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The Global Over-the-counter Drug Market size is projected to reach a value of USD 58.54 billion at a CAGR of 6.53% between 2022 and 2027. Market growth in the drug market is driven by several factors, including the introduction of new products, increasing prevalence of diseases prompting higher usage of over-the-counter (OTC) drugs, and supportive regulatory environments. As pharmaceutical companies continue to innovate and launch new drugs, the market expands to accommodate these offerings. Furthermore, the rising incidence of various diseases contributes to a higher demand for OTC drugs, further fueling market growth. Additionally, favorable regulations that support the availability and accessibility of OTC drugs also play a significant role in driving market expansion. This combination of factors is reshaping the landscape of the global drug market, offering opportunities for growth and innovation.
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This market report extensively covers market segmentation by Route Of Administration (oral, topical, parenteral, and others ), Distribution Channel (offline and online ), and Geography (North America, Europe, Asia, and the rest of the world (ROW)).
The market share growth by the oral segment will be significant during the forecast period. The most practical, economical, and common method of drug administration is oral administration. Oral drugs are drugs that are taken orally, either as tablets, capsules, or liquids. The small intestine is normally the major site of drug absorption, and the amount of drug absorbed across the intestinal epithelium affects drug bioavailability. This is the most preferred route due to its advantages such as non-invasiveness, patient compliance, and convenience of drug delivery.
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Online drug stores had the smallest market share within the global market in 2022. A digital pharmacy operates as an Internet-based company selling medications, encompassing both legitimate and illegitimate outlets, predominantly in countries like India. These digital pharmacies include independent online-only platforms and those formed through partnerships among pharmacies. Current trends indicate a surge in e-commerce activities, including online shopping for prescription and non-prescription drugs, notably drug medications.
These digital pharmacies provide a convenient and accessible way for individuals to obtain drugs without the need to physically visit a brick-and-mortar store. The emergence of online drug store distribution channels has offered consumers the convenience of easily ordering online drugs using their mobile phones or computers.
The availability of medications for sale is primarily due to their classification as non-prescription drugs. Regulators meticulously evaluate these drugs based on their safety profile and the ease of self-administration, which enables their sale without a prescription. The medications for sale have widespread availability contributing to consumer convenience and ease of access for managing various health conditions. Additionally, many medications for sale address common health concerns such as pain relief, cold symptoms, allergies, and minor ailments, making them easily accessible to consumers for self-care purposes.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The regional market is expected to grow during the forecast period due to several factors such as population growth and increasing disposable income. Moreover, the increase in self-medication in the region and its availability, as well as the cost-effectiveness drugs, are expected to further drive the growth of the market during the forecast period. The presence of multiple medicines providers in the region is one of the major growth drivers of the market in North America. The increasing prevalence of chronic diseases in the region is also boosting the growth of the market.
The market is driven by B2C spend and consumer healthcare spending, with hospitals playing a crucial role. The market faces challenges such as Patent expiry concerns and the impact of Pharma giants. Concerns over Substance abuse and Incorrect diagnosis highlight the need for caution. Conditions like Kidney failure, Memory loss, and Heart problems underscore the importance of proper usage. Patients experiencing Fatal cases, Nausea, or Acidity should consult a Pharmacist or Doctor. Self-medication associations play a role in promoting responsible use. Understanding symptoms like Fever and Diarrhea can help in selecting appropriate medications.
The rising prevalence of diseases and pharmaceutical use is notably driving the drug market growth. The global prevalence of acute and chronic diseases including cardiovascular, neurological, orthopedic, and respiratory diseases is increasing significantly. More than 550,000 people in the United States are diagnosed with heart failure each year. According to the Centers for Disease Control and Prevention (CDC), approximately 790,000 people in the United States have a heart attack each year, of which approximately 580,000 have a first heart attack and 210,000 have a recurrent heart attack.
