Over The Counter (OTC) Drugs Market size is estimated to reach over USD 266 billion by 2032, according to a new research report by Global Market Insights. Inc.
A surge in preference for preventative care and self-medication in emerging economies will proliferate the demand for OTC drugs. Rising prevalence of chronic illnesses and the emergence of novel infectious diseases has accelerated consumer interest in the supplementation and consumption of vitamins and minerals on a daily basis. Drugs & therapeutics used for self-medication offer a wide range of benefits such as easy accessibility, affordability, and the ability to reduce healthcare burden. The developing and underdeveloped regions continue to struggle with a substantial disparity as well as urban and rural healthcare provisions, which increases emphasis on preventative care.
Rising prevalence of cancer to accelerate analgesics consumption
Analgesics are estimated to account for nearly 11% share of the OTC drugs market by 2032. Increasing incidences of chronic ailments such as cancer, cardiovascular diseases, and respiratory diseases are accelerating the OTC sales of analgesics. Over the last decade, the incidences of different cancer types including breast, colon, kidney, pancreas, liver, and esophagus have grown considerably driven by sleep deprivation, excessive alcohol consumption, and altered microbiome.
Browse key industry insights spread across 151 pages with 157 market data tables & 12 figures & charts from the report, “Over the Counter 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), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Medstores), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Booming telehealth and telemedicine trends to boost online sales of OTC drugs
OTC drugs market from online medstores distribution channel segment was valued at more than USD 40 billion in 2022. Digitization of medical services and pharmaceutical sectors will complement the segment demand. COVID-19 has catalyzed consumer interest in e-commerce platforms for pharmaceutical needs. Online drug stores have experienced a notable push in the wake of the pandemic, with a large number of individuals ordering drugs and other personal care supplies online. These platforms offer a wide range of benefits such as product variety, enhanced accessibility, and product discounts.
Growing disease burden to augment Europe market demand
Europe OTC drugs market share is to surpass USD 59 billion by the end of 2032. Rising healthcare expenditure and favorable regulatory scenarios are appealing to new developments in the OTC industry in Europe. The growing disease burden due to the high rate of adoption of unhealthy dietary lifestyles offers lucrative scope for OTC drug providers in the region. Digestive diseases affect more than 300 million people across the EU, and the Mediterranean area, which results in heft economic costs.
Expansion initiatives to boost OTC drugs market development
Bayer AG, GlaxoSmithKline Plc., Sanofi, Johnson & Johnson Services Inc., Sun Pharmaceutical Industries Ltd., Alkem Laboratories Limited., Cipla, Inc., Reckitt Benckiser Group Plc., Piramal Enterprises Limited, Teva Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals Ltd., The Blackstone Group, Inc. (Alinamin Pharmaceutical Co., Ltd.), Aytu Biopharma, Inc. (Aytu Consumer Health, Inc.), Dr. Reddy's Laboratories, Viatris, Inc. are some of the leading companies in the market.