Over-The-Counter (OTC) Drugs Market Size, Industry
Analysis Report, Regional Outlook from 2017 to 2024.:
Global Market Insights Inc.
Over-The-Counter (OTC) Drugs Market size is expected to grow rapidly during the
forecast period due to rising geriatric population and increasing demand from patients
to treat various medical conditions without requiring physician’s consultation. As per
WHO estimates, the worldwide elderly population aged 65 years and above is set to rise
to 16% by 2050 from 7% in 2000, fueling the demand for medicines in the future.
OTC drugs can be easily available through pharmacies, grocery stores, hospitals, online
resources and other distributing channels. Easy accessibility, cost-savings in healthcare
services and rise in self-medication will further boost the industry over the coming
years. Rising awareness for consumer healthcare products coupled with shifting trend
of pharma companies from prescription-based to non-prescription-based medicines or
over-the-counter drugs should boost the business growth over the forecast timeframe.
Stringent regulations for use of OTC medicine in developed economies, lack of
reimbursement along with associated side-effects with inappropriate dosage can
hamper the over-the-counter drugs market in the coming years.
Based on product type, the industry is segmented into analgesics, skin products, cold,
cough & flu drugs, weight loss or dietary products, sleeping aids, gastrointestinal
products, vitamins & mineral supplements, ophthalmic products and others. Analgesics
or pain relievers account for larger market share due to rising demand from elderly
patient pool, climatic conditions, and growing awareness for consumer healthcare
medicines. Dietary products and sleeping aids segment will grow at a faster pace over
the forecast period owing to the consumer awareness for healthy lifestyle.
North America OTC drugs market accounts for largest revenue share due to the
increased acceptance by consumers in the U.S., established regulatory authorities, rising
preference for over-the-counter medicines for minor ailments coupled with increasing
self-medication and self-care. Rising demand from elderly population, presence of giant
pharmaceutical companies developing novel products for minor health issues, easy
availability and cost-savings are accelerating the European OTC drugs market growth.
Browse key industry insights from the report “Over-The-Counter (OTC) Drugs Market
Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France,
Italy, Spain, Russia, Poland, China, India, Japan, Australia, New Zealand, Brazil, Mexico,
1 | Page