Over-the-Counter Drugs Market 2022 Key Trends, Applications and Future Developments to 2030 – Queen Anne and Mangolia News
the global over-the-counter drug market the size is estimated at 164.65 billion USD in 2021 and reach 269.36 billion USD in 2027, registering a CAGR of 8.55% during the forecast period, 2021-2027. Over-the-counter (OTC) drugs are defined as the class of drugs that can be purchased directly by a consumer without a prescription from a medical professional. Over-the-counter drugs are often called non-prescription drugs. These medications are safe and effective choices when administered according to guidelines provided by healthcare professionals. Over-the-counter medications are basically used to treat conditions that do not require direct medical consultation. The over-the-counter drug market is booming with the approval of more expensive drugs, resulting in a significant shift towards the over-the-counter drug category.
Factors affecting the OTC Drugs industry over the forecast period
The increasing rate of adoption of over-the-counter drugs for the treatment of minor ailments and increased R&D spending, coupled with increasing government funding in the development of over-the-counter drugs, will increase the demand for over-the-counter drugs, providing growth to the global market.
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Factors such as easy availability and affordability of over-the-counter drugs in pharmacies, growing demand for personalized drugs among consumers, and diversity of product portfolio for the healthcare industry are further expected to drive the global growth of the over-the-counter drug market.
Technological advancements regarding over-the-counter drug applications in developing countries are also significantly driving the growth of the over-the-counter drug market in the healthcare and pharmacy sectors across the globe.
However, drug abuse, drug addiction, people’s lack of knowledge about drugs and strict government regulations on drug approval may restrain the growth of over-the-counter drugs in the global market during the period of forecast.
Impact of COVID-19 on the OTC Drugs Market
COVID-19 is a global public health disease that has affected almost every industry. The outbreak of COVID-19 has increased the demand for the over-the-counter drug market in several sectors, primarily healthcare and pharmaceutical sector, as there is no certain vaccination and majority of people are receiving treatment home. Additionally, COVID-19 has often dramatically influenced sales of over-the-counter medications, increasing the focus on personal health during the pandemic. Moreover, with the spread of the COVID-19 crisis around the world, the need for over-the-counter drugs often increases significantly, as they help in the treatment of the novel coronavirus in people with high clinical suspicion. Therefore, with the outbreak of COVID-19, the over-the-counter medicine market is going to grow across the globe, which has positively impacted the over-the-counter medicine market value in 2020 and subsequent years.
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The report outlines the OTC Drugs market study based on product type, formulation type, and distribution channels.
On the basis of product type, the over-the-counter drugs market has been segmented into –
- Dermatology products
- Cough, cold and flu products
- Vitamins & Minerals
On the basis of formulation type, the over-the-counter drugs market has been segmented into –
On the basis of distribution channels, the over-the-counter drugs market has been segmented into –
- convenience stores
Over-the-Counter Drugs Market: Regional Outlook
Based on region, the global over-the-counter drugs market has been segmented into five geographical regions, namely, North America, Asia-Pacific, Europe, South America, Middle East and Africa. In 2020, North America held the largest market share in the over-the-counter drug market, followed by Europe and Asia-Pacific, owing to an increase in government investment and healthcare industries. health, as well as the presence of a large number of market suppliers in the Region. Additionally, Asia-Pacific is expected to project the highest CAGR in the world during the forecast period owing to the high adoption and easy affordability of over-the-counter drugs, coupled with booming healthcare infrastructure. health care in the region.
Leading competitors in the Global OTC Drugs Market include-
The over-the-counter drug market is highly fragmented, with the presence of a large number of small players across the globe. Major OTC Drug Manufacturers operating in the global market are –
- Bayer AG
- Novartis International AG
- Merck & Co, Inc.
- GlaxoSmithKline Plc
- Johnson & Johnson
- Astra Zeneca plc
- Sanofi SA
- Pfizer Inc.
- Teva Pharmaceuticals Industries Ltd.
- Sun Pharmaceutical Industries Ltd.
The OTC Drugs Market report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes the entries.
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Over-the-Counter Drugs Market Report Covers Comprehensive Analysis on:
- Market Segmentation and Regional Analysis
- 10 year market size
- Price analysis
- Supply and demand analysis
- Product life cycle analysis
- Porter’s Five Forces and Value Chain Analysis
- Analysis of developed and emerging economies
- PEST analysis
- Factor analysis of the market and forecasts
- Opportunities, risks and market trends
- Conclusion and recommendation
- Regulatory landscape
- Patent analysis
- Competition landscape
- More than 15 company profiles
Regional analysis of over-the-counter drugs market includes
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
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Over-the-counter drug market: target audience
- Over-the-counter drug manufacturers
- Over-the-counter drug distributors and suppliers
- Hospitals and diagnostic laboratories
- Drug discovery and development research centers
- Investors and trading experts
- Manufacturers, Distributors and Healthcare Providers
- Trade publications and magazines
- Government authorities, associations and organizations