugs market.

Scope of the Report

Over-the-counter (OTC) medications do not need a doctor’s prescription. This convenience for consumers enables the direct purchase of medicine. The Spain Over-the-Counter (OTC) Drugs Market is segmented by product (cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, mineral, and supplements (VMS) products, weight-loss/dietary products, ophthalmic products, sleeping aids, and other product types), and distribution channel (retail pharmacies, online pharmacy, and other distribution channels). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

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Key Market Trends

The Cough and Cold and Flu Segment is Expected to Dominate the Market over the Forecast Period

The growth of the over-the-counter (OTC) drugs in the cough/cold/flu category is driven by a rise in the number of individuals affected by these conditions. The increasing prevalence of these common diseases such as cough, cold, and flu has led the patients to use OTC drugs, as these drugs are readily available and can be bought without a doctor’s prescription. For these diseases, the patient generally prefers taking self-medication, rather than going to the doctor in order to save both time and cost required to visit a physician/hospital. Consumers are dependent on OTC for cough and cold medicines as the first response for quick relief from symptoms. Owing to their ease in procurement and surging market demand, the sale of OTC drugs for cough, cold, and flu is seen increasing in Spain.

Quick-relief tablets, including throat lozenges, provide quick relief from throat tickles and have the highest demand in the market, contribute as one of the major growth factors for the segment. Aspirin is one of the most widely used drugs to provide quick relief from headaches and it is the most commonly demanded OTC, worldwide. Moreover, the improved quality and efficacy for cough, cold, and flu of OTC products are strongly driving the market.

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