Over the Counter Drugs Market to Exhibit 5.8% CAGR from 2023 to 2030; Escalating Demand for Self-Medication and Immunity Boosters to Augment Market Growth

The global over the counter drugs market size was valued at USD 46.65 billion in 2022. The market is projected to grow from USD 49.68 billion in 2023 to USD 73.78 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Over The Counter Drugs Market Size, Share & COVID-19 Impact Analysis, By Product Type (Analgesics, Cold & Cough Remedies, Digestives & Intestinal Remedies, Skin Treatment, Vitamins & Minerals, and Others), By Distribution Channel (Drug Stores & Retail Pharmacies, Hospital Pharmacies, and Online Pharmacies), and Regional Forecast, 2023-2030”

The growing trend of self-medication, the shift from prescription drugs to over-the-counter alternatives, and the introduction of OTC products for boosting immunity are key factors driving the market growth. For example, Hamdard launched 12 OTC drugs to enhance immunity. The availability and cost-effectiveness of OTC products, which lead to significant savings, also contribute to market growth.

Market Experienced Mixed Trends During Pandemic through Changing Consumer Demand

The COVID-19 pandemic had varying impacts on different OTC products. Vitamins, minerals, and nutritional supplements witnessed growth during the pandemic, reflecting increased self-care awareness. However, sales of cough and cold products, skin treatments, and digestive remedies declined in the same period. Analgesics and essential OTC drugs such as antipyretics, antihistamines, cough suppressants, and vitamins were in high demand during the pandemic. However, overall market growth was affected, with a decline in 2020 and slow growth in subsequent years.

Glenmark Pharmaceuticals Expands its Presence in the U.S. through Strategic Acquisition

Glenmark Pharmaceuticals Ltd. made a strategic move by acquiring a portfolio of approved OTC abbreviated new drug applications (ANDAs) from Wockhardt in the U.S in June 2022. This acquisition enabled Glenmark Pharmaceuticals to expand its presence and offerings in the highly competitive OTC market in the U.S. The addition of these approved ANDAs strengthened the company's product portfolio and positioned it for further growth in the over the counter drugs segment.

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Changing Dynamics in the Market Create Growth Opportunities

The market is witnessing a shift as manufacturers increasingly convert prescription drugs into over-the-counter products, expanding consumer access to certain medications. Additionally, the rise of private-label OTC products and the growth of online sales are contributing to the evolving landscape of the market. Dr. Reddy's Laboratories Ltd.'s launch of an OTC Omeprazole Delayed-Release tablet in the U.S. market in September 2019 is an example of how manufacturers are expanding their OTC offerings.

However, the over the counter drugs market growth may be hindered by the risk of incorrect self-diagnosis leading to wrong medications and the potential side effects of OTC drugs.

Strong Market Presence and Strategic Partnerships Enhance Market Share for Key Players

Key players in the global over-the-counter industry have a strong market presence and are actively pursuing strategic initiatives to increase their market share. These prominent organizations promote their over the counter drugs products through diverse marketing channels, and some of them prioritize forming partnerships to establish themselves as leaders in the consumer healthcare sector and reinforce their position in the global market.

Key Industry Development

• March 2023: Teva Pharmaceutical Industries Ltd., and NATCO Pharma Limited, announced the launch of different strengths of the generic version of Revlimid, for the treatment of patients with mantle cell lymphoma, in the U.S.

List of Companies Profiled in the Market Report:

• Johnson & Johnson Services Inc. (U.S.)
• Bayer AG (Germany)
• Novartis AG (Switzerland)
• Sanofi S.A. (France)
• Pfizer (U.S.)
• GlaxoSmithKline Plc (U.K.)
• Boehringer Ingelheim International GmbH (Germany)
• Reckitt Benckiser Group PLC (U.K.)
• Takeda Pharmaceutical Company Ltd. (Japan)
• Perrigo Company plc (Ireland)

Further Report Findings:

• North America established its position as the primary region, with a market size of USD 18.46 billion in 2022, propelled by the increasing consumer inclination toward over-the-counter products compared to prescription drugs.
• Europe is anticipated to secure the second-largest over the counter drugs market share owing to the widespread adoption of self-medication practices and a growing awareness among the population.

Table of Segmentation