Risk factors such as diabetes, hypertension, tobacco use, and obesity are indeed increasing the prevalence of chronic cardiac, neurological, and orthopedic diseases. These conditions can lead to heart problems, fatal cases, fever, acidity, and nausea, highlighting the importance of early detection and management. With the rise of chronic diseases, the use of medicines has become more widespread as patients seek effective and convenient treatment options for their chronic diseases. For example, aspirin is widely used to prevent heart attacks, strokes, and other cardiovascular diseases in patients with a history of heart disease or who are at high risk of developing heart disease. Similarly, ibuprofen and acetaminophen are commonly used to reduce pain and inflammation associated with conditions such as arthritis, chronic back pain, and headaches. Therefore, increasing chronic diseases across the globe will lead to increased demand for pharmaceuticals, which will boost the growth of the market during the forecast period.
The increasing geriatric population and increasing healthcare expenses is a key trend influencing the drug market growth. The elderly population around the world is increasing year by year. Older people may prefer medicines for symptom relief. The escalating prevalence of chronic diseases alongside a rise in disposable income is propelling healthcare expenditures upward. This surge in healthcare spending presents substantial growth prospects for companies providing Emerging Healthcare Trends. Consequently, heightened healthcare expenditures are facilitating improved access to advanced drug therapies and quality healthcare facilities, presenting a positive trajectory for the global market in the forecast period, in alignment with emerging healthcare trends. Hence the burgeoning healthcare spending represents an imminent emerging healthcare trend in the market.
Price sensitivity issues associated are challenging the drug market growth. A major challenge for the global market is price sensitivity. Customers are very price sensitive as medicines are seen as less necessary than prescription drugs. As a result, they are more likely to opt for cheaper generic drugs or abandon treatment altogether. This puts pressure on manufacturers to keep prices low, negatively impacting profit margins and limiting investment in R&D. Another issue related to price sensitivity is the need for competitive pricing. As more players enter the market, companies must price their products competitively to remain relevant. This often leads to lower prices and lower profit margins. This phenomenon may also contribute to the lack of differentiation between similar products, which may adversely affect the growth of the market. When competition drives prices down, companies are forced to cut costs, which may adversely affect product quality and efficacy. Overall, price sensitivity is having a significant impact on the drug market, limiting its potential for growth and innovation during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers different types such as Abocal, Arinac, and many more. It is also involved in the manufacturing of branded generic pharmaceuticals.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest market trends and analysis opportunities from 2017 to 2027.
The market is influenced by various factors such as product sales trends, health system accessibilities, and GDP. With rising concerns over drug abuse and the need for effective report attributes to track trends, the market is evolving. Gastrointestinal products, including antacids and laxatives, are in demand due to the increasing cases of digestive cancer. The retail pharmacy segment is expanding, aided by trends like medical tourism. Skin-related conditions drive the need for OTC medicines. Patient awareness programs and compliance with drugs and cosmetics acts are crucial for promoting safe self-medications. The market's growth is supported by the easy availability and affordability of these drugs.
Furthermore, the market is shaped by various factors, including a modeling approach that considers historical data and current trends. Conditions like digestive cancer, heartburn, and constipation drive the demand for Over-the-Counter Medicines. Medical practices and adherence to Drugs and Cosmetics Act guidelines influence the market landscape. Insights from peer-reviewed journals and real-world clinical scenarios inform market strategies. The global OTC market continues to expand, offering diverse opportunities for growth and innovation in meeting consumer healthcare needs.
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Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.53% |
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Market growth 2023-2027 |
USD 58.54 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.37 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Germany, UK, Japan, and China |
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Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, Achelios Therapeutics Inc., AstraZeneca Plc, Bayer AG, BioGaia AB, Boehringer Ingelheim International GmbH, Bukwang Pharmaceutical Co. Ltd., Chr Hansen Holding AS, Cipla Ltd., CVS Health Corp., Eli Lilly and Co., GlaxoSmithKline Plc, Johnson and Johnson Services Inc., Lupin Ltd., Mankind Pharma Ltd., Novartis AG, Pfizer Inc., Reckitt Benckiser Group Plc, Sanofi SA, and Zydus Lifesciences Ltd. |
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Market dynamics |
Market Trends and Analysis, Market Forecasting, Market growth and forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Route of Administration
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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