According to the report OTC drugs market has been estimated at USD 175.47 Million in 2018 and is projected to reach USD 264.46 Million by 2023 at a CAGR of 8.55% during the forecast period from 2018 to 2023.
The drugs which are directly sold to the consumer without a prescription from a doctor are called over-the-counter (OTC) drugs. In some countries, these drugs are sold in as any other product in the supermarkets and general stores. Certain drugs, although classified as OTC drugs will be sold by the pharmacist after assessing the needs of the patient. These drugs are permitted to be sold only if they are safe to use without a physician’s supervision.
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OTC Drugs Market: Drivers & Restraints
Increasing prevalence of diseases due to the changing lifestyles, growing trend of personal medication and increasing number of generic drug manufacturers are the major factors driving the market growth. Growing healthcare costs resulted in increasing preference towards low cost alternatives is one of the major reason for the growth of OTC drugs market.
However, concerns regarding abusing of these drugs and usage of these drugs under wrong circumstances are hindering the market growth.
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OTC Drugs Market: Segmentation
By Product Type
By Formulation Type
By Distribution Channels
By Geography
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OTC Drugs Market: Overview
Based on the product type, cough, cold and flu products lead the OTC drugs market. Analgesics and gastrointestinal products also occupy significant market share. Based on formulation type, tablets occupy majority of the market share. It is because most of the OTC drugs sold are in the form of tablets. However, with the increasing in awareness that liquids are absorbed faster than tablets, liquids market is increasing rapidly.
North America leads the OTC Drugs market. It is due to the awareness among the general population regarding the usage of OTC drugs and also because of the high healthcare costs in this region. Asia Pacific is expected to be the fastest growing market. It is because of the large population base, especially in China and India. Several manufacturers are shifting their attention towards this region due to its huge growth potential.
OTC Drugs Market: Key Players
Major players in the OTC Drugs market are Johnson and Johnson, GlaxoSmithKline, Bayer, Novartis, GSK Boehringer Ingelheim, Pfizer, Takeda, Sanofi, and PGT Healthcare.
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