Over the Counter (OTC) Drugs Market Size, Report By 2033

Prathamesh

2 months ago

The global over the counter (OTC) drugs market size reached US$ 125.28 billion in 2023 and is projected to hit over US$ 229.01 billion by 2033 with a CAGR of 6.51% from 2024 to 2033.

The North America over the counter (OTC) drugs market size was valued at USD 36.96 billion in 2022.
By route of administration, the oral segment has accounted 37% revenue share in 2021.
The parenteral segment has captured 30% market share in 2021.

The non-prescription medicines are sometimes known as over the counter (OTC) drugs because they are available without a prescription. If taken as directed by a healthcare practitioner, over the counter (OTC) drugs are safe. The growth in awareness of general health problems, as well as innovations in the healthcare and pharmaceutical industries, is driving the growth of over the counter (OTC) drugs market. In addition, an increasing trend among individuals to use over the counter (OTC) drugs for mild ailments contributes towards the growth of over the counter (OTC) drugs market during the forecast period.

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Regional Snapshot

North America is the largest segment for over the counter (OTC) drugs market in terms of region. The change in consumer lifestyle and growing preference of consumers towards over the counter (OTC) drugs is expected to drive the growth of over the counter (OTC) drugs market during the forecast period.

Europe region is the fastest growing region in the over the counter (OTC) drugs market. Europe has large number of over the counter (OTC) drugs manufacturers. This fact is resulting Europe region as one of the dominants in the over the counter (OTC) drugs market.

Report Highlights

Based on the product, the cold and cough remedies segment dominated the global over the counter (OTC) drugs market in 2020 with highest market share. The increase in geriatric population and rise in number of cold and cough cases is propelling the growth of segment during the forecast period.
Based on the distribution channel, the drug stores and retail pharmacies segment is estimated to be the most opportunistic segment during the forecast period. The increase in number of retail stores or drug stores is driving the growth of the segment during the forecast period.

Table of Contents

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Scope of the Over the Counter (OTC) Drugs Market

Report Coverage	Details
Market Size In 2023	US$ 125.28 Billion
Growth Rate	CAGR of 6.51% from 2024 to 2033
Revenue Projection by 2033	US$ 229.01 Billion
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2023
Forecast Period	2024 to 2033

Market Dynamics

Drivers – Growing geriatric population

The population of old or senior people are growing on a large scale. According to World Health Organization (WHO), the number of people of age 65 years or above is expected to grow around 1.5 billion in 2050. The number is expected to rise in developing countries such as China, Japan, India, and South Korea. The geriatric population faces various kinds of health problems such as cancer, diabetes, high blood pressure, and blood sugar levels. They need to be more careful with their health. So, they require medicines at certain interval of time. Sometimes, the geriatric people buy medicines without any kind of prescription. As a result, the growing geriatric population is driving the growth of over the counter (OTC) drugs market during the forecast period.

Restraints – Threat to life of people

The over the counter (OTC) drugs are non-prescribed medicines. The people who have little knowledge about drugs and medicines, consume medicines without consulting doctor or healthcare professional. This can have ill-effects on the health of consumers. The consequences of this action can also have threat on the drug stores and pharmacies. Many incidences have been noticed where people have died by consuming wrong drugs or medicines. To avoid such situations, the over the counter (OTC) drugs need to be banned. Thus, the threat to life of people is a restricting factor for the growth of the over the counter (OTC) drugs market during the forecast period.

Opportunities – Rising awareness of general health problems

After COVID-19 pandemic, the people are more concerned towards their health. The consumption patterns have changed due to coronavirus outbreak. This has created new growth opportunities for the over the counter (OTC) drugs in the market. Before a decade, the people were not aware about the causes of cold and cough. But after the pandemic the people have understood the importance of good health. Many of the consumers have knowledge of medicines that can be consumed during certain health issues. As a result, the rising awareness of general health problems is paving the way for the growth of over the counter (OTC) drugs market during the forecast period.

Challenges – Stringent government regulations

The sale of over the counter (OTC) drugs in some regions is not legal. For this, certain rules and laws need to be followed. The Food and Drug Administration (FDA) has enacted certain regulatory framework that prohibits the use of over the counter (OTC) drugs in the market. In many developed countries, the sale of over the counter (OTC) drugs is banned. As a result, the stringent government regulations are a huge challenge for the growth of over the counter (OTC) drugs market during the forecast period.

Key Companies & Market Share Insights

In August 2019, Pfizer and GlaxoSmithKline Plc., two of the world’s largest pharmaceutical corporations, announced a joint venture agreement. The goal of this agreement was to establish a leading consumer healthcare company and become the global over the counter (OTC) drugs market leader.
The U.S. Food and Drug Administration approved Astepro Allergy as an over the countermedicine for the temporary alleviation of nasal congestion, itchy nose, runny nose, and other respiratory infections in June 2021, according to Bayer. It is only non-steroid antihistamine nasal spray available over the counter in the U.S. for adults and children aged 6 and up.
Dr. Reddy’s Laboratories Ltd. released Olopatadine Hydrochloride Ophthalmic Solution, an over the countereye allergy drop, in September 2020.
Cipla Health teamed with Zomato, Swiggy, and Dunzo to deliver over the counter wellness goods to customer’s homes in India in April 2020.
GSK Consumer Healthcare declared in December 2020 that it will launch a new nasal decongestant portfolio in India under the Otrivin brand. Otrivin Breathe Clean Daily Nasal Wash was also introduced.
Crown and Soma Pharmaceuticals declared a collaboration in December 2020 to bring Microcyn-based sprays and gels, as well as anti-itching over the counter drugs to the U.S. market.

Some of the prominent players in the global over the counter (OTC) drugs market include: