Research Support Specialist, USA
The global OTC pharmaceuticals market size is expected to reach USD 171.0 billion by 2028, registering a CAGR of 4.8% over the forecast period, according to a new report by Million Insights. The growing customer preference for over-the-counter analgesics is a prominent trend to boost the market growth. Technological advancement in the pharmaceutical industry will spur market growth. However, time-consuming drug approval process is restricting the market growth. At present, key players are focusing to provide pain-reliever with, particularly long-lasting action. Hence the analgesics market is expected to perform significant market growth during the forecast period.
The cold and cough remedies segment accounted for the largest revenue share of over 30.0% in 2020 owing to the increasing demand for these drugs due to the rising prevalence of cough and cold cases. The rising aging population is also another factor driving segment growth over the forecast period. Cold, cough medicines are the most common over-the-counter medicines purchased by people. Moreover, physicians recommend the use of these medicines only after minor health issues such as cough, cold, and fever. But in various other countries, these medicines are sold directly to the patients without prescription as per their rules and regulations.
The offline segment dominated the market and accounted for the highest revenue share of 70.0% in 2020. The demand for OTC Pharmaceuticals is rising among customers due to more sustainability offered by these offline stores than any other channel. Hence the segment is projected to show growth during the assessment period. Ease of hard cash transaction services, trustworthy relationship with domestic consumers are the other factors that will propel market growth during the forecast period.
North America dominated the market and accounted for around 45.0% revenue share in 2020 due to the high demand for OTC medicine products in the U.S and Canada. Also, the increasing cases of respiratory disease will drive the market growth over the forecast period. The increasing population of old age people along with growing air pollution is driving the growth of the market. In Asia Pacific, the market is expected to witness a CAGR of 5.4% from 2021 to 2028. This can be credited to the increasing demand for OTC pharmaceuticals medicine in this region.
The report “OTC Pharmaceuticals Market Size, Share & Trends Analysis Report By Types (Cold & Cough Remedies, Analgesics, Digestives & Intestinal Remedies, Vitamins & Minerals), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global over-the-counter pharmaceuticals market on the basis of types, distribution channel, and region: