Market Size of Spain Over-the-counter (OTC) Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Spain OTC Drugs Market Analysis
The Spain over-the-counter (OTC) drugs market registered a CAGR of nearly 5.4% over the forecast period, 2022-2027.
During the COVID-19 situation, where the population is generally avoiding hospital and clinic visits unless necessary, the trend of self-medication has been observed to increase exponentially. Over-the-counter (OTC) medicines are witnessing an unprecedented demand amid the COVID-19 crisis, owing to the restricted visits to hospitals and health professionals. For instance, in March 2020, Sandoz, one of the largest medicine providers, in Europe reported that it was increasing supplies of key antibiotics needed to respond to the COVID-19 crisis owing to the increased demand in the European countries.
The major factors propelling the growth of the Spain OTC drugs 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 better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs has 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 the trend toward self-medication in European countries, including Spain.
For instance, a report published in June 2020, titled "Spain Pharma Market & Regulatory Report" stated that according to the Spain's pharmaceutical market with patented drugs comprising 81% of the total in 2019 at a value of USD 24.45 billion. The generic drugs accounted for a low 14.3% of the market and over-the-counter (OTC) medicines accounted for just 4.7% of the market. The same source that, from November 1 2019, Spain's Ministry of Health implemented a price reduction across 16,454 medicines. These price cuts will impact prescription (pharmacy and hospital setting) and OTC medicines, which are expected to reduce public expenditure on medicines by USD 129 million a year. Such intitatives by the government would support the growth of the market in upcoming period.
Thus, owing to the abovementioned factors, market is expected to show growth over the forecast period. However, incorrect self diagnosis and probability of self abuse may hinder the growth of the market.
