The global OTC drugs market is set to gain momentum from the increasing inclination of manufacturers towards over-the-counter medications from prescription drugs. In 2019, Bayer AG, for instance, mentioned that it is planning to change a few of its prescriptive products that are suitable for self-care to OTC. This information is given by Fortune Business Insights™ in a report, titled, “OTC Drugs Market, 2021-2028.” As per the report, the market size is projected to grow from USD 157.0 billion in 2021 to USD 233.6 billion in 2028 at a CAGR of 5.8% in the forecast period. It stood at USD 148.0 billion in 2020.
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COVID-19 Pandemic to Propel Growth in Consumer Health Segment Globally
The COVID-19 pandemic has disrupted import and export activities of various companies worldwide. But, a few of them, including GlaxoSmithKline Plc, Sanofi S.A., Johnson Johnson Private Limited, and others have declared that they have exhibited growth in terms of revenue in their consumer health or OTC segment. As per a report published by Johnson Johnson Private Limited in 2020, the demand for TYLENOL surged amid the pandemic. Our research reports will help you to select the best strategy to take your business to a whole new level.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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Segments-
Cough Cold RemediesSegment Held 21.8% Share in 2020: Fortune Business Insights™
Based on the product type, the market is divided into analgesics, cold cough remedies, digestives intestinal remedies, skin treatment, vitamins minerals, and others. Out of these, the cough cold remedies segment earned 21.8% in terms of the over the counter drugs market share in 2020. The cold cough remedies segment is anticipated to dominate in the near future because of the surging prevalence of cough and cold owing to seasonal changes among populations.
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Report Coverage-
The report aims to analyze this industry by considering contributions, prospects, and trends. It offers detailed profiles of every key company operating in the industry to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as collaborations, new product launches, partnerships, mergers, joint ventures, and acquisitions.
Drivers Restraints-
Increasing Launch of Innovative Products by Companies to Bolster Growth
The presence of multiple OTC drug manufacturers in the market is set to aid growth across the globe. Most of them are persistently striving to introduce novel over-the-counter drugs by conducting extensive research and development activities. In December 2020, for instance, Sonoma Pharmaceuticals, Inc. joined hands with Crown Laboratories, Inc. to market and sell their products in the U.S. OTC dermatological market. It would enable the latter to sell Sonoma’s Microcyn technology gels and dermal sprays targeting pain and itch. Such initiatives by major companies are expected to accelerate the OTC drugs market growth in the upcoming years.
However, drug addiction and drug abusing practices by using pain relief, diarrhea, and cough medicines may restrain the market growth. As per a report by the Substance Abuse and Mental Health Services Administration (SAMHSA) and the Addiction Center, 3.1 million people belonging to the age group of 12 to 15 years have used cold and cough medication for getting high in the U.S.
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