The global OTC drugs market size was estimated to be USD 50.17 billion in 2023 and is expected to reach at USD 95.74 billion by 2034 with a CAGR of 6.05% during the forecast period 2024-2034. Increasing preference of OTC drugs over Rx drugs due to high cost, rising approval of OTC drugs, surge in demand for self-medication with over-the-counter (OTC) drugs, growth in product innovation, increasing approvals by regulatory bodies, and rising initiatives by major market players are some of the key factors boosting the market growth.
Rising initiatives by major market players is predicted to boost the market growth during the forecast period. Over-the-counter (OTC) drugs are pharmaceutical items that can be purchased without the need for a prescription from a healthcare provider. These products are legally available in various locations such as hospital pharmacies, drugstores, and occasionally in grocery stores. They are intended for the treatment of common symptoms such as the common cold, body aches, allergies, flu, heartburn, acne, and other minor health issues. For instance, in June 2023, MCKESSON Corporation, a multifaceted pharmaceutical company, has unveiled Foster & Thrive, a carefully selected private label for over-the-counter health and wellness products. This introduction aims to cater to changing patient requirements and the increasing market demand.
By product, cough, cold & flu products was the highest revenue-grossing segment in the global OTC drugs market in 2023 owing to surge in number of people suffering from cough, cold, & flu, increasing prevalence of flu & cold, rising launch of advanced OTC drugs, and growing initiatives by major market players. in July 2022, RLG Limited, an e-commerce and digital marketing firm, has partnered with AFT Pharmaceuticals, a company based in New Zealand, to introduce a selection of over-the-counter medications on the online platform Tmall Global. Additionally, analgesics is predicted to grow at fastest CAGR during the forecast period owing to the growing geriatric population, rising demand for pain relief drugs, and surge in launch of new pain-relieving OTC drugs.
By distribution channel, retail pharmacies was the highest revenue-grossing segment in the global OTC drugs market in 2023 owing to surge in number of retail pharmacies providing OTC products, growing preference for retail stores, and increasing prevalence of common diseases. Additionally, online pharmacies is predicted to grow at fastest CAGR during the forecast period owing to the rising internet penetration, surge in discounts offered by online pharmacies, and growing initiatives by leading market players. For instance, in October 2022, VirgoCX has introduced the awaited OTC Direct upgrade to its over-the-counter (OTC) trading platform, VirgoCX Wealth. This launch is in line with the company's continuous dedication to offering optimal tools and user satisfaction for its clients.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in prevalence of minor illnesses, growing adoption of self-medication to relieve the symptoms, rising approval of OTC drugs, and increasing mergers & acquisitions within market players. For instance, in June 2022, Glenmark Pharmaceuticals Ltd. purchased a collection of approved over-the-counter abbreviated new drug applications (ANDAs) from Wockhardt in the United States. This acquisition enabled the company to broaden its over-the-counter product portfolio in the U.S. market. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in approval of OTC drugs, growing demand for over-the-counter (OTC) drugs, increasing innovation in OTC drugs, and rising initiatives by leading market players. For instance, in July 2022, AFT Pharmaceuticals and RooLife Group have announced the introduction of a selection of AFT's over-the-counter (OTC) pharmaceuticals via their store on the China Cross Border E-Commerce (CBEC) online platform, Tmall Global.
Rising initiatives by major market players is predicted to boost the market growth during the forecast period. Over-the-counter (OTC) drugs are pharmaceutical items that can be purchased without the need for a prescription from a healthcare provider. These products are legally available in various locations such as hospital pharmacies, drugstores, and occasionally in grocery stores. They are intended for the treatment of common symptoms such as the common cold, body aches, allergies, flu, heartburn, acne, and other minor health issues. For instance, in June 2023, MCKESSON Corporation, a multifaceted pharmaceutical company, has unveiled Foster & Thrive, a carefully selected private label for over-the-counter health and wellness products. This introduction aims to cater to changing patient requirements and the increasing market demand.
By product, cough, cold & flu products was the highest revenue-grossing segment in the global OTC drugs market in 2023 owing to surge in number of people suffering from cough, cold, & flu, increasing prevalence of flu & cold, rising launch of advanced OTC drugs, and growing initiatives by major market players. in July 2022, RLG Limited, an e-commerce and digital marketing firm, has partnered with AFT Pharmaceuticals, a company based in New Zealand, to introduce a selection of over-the-counter medications on the online platform Tmall Global. Additionally, analgesics is predicted to grow at fastest CAGR during the forecast period owing to the growing geriatric population, rising demand for pain relief drugs, and surge in launch of new pain-relieving OTC drugs.
By distribution channel, retail pharmacies was the highest revenue-grossing segment in the global OTC drugs market in 2023 owing to surge in number of retail pharmacies providing OTC products, growing preference for retail stores, and increasing prevalence of common diseases. Additionally, online pharmacies is predicted to grow at fastest CAGR during the forecast period owing to the rising internet penetration, surge in discounts offered by online pharmacies, and growing initiatives by leading market players. For instance, in October 2022, VirgoCX has introduced the awaited OTC Direct upgrade to its over-the-counter (OTC) trading platform, VirgoCX Wealth. This launch is in line with the company's continuous dedication to offering optimal tools and user satisfaction for its clients.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in prevalence of minor illnesses, growing adoption of self-medication to relieve the symptoms, rising approval of OTC drugs, and increasing mergers & acquisitions within market players. For instance, in June 2022, Glenmark Pharmaceuticals Ltd. purchased a collection of approved over-the-counter abbreviated new drug applications (ANDAs) from Wockhardt in the United States. This acquisition enabled the company to broaden its over-the-counter product portfolio in the U.S. market. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in approval of OTC drugs, growing demand for over-the-counter (OTC) drugs, increasing innovation in OTC drugs, and rising initiatives by leading market players. For instance, in July 2022, AFT Pharmaceuticals and RooLife Group have announced the introduction of a selection of AFT's over-the-counter (OTC) pharmaceuticals via their store on the China Cross Border E-Commerce (CBEC) online platform, Tmall Global.
Segmentation: OTC Drugs Market Report 2022 - 2033
OTC Drugs Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Gastrointestinal Products
- Cough, Cold, & Flu Products
- Sleeping Aids
- Dermatology Products
- Ophthalmic Products
- Weight Loss/Dietary Products
- Analgesics
- Vitamins
- Mineral and Supplements (VMS)
- Others
OTC Drugs Market Analysis & Forecast by Distribution Channel 2023 - 2034 (Revenue USD Bn)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
OTC Drugs Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. OTC Drugs Market: Product Estimates & Trend Analysis
8. OTC Drugs Market: Distribution Channel Estimates & Trend Analysis
9. Regional Market Analysis
10. North America OTC Drugs Market
11. Europe Global OTC Drugs Market
12. Asia Pacific Global OTC Drugs Market
13. Latin America Global OTC Drugs Market
14. MEA Global OTC Drugs Market
15. Competitor Analysis
16. Company Profiles
Companies Mentioned
- Boehringer Ingelheim International GmbH
- GlaxoSmithKline plc
- Takeda Pharmaceutical Company Ltd
- Bayer AG
- Pfizer Inc.
- Dr. Reddy's Laboratories
- Perrigo Company plc
- Piramal Enterprises
- Reckitt Benckiser Group PLC
- Sanofi S.A.
- Johnson and Johnson
- Glenmark Pharmaceuticals Ltd.
- Sun Pharmaceutical Industries Ltd.
- Viatris (Mylan NV)
- Teva Pharmaceutical Industries Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | October 2023 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 50.17 Billion |
| Forecasted Market Value ( USD | $ 95.74 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
