Over The Counter Drugs Market is Estimated to Witness High Growth Owing to Growing Online Drug Sales
Over The Counter Drugs Market is Estimated to Witness High Growth Owing to Growing Online Drug Sales
Blog Article
Over-the-counter (OTC) drugs refer to medicines sold directly to consumers without a prescription from a healthcare professional. Common OTC drugs include pain relievers, cough and cold medicines, antacids, laxatives, antitussives, decongestants, and others. The advantages of OTC drugs include convenience as consumers can purchase them easily from retail outlets or online portals. Their self-care nature allows consumers to treat minor ailments quickly without visiting a doctor. Growing awareness about self-medication and increasing health expenditure have boosted the demand for OTC drugs over the years.
The global over the counter drugs market was valued at US$ 143.7 Mn in 2021 and is forecast to reach a value of US$ 201.4 Mn by 2028 at a CAGR of 4.9% between 2022 and 2028.
Key Takeaways
Key players operating in the over the counter drugs market include Johnson & Johnson, Sanofi, Merck, Novartis, copyright, Roche, GlaxoSmithKline, AstraZeneca, Bayer, and Boehringer Ingelheim.
Growing e-commerce platforms are making Over The Counter Drugs Market Demand more accessible worldwide, presenting lucrative opportunities for market players. Popularity of private label brands offered at lower costs by online retailers is also fueling the market growth.
Technological advancements in drug delivery forms including fast-dissolving tablets and orally disintegrating films are increasing patient compliance for OTC medication of conditions like cold, cough, and allergy.
Market Drivers
Growing penetration of e-pharmacies and online platforms for purchasing OTC drugs without prescription is a key factor driving the market growth. According to estimates, online pharmacies accounted for over 35% share of the global OTC drugs market in 2020. The global online pharmacy market is expected to reach a value of around $187 billion by 2028, thus benefitting OTC drug makers.
Current Challenges in Over The Counter Drugs Market
The over the counter drugs market is facing several challenges currently. The regulatory concerns regarding safety and efficacy of these drugs is one of the major challenge. Regulatory bodies are continuously monitoring the OTC drugs and taking stringent actions to ensure consumer safety. Secondly, copyright drugs have emerged as a serious issue impacting brand reputation and trust. Drug manufacturers need to invest heavily in anti-counterfeiting technologies to protect consumers. Expanding healthcare coverage and access to affordable medicines is another challenge for players in this market.
SWOT Analysis
Strength: Wide product offerings and strong brand recognition of leading players. Market receives tailwinds from self-medication trend and growing health awareness.
Weakness: Regulatory hurdles and stringent norms increase compliance costs. Counterfeiting reduces brand trust and loyalty over time.
Opportunity: Emerging markets like Asia Pacific and Latin America present lucrative growth prospects. Demand for OTC drugs in e-commerce is on the rise.
Threats: Intense competition from generic drugs exerts pricing pressure.patent expirations of blockbuster drugs affects revenues of innovator companies.
Geographical Regions with High Market Concentration
North America currently dominates the over the counter drugs market and holds around 35% share in terms of value. This is attributed to factors like high disposable income, consumer preference for self-medication and accessibility of OTC drugs. Europe is another major regional market with around 30% value share. Emerging countries in Asia Pacific have been witnessing steady growth and provide immense opportunities for future expansion.
Fastest Growing Geographical Region
The Asia Pacific region is expected to register fastest growth during the forecast period in the over the counter drugs market. Presence of large patient pools, rising health awareness, growing middle class expenditure on healthcare and rapid urbanization are driving the market growth in Asia Pacific. China and India contribute most significantly to the market value in Asia due to their huge populations and improving access to medicines.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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