Over the Counter Drugs Market Size to Worth Around US$ 294.18 Bn by 2030

The global over the counter drugs market size was reached at US$ 160.75 billion in 2021 and it is expected to be worth around US$ 294.18 billion by 2030, poised to grow at a CAGR of 6.9% from 2022 to 2030.

The need for self-medications and drugs is driving the expansion of the worldwide over the counter drugs market. Furthermore, rising approvals for over-the-counter pharmaceuticals are strengthening the worldwide over the counter drugs market. Another element driving the global over the counter pharmaceuticals market is the low cost of over the counter drugs. The worldwide over the counter pharmaceuticals market will develop faster due to an ageing population and favorable regulatory measures. Furthermore, growing patent expirations of many medications, resulting in their use as over the counter treatments, and the low cost of over the counter drugs will propel the global over the counter drugs market forward.

Report Highlights

• On the basis of product, cold and cough remedies segment hold the largest market share in the global over the counter drugs market. Cold and cough medications can assist to relieve the symptoms of a common cold.
• On the basis of distribution channel, drug stores and retail pharmacies segment hold the largest market share in the global over the counter drugs market. This is attributed to the expanding number of retail pharmacies supplying over the counter drugs and increased consumer demand for these products.

Regional Snapshot

North America is the largest segment for over the counter drugs market in terms of region. The rising usage of over the counter pharmaceuticals is driving the rise of the over the counter drugs market in North America. Furthermore, the growing preference for over the counter pharmaceuticals over prescription drugs is propelling the growth of the over the counter drugs market in North America.

Europe region is the fastest growing region in the over the counter drugs market. The increased awareness of over the counter pharmaceuticals among consumers is one of the major factors fueling the expansion of the European over the counter drugs business. Furthermore, the presence of significant market players aids the expansion of the European over the counter medicine market. Because of an ageing population and a variety of ailments caused by ageing impairments, the European over the counter medicine industry is developing.

Scope of the Report

Market Dynamics

Drivers

Rising approvals from regulatory bodies

The global over the counter drugs market is growing due to an increase in regulatory authorization for transferring prescription medications to over the counter drugs. There has been a definite movement toward these more handy and affordable solutions as the majority of prescription allergy drugs have become over the counter. As per the Consumer Healthcare Products Association, several prescription allergy treatments have been converted to over the counter drugs, and there has been a movement favoring these prescriptions due to their cheaper pricing.

Restraints

Side effects of over the counter drugs

A report conducted in Academic Pediatrics looked at the negative impacts of over the counter cough and cold drugs on the pediatric population in the U.S. According to the study, there were over 5,000 occurrences of ill effects linked to an over the counter CCM component between 2009 and 2016. Thus, this factor is restricting the growth of global over the counter drugs market.

Opportunities

Growing adoption of over the counter drugs over prescription drugs

The transition of manufacturers from prescription to over the counter drugs is one of the most visible trends in the global over the counter drugs market. Many manufacturers are shifting their products from prescription to over the counter. In its 2019 annual report, Bayer AG, for example, declares that as part of its plan, the business would convert some of its prescribed self-care products to over the counter drugs. As a result, growing adoption of over the counter drugs over prescription drugs is supporting the growth of global over the counter drugs market.

Challenges

Rising trend of drug addiction and drug abuse

As per the Addiction Center and research published by the Substance Abuse and Mental Health Services Administration, around 3.1 million young people aged 12 to 25 have abused over the counter drugs to get high in the U.S. Thus, this is one of the major challenges faced by global over the counter drugs market.

Recent Developments

• The Food and Drug Administration approved Advil Dual Action with Acetaminophen as an over the counter medicine for pain management in March 2020, according to GlaxoSmithKline. It will be accessible global and is the first over the counter combination of acetaminophen and ibuprofen to be approved by the Food and Drug Administration in the U.S.
• Piedmont Pharmaceuticals LLC sold Nuvo Pharmaceuticals Inc., the ex-U.S. product and current royalty streams for Resultz, an over the counterlice treatment.
• Dr. Reddy’s Laboratories Ltd. launched an over the counter Omeprazole Delayed Release pill in the U.S. in September 2019.

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