Market Size of United Kingdom OTC Drugs Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.83 Billion |
| Market Size (2029) | USD 6.13 Billion |
| CAGR (2024 - 2029) | 4.86 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United Kingdom OTC Drugs Market Analysis
The United Kingdom OTC Drugs Market size is estimated at USD 4.83 billion in 2024, and is expected to reach USD 6.13 billion by 2029, growing at a CAGR of 4.86% during the forecast period (2024-2029).
The COVID-19 pandemic impacted the United Kingdom's OTC drugs market. In the context of COVID-19, government organizations, research institutes, and many biotech and pharmaceutical firms were focused on effective and rapid technologies for the fast diagnosis of COVID-19 and the development of vaccines/new therapeutics for COVID-19. However, there was a rising demand for over-the-counter drugs during the pandemic, which drove the market growth. For instance, as per the report published by the Pharmaceutical Journal in April 2021, Lloyds Pharmacy stated that there was unprecedented demand for over-the-counter analgesics as a result of the COVID-19 pandemic, which was expected to have significant growth in the market during the pandemic period. As COVID-19 cases decreased and supply chain problems were resolved, the demand for OTC medicines became stable or unpredictable over the coming years.
The presence of the key market players offering a wide range of over-the-counter products and companies' interest in developing and launching OTC drugs to gain a major market share are expected to drive market growth in the country. Furthermore, the government has encouraged self-medication by consumers, including the switch of classification of some medicines from “prescription-only” to “pharmacy,” where a product can be recommended and sold by a pharmacist without a prescription.
For instance, in April 2022, the government of the United Kingdom updated the list of new United Kingdom medicines reclassified from prescription-only medicine (POM) to pharmacy (P) medicine and P medicine to general sales list (GSL) medicine from 1991 to 31 March 2022. This increases the availability of OTC drugs in the country, which is expected to have significant growth in the market.
Moreover, new product launches are likely to drive market growth. For instance, in April 2022, Aquiette was made available to purchase from a pharmacy for treating overactive bladder (OAB) without a prescription in the United Kingdom. Hence, owing to the factors above, the over-the-counter (OTC) drugs market is expected to have a notable growth rate in the United Kingdom during the forecast period.
However, the high probability of OTC drug abuse and the lack of awareness in the public is expected to hinder the market growth over the forecast period.
