The global Over-the-Counter (OTC) Drugs Market was valued over US$ 120 Bn in the year 2018. The market is expected to witness significant growth rate of 5.8% over forecast period. The rising preference for self-medications is one of the key factor propelling the global Over-the-Counter (OTC) Drugs Market growth.
Over-the-Counter (OTC) drugs are available without prescriptions and hence known as a non-prescription medicines. The preference for Over-the-Counter (OTC) drugs medicines is increasing from past few years as they are safe in nature. The medicines are consumed according to the healthcare professional’s instructions. The growth of Over-the-Counter (OTC) drugs market is driven by the increasing consumption of dietary supplements as these supplements are consumed for fulfilling the nutrient requirements of the body by providing the dietary ingredients, nutrients to the body.
Considering the revenue generation from the sale of Over-the-Counter (OTC) drugs, the mineral and vitamin supplements are expected to hold significant market share and continue its dominance in the global Over-the-Counter (OTC) drugs market. Also, the consumers are demanding the changes in traditional healthcare services receiving process as now a days well educated consumers are already aware of medicines which they need to consumer for minor diseases such as cold, fever, aches, and others. This trend is resulting into shift of consumers towards Over-the-Counter (OTC) drugs for in house treatment and self-care.
The increasing healthcare awareness across all age groups is resulting into increasing demand for Over-the-Counter (OTC) drugs. Also, Over-the-Counter (OTC) drugs are helping the consumers for cutting down cost for consultation of healthcare professional dramatically changing the market scenario. The factors such as changing lifestyles is propelling the adoption of Over-the-Counter (OTC) drugs such as skin products, weight loss, and others such factors are ultimately expected to fuel the market growth at global level.
The increasing interference of regulatory bodies and associations for controlling and monitoring of sale of Over-the-Counter (OTC) drugs for determining which drugs to be sold or not and also maintaining strict standards for pharmaceuticals to be sold as Over-the-Counter (OTC) drugs is one of the major factor hindering the market growth.
Over-the-Counter (OTC) Drugs Market Segmentation
Over-the-Counter (OTC) drugs market is significantly dominated by some of the potential economies including U.S., Japan, and China. The major economies are foreseen to capture significant market share in the Over-the-Counter (OTC) drugs market in 2018. Considering the demand from consumers for Over-the-Counter (OTC) drugs, the U.S and Japan are expected to register moderate growth rate over forecast period due to saturation in terms of demand and strong regulatory parameters present in these countries.
The APAC region is second largest market in terms of demand for Over-the-Counter (OTC) drugs and China market is holding a significant market share with over 15% of global over-the-counter drugs market share.The strong presence of Over-the-Counter (OTC) drugs manufacturers and increasing production of pharmaceuticals in this region is boosting the demand for drugs.
The key players involved in the Over-the-Counter (OTC) drugs market includes companies such as Johnson & Johnson, Cipla, Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories, Merck KGaA, Bayer, Pfizer, Alkem Laboratories Limited, GloxoSmithKline, Sanofi, Takeda, Glenmark Pharmaceuticals Limited, and others. The manufacturers of Over-the-Counter (OTC) drugs are focusing on developing drugs as per the regulations and standards enforced by governments and different organizations and associations.