Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The global over the counter drugs market size was valued at USD 148.0 billion in 2020 and is anticipated to grow from USD 157.0billion in 2021 to USD 233.6 billion by 2028, exhibiting a CAGR of 5.8 % over 2021 to 2028. The surge can be credited to the increasing inclination of manufacturers towards over the counter medications from prescription drugs.
Fortune Business Insights™ have furnished these findings in its research report, titled "Over The Counter Drugs Market Forecast, 2021-2028".
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 5.8% |
| 2028 Value Projection | USD 233.6 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 157.0 Billion |
| Historical Data | 2017 to 2019 |
| No. of Pages | 140 |
Rising Investments in Supply Chain through Retail Stores to Boost Growth
The cost-effectiveness and accessibility of various OTC type of drugs in several retail stores across the globe is anticipated to propel the over the counter drugs market growth in the upcoming years. In emerging and developed countries, the private sector is increasingly investing in the enhancement of the supply chain through numerous distribution outlets and retail stores. The Consumer Healthcare Products Association, for instance, stated in February 2021 that there are around 54,000 pharmacies in the U.S. alone. Also, more than 750,000 retail outlets are currently selling OTC products.
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Cold & Cough Remedies Segment to Dominate Backed by its Surging Prevalence
Based on the distribution channel, the market is segregated into drug stores & retail pharmacies, hospital pharmacies, and online pharmacies. By the product type, it is classified into analgesics, cold & cough remedies, digestives & intestinal remedies, skin treatment, vitamins & minerals, and others. Amongst these, the cold & cough remedies segment is likely to dominate the market throughout the forthcoming years. This growth is attributable to the rising prevalence of cough and cold among people on account of season changes. In 2020, the cough & cold remedies segment earned 21.8% in terms of the OTC drugs market share.
| Over The Counter Drugs Market Segmentation | By Product Type
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By Distribution Channel
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By Geography
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Report Coverage-
The report aims to analyze this industry by considering contributions, prospects, and trends. It offers detailed profiles of every key company operating in the industry to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as collaborations, new product launches, partnerships, mergers, joint ventures, and acquisitions.
Presence of Cipla Inc., Procter & Gamble, and TajPharma to Favor Growth in Asia Pacific
In 2020, North America procured USD 58.4 billion in terms of revenue. It is set to remain at the forefront backed by the high demand for OTC drugs, as compared to prescription ones. Asia Pacific is expected to grow rapidly because of the increasing presence of numerous reputed manufacturers, such as TajPharma, Procter & Gamble, The Himalaya Drug Company, GlaxoSmithKline plc, and Cipla Inc. in this region. Europe would remain in the second position, followed by North America owing to the surging awareness of the availability of over the counter drugs in the region.
Key Players Focus on Unveiling State-of-the-art Medicines to Intensify Competition
The global market contains a large number of companies that are currently trying to conduct R&D activities for launching innovative drugs to cater to the high demand worldwide. A few others are also participating in the partnership strategy to co-develop and distribute new products. Below are the industry developments:
- September 2020: Hamdard Laboratories unveiled six over the counter products for treating common disorders, such as cough and cold. These were created by using ancient Unani formulations that blend the advantages of natural herbs.
A list of reputed OTC drug manufacturers operating in the global market:
- Johnson & Johnson Services Inc.
- Bayer AG
- Novartis AG
- Sanofi S.A
- Pfizer
- GlaxoSmithKline Plc
- Boehringer Ingelheim International GmbH
- Reckitt Benckiser Group PLC
- Takeda Pharmaceutical Company Ltd
- Other Players
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Table of Content:
- Introduction of OTC Drugs Market
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Over The Counter Drugs Market Drivers
- Market Restraints
- Over The Counter Drugs Market Opportunities
- Key Insights
- New Product Launches, Key Players
- Key Developments, Mergers, Acquisitions, etc.
- Impact of Covid-19 on the Market
- Global OTC Drugs Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
- Market Analysis, Insights and Forecast – By Distribution Channels
- Drug Stores & Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- North America OTC Drugs Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
- Market Analysis, Insights and Forecast – By Distribution Channels
- Drug Stores & Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Product
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
- By Product
- Canada
- By Product
- Analgesics
- Cold & Cough Remedies
- Digestives & Intestinal Remedies
- Skin Treatment
- Vitamins & Minerals
- Others
- By Product
- U.S.
TOC Continued…..
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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