Over-the-counter (OTC) Drugs Market Size By Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids, Ophthalmic Products), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jan 2021  |  Report ID: GMI1884  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 135   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry trends

OTC Drugs Market size valued at more than USD 151 billion in 2020 and is expected to grow at a CAGR of over 5.1% between 2021 and 2027.
 

The OTC Drugs Market
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Emergence of COVID-19 has affected millions of people across the globe, affecting several industrial sectors. Coronavirus outbreak has considerably influenced the sales of OTC drugs with increased focus on personal health during pandemic. This has significantly augmented the intake of cold & flu products along with vitamins. However, in some regions, OTC drug sales were restricted to counteract stockpiling and maintain supply. Therefore, the pandemic has impacted the industry positively along with moderate negative effect in some regions and is predicted to foresee upsurge in demand with declining COVID-19 prevalence in several countries.
 

Increasing availability and manufacturing of OTC drugs for broad range of common disease conditions will significantly drive the over the counter drugs market revenue in the coming years. Repetitive occurrence of common flu and cold impels the demand for therapeutics. Moreover, awareness and demand for vitamin supplements and weight loss products will majorly contribute to the industry value during the forecast timeframe. Cost-benefits, positive results and broader accessibility are projected to highly fuel the demand for over-the-counter drugs.
 

Over-the-counter (OTC) Drugs Market Report Coverage
Report Coverage Details
Base Year: 2020 Market Size in 2020: 151.7 Billion (USD)
Historical Data for: 2016 to 2020 Forecast Period: 2021 to 2027
Forecast Period 2021 to 2027 CAGR: 5.1% 2027 Value Projection: 209.0 Billion (USD)
Pages: 135 Tables, Charts & Figures: 97
Geographies covered (22): U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, India, China, Japan, Australia, South Korea, Taiwan, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, Kuwait, Qatar
Segments covered: Product
Companies covered (15): Bayer HealthCare, GlaxoSmithKline (GSK), Sanofi, Johnson & Johnson, Pfizer, Sun Pharmaceutical Industries Ltd., Alkem Laboratories Limited, Cipla, Inc., Piramal Enterprises Limited, Teva Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals Ltd., Takeda, Innovus Pharmaceutical Inc., Dr. Reddy's Laboratories
Growth Drivers:
  • Pharmaceutical companies switching from Rx to OTC drugs especially in the U.S.
  • Growing trend of self-medication in developing economies
  • Significant cost savings due to OTC drug usage in Asia pacific and Latin America
Pitfalls & Challenges:
  • Several concerns pertaining to incorrect diagnosis and substance abuse

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Significant increase in manufacturing leading to rise in number of new product launches will spur the demand for over the counter drugs market

Expansion of product availability in the market with shift from Rx to OTC drugs resulting into its accessibility to broader patient population will enhance the industry growth. As OTC products save treatment cost significantly, it rises the affordability to all patient classes. These medicines are also cost-effective options for millions of people without insurance coverage. In addition, over-the-counter products eliminate the cost associated with physician visits. Considering the overall shift from Rx to OTC and reduced treatment cost, the market will witness booming demand over the coming years.  
 

Expanding population with vitamin deficiency and obesity due to adoption of unhealthy habits will impel the demand for related OTC products. The growing demand will further result in increasing manufacturers’ switching rate from Rx to OTC to strengthen their business position. According to the World Health Organization, in 2016, over 1.9 million adults were overweight. With focus on weight loss among these adults, the market will observe tremendous growth over the forecast timeframe. This has also resulted in lucrative demand for vitamin supplements.
 

Growing population with vitamin and mineral deficiencies with acceptance of unhealthy habits will boost the product supply

Global OTC Drugs Market

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Mineral and vitamin supplements held more than 29.3% of the OTC drugs market share in 2020. Incidence of diseases owing to vitamin deficiencies in adults as well as paediatric population contributes to higher demand for vitamin- and mineral-based medicines.
 

High disease prevalence will ultimately affect the demand for supplements. According to the Centers for Disease Control and Prevention, globally, vitamin A deficiency affects over 150 million preschool-aged children. Additionally, about 1.8 billion people have insufficient iodine intake across the globe. Thus, increasing proportion of nutrient-deficient population coupled with growing demand for micronutrients for healthy development and disease prevention will positively impact the segment growth during the forecast timeline.   
 

Adoption of self-medication coupled with growing drugs industry will stimulate the European market growth potential

Europe Over-the-Counter (OTC) Drugs Market

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Europe OTC drugs market is estimated to register growth of over 4.3% till 2027 on account of high adoption of self-medication. Also, growing geriatric population with several conditions led by deficiencies with aging contribute to the market expansion. Europe also has presence of numerous players that are using several expansion strategies. With increasing product availability and penetration, the region will showcase continuous rise in demand, thereby accelerating the OTC product sales.
 

Leading industry players are focusing on new product launches to boost their consumer health portfolio

Some of the prominent companies operating in the over the counter (OTC) drugs market include Johnson & Johnson, Bayer, GlaxoSmithKline, Sanofi, Dr. Reddy’s Laboratories and Cipla among other players. These industry leaders are adopting various inorganic growth strategies to gain market share and sustainable competitive advantage.
 

Some of the recent industry developments:

  • In September 2020, Hamdard Laboratories announced the launch of six new OTC products for common illness such as cold and cough. Such product launches will expand firm’s product portfolio, thus strengthening its over the counter drugs market position.  
     
  • In December 2018, Dr. Reddy’s Laboratories launched over-the-counter Omeprazole Delayed-Release Tablets in the U.S. This has led to expansion of company’s presence in the U.S.’ OTC market and generated higher revenues.
     

The over the counter (OTC) drugs market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Product

  • Analgesics
  • Cold, Cough & Flu Products
  • Weight Loss Products
  • Gastrointestinal Products
  • Skin Products
  • Mineral And Vitamin Supplements
  • Sleeping Aids
  • Ophthalmic Products
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Poland
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia
    • South Korea
    • Taiwan
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East Asia & Africa
    • South Africa
    • Saudi Arabia
    • Kuwait
    • Qatar

 

Frequently Asked Questions (FAQ) :

The global market for OTC drugs had surpassed USD 151 billion in 2020 and is projected to expand at around 5.1% up to 2027.
More than 29.3% of the OTC drugs market share was held by mineral and vitamin supplements segment in 2020 with rising cases of diseases related to vitamin deficiencies in pediatric and adult population.
Prominent manufacturers of OTC medicines include Bayer, Cipla, Dr. Reddy’s Laboratories, GSK, Sanofi, Johnson & Johnson and numerous others.
The Europe OTC drugs industry size is anticipated to witness more than 4.3% CAGR between 2021-2027 with growing geriatric population prone to illnesses and increased preference for self-medication.

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Premium Report Details

  • Published Date: Jan 2021
  • Pages: 135
  • Tables: 89
  • Charts / Figures: 8
  • Companies covered: 15
  • Countries covered: 22

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