OTC Pharmaceutical Market to Expand at a CAGR of 4.8% by 2028 Owing to Increasing Customer Preference for Over-the-Counter Analgesics | Million Insights

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According to new report available with Million Insights, the global OTC pharmaceuticals industry research report offers thorough insights on products, sales channels, top players, and impact of COVID-19. It also offers ready, data-driven answers to several industry-level questions.

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.

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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.

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OTC Pharmaceutical Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR of 5.4% from 2021 to 2028 owing to rising demand for OTC pharmaceuticals due to the increasing prevalence of respiratory disease

• 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 offline segment dominated the market with the highest revenue share of 70.0% in 2020 owing to its increasing sales

• The online segment is estimated to showcase significant growth over the forecast period as these types are available at low cost and also provides offers and discounts

OTC Pharmaceuticals Market Segmentation

Million Insights has segmented the global over-the-counter pharmaceuticals market on the basis of types, distribution channel, and region:

OTC Pharmaceuticals Types Outlook (Revenue, USD Million, 2017 – 2028)

Cold & Cough Remedies
Analgesics
Digestives & Intestinal Remedies
Vitamins & Minerals
Skin Treatment
Natural and synthetic agents (Hand Sanitizer)

OTC Pharmaceuticals Distribution channel Outlook (Revenue, USD Million, 2017 – 2028)

Online
Offline

OTC Pharmaceuticals Regional Outlook (Revenue, USD Million, 2017 – 2028)

North America

U.S.

Europe

Germany
U.K.
France

Asia Pacific

China
Japan

Central & South America

Brazil

Middle East & Africa

South Africa

List of Key Players of OTC Pharmaceuticals Market

Johnson & Johnson
Reckitt Benckiser Group plc
Bayer AG
GlaxoSmithKline plc
AstraZeneca plc
Pfizer Inc
Sun Pharmaceutical Industries Ltd.
Novartis AG
Prestige Brands, Inc.
Procter & Gamble

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