The global Over the Counter drugs market has been bifurcated on the basis of type and geography. By type the market is segmented into analgesic & pain relievers, dermatological products, cough, cold, and flu products, vitamin supplements, mineral supplements, ophthalmic products, and others (Include digestive products, sleep aids & weight loss products).
Global Over the Counter (OTC) Drugs Market Report, published by Variant Market Research, forecast that the global market is expected to reach $273 billion by 2024 from $125 billion in 2016; growing at a CAGR of 10.2% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 10.8% and 10.4%, respectively, during the forecast period.
The global OTC drugs market is majorly driven by growing consumer awareness towards treatment of minor health problems, easy availability and direct purchase of OTC drugs, and increasing acceptance and adoption in new market. However, lack of knowledge in under developed area, and side effects due to high dosage may hinder the growth of the market.Additionally, innovations in OTC drugs and market expansion would provide growth opportunities for the market during the forecast period 2016–2024.
The global Over the Counter drugs market has been classified into type and geography. Type segment includes dermatological products, analgesic & pain relievers, cough, cold, and flu products, vitamin supplements, ophthalmic products, mineral supplements, and others (Include sleep aids & weight loss products, digestive products). The ophthalmic products segment is further categorized into glaucoma, dry eye, allergic & infective drugs, and other treatments.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major regions covered in the report. The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, South Korea, Japan, and others. Rest of the World (RoW) covers South America, Middle East, and Africa. North America held the largest market share in 2016 driven by high popularity of OTC drugs in the U.S. Asia-Pacific accounted for around one third of the global market share owing to increased consumer awareness in countries such as China and Japan. In terms of growth, Asia-Pacific is anticipated to grow at the fastest CAGR of 10.8% during the forecast period 2016-2024.
Major players operating in the global Over the Counter (OTC) drugs market includes Restacis, Vigamox, Lucentis, Sanofi, Bayer AG, Novartis AG, Merck KGaA, Pfizer Inc., GlaxoSmithKline Plc, Johnson & Johnson Inc., Teva Pharmaceutical Industries Ltd., and Alkem Laboratories Limited, among others.
Scope of Over the Counter Drug & Diet Supplement Market
- Analgesics remedies
- Dermatological remedies
- Digestive remedies
- North America
- United Kingdom
- South Korea
- South America
- Middle East
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