IMARC Group, a leading market research company, has recently releases report titled “Over the Counter (OTC) Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global over the counter drugs market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Over the Counter (OTC) Drugs
Over the counter (OTC) drugs are medications that are available for purchase without a doctor’s prescription. They include pain relievers, antacids, anti-diarrheal, and laxative drugs that assist in managing digestive issues such as heartburn, indigestion, diarrhea, and constipation. They are readily available in pharmacies, grocery stores, and online, making them easily accessible to individuals. They are rigorously evaluated and regulated by health authorities to ensure their safety and effectiveness for specific ailments. They are usually packaged with clear dosing instructions and warnings to help consumers use them correctly. They provide convenient and immediate access to relief for minor health concerns, eliminating the need to visit a doctor. They are generally more cost-effective than prescription medications and can save consumers money on healthcare expenses. They empower individuals to manage and treat certain health conditions independently, enhancing their overall well-being. They offer swift relief from symptoms, which can improve the quality of life and productivity for individuals suffering from common ailments. They are widely used for minor skin conditions like acne, eczema, and minor cuts and burns.
How Big Is the Over the Counter (OTC) Drugs Market?
The global over the counter (OTC) drugs market size reached US$ 158.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.24% during 2023-2028.
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What are the growth prospects and trends in the over the counter (OTC) drugs industry?
The increasing prevalence of minor health conditions, such as colds, allergies, and pain represents one of the key factors driving the demand for OTC drugs. Additionally, the expanding aging population, which is highly susceptible to common illnesses, is offering a favorable market outlook.
Along with this, the rising preferences of individuals for convenient and cost-effective remedies that are readily available without a prescription are influencing the market positively. Apart from this, ongoing advancements in healthcare are making OTC drugs more accessible to consumers, further bolstering the market growth.
Moreover, the expansion of pharmacies, supermarkets, convenience stores, and online stores is improving the accessibility of these OTC drugs. This accessibility allows individuals to promptly address their health concerns, saving time and aids in reducing the need for medical appointments.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Cough, Cold and Flu Products
- Analgesics
- Dermatology Products
- Gastrointestinal Products
- Vitamins, Minerals and Supplements (VMS)
- Weight-loss/Dietary Products
- Ophthalmic Products
- Sleeping Aids
- Others
Breakup by Route of Administration:
- Oral
- Parenteral
- Topical
- Others
Breakup by Dosage Form:
- Tablets and Capsules
- Liquids
- Ointments
- Others
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Alkem Laboratories Limited, Bayer AG, Daiichi Sankyo Company Limited, Dr. Reddy’s Laboratories Ltd., GlaxoSmithKline plc, Johnson & Johnson, Novartis AG, Perrigo Company plc, Pfizer Inc., Piramal Enterprises Ltd., Reckitt Benckiser Group PLC, Sanofi S.A., Sun Pharmaceutical Industries Ltd. and Teva Pharmaceutical Industries Ltd.
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