The OTC drugs are regulated by governmental bodies to ensure that the ingredients used are safe and effective for use without a physician’s supervision.
Over the counter (OTC) drugs are non-prescription medicines, which are sold directly to consumers without any prescription from doctors and other healthcare professionals.
These drugs are regulated by active pharmaceutical ingredients (APIs) not final product. Dietary supplements are intended to provide nutrients to increase the quantity of consumption or provide non-nutrient chemicals that have biologically beneficial effects to users.
These supplements are available across all distribution channels such as pharmacies, grocery stores, shopping marts, online pharmacies, and other retailers. The global over the counter (OTC) drugs & dietary supplements market was valued at $223 billion in 2016, and is expected to reach at $335 billion by 2023, registering a CAGR of 5.9% from 2017 to 2023.
The global over the counter (OTC) drugs & dietary supplements market is driven by improvement in lifestyle & ageing of baby boomers, rise in consumer awareness related to preventative healthcare, and proliferation of distribution channels. In addition, increase in trend of self-directed consumers and self-medication for the treatment of primary health conditions have fueled the market growth.
However, stringent regulations by FDA and other governing bodies related to the safety & efficacy of OTC medications have delayed the approval restricting the market growth. Furthermore, minors, i.e. individuals under 18 years of age, are restricted to buy certain medications, which consist addictive chemicals, impeding the market growth.
The global over the counter (OTC) drugs & dietary supplements market is segmented based on category, dosage form, product, distribution channel, and geography. Based on category, it is divided into vitamin and dietary supplements, cough & cold products, analgesics, gastrointestinal products, sleep aids, otic products, wart removers, mouth care products, ophthalmic products, botanicals, antacids, smoking cessation products, feminine care, and others.
On the basis of dosage form, it is classified into tablets, hard capsules, powders, ointments, soft capsules, liquids, and others. Based on product, it is categorized into branded and generic drugs.
Based on distribution channel, it is divided into pharmacies, grocery stores, vitamin & health food stores, online pharmacies, and others.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest market share in 2016, and is expected to maintain its dominance throughout the forecast period.
This is attributed to the high consumer base especially for dietary supplements as consumers are more health conscious. However, Asia-Pacific is expected to emerge as a lucrative area for market players, due to increase in disposable income along with a shift in the consumer preference towards self-medication, improvement in healthcare facilities, and rapid development of economic conditions.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global over the counter (OTC) drugs & dietary supplements market along with current trends and future estimations to elucidate the imminent investment pockets.
- Comprehensive analyses of factors that drive and restrict the market growth are provided in the report.
- Comprehensive quantitative analysis of the industry from 2016 to 2023 is provided to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the key segments of the industry helps in understanding the trending products across the various regions.
- Key market players and their strategies are provided to understand the competitive outlook of the industry.
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