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The global over the counter drugs market size reached a value of USD 179.06 billion in 2023. The market is likely to grow at an annual rate of 6.9% in the forecast period of 2024-2032 to reach a market value of USD 326.43 billion by 2032.
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Over the counter (OTC) drugs can be sold directly to the patient without the need for any prescription. There are different categories of OTC drugs including nutritional drinks, healthcare products, healthcare devices, vitamins and supplements, immunity boosters, protein supplements, and several other products.
With an increasing burden of chronic diseases, there is a surge in the demand for the over-the-counter drugs. This has led to the increased production of such medications, attributing to over the counter (OTC) drugs market growth. In developing countries, people tend to adopt the concept of self-medication due to lack of proper resources and underdeveloped healthcare infrastructure. Such factors also influence the market growth significantly. To meet the increasing demand and popularity of OTC drugs, key market players and major pharmaceutical companies are also shifting their focus from prescription to over the counter drugs.
Rising Approvals to Boost Over the Counter (OTC) Drugs Market Share
In July 2023, the United States FDA approved the first ever over the counter oral contraceptive pill, that will be made available in both online as well as offline stores in early 2024. Opill, the progestin only pill is expected to minimize the scope of unwanted pregnancy by offering a prompt and effective alternative to the consumers. The rising initiatives to expand the accessibility of drugs for multiple indications is projected to boost the market value of OTC drugs in upcoming years.
Surge in Research Activities to Meet the Rising Over the Counter (OTC) Drugs Market Demand
In January 2024, Petros Pharmaceuticals announced that avanafil (Stendra), an oral phosphodiesterase 5 inhibitor formulated for treating erectile dysfunction, showed positive results in the phase 2 equivalent self-selection study (SSS) for over-the-counter (OTC) use. The open label study was particularly designed to allow patients select a certain product present on the drug facts label (DFL). Around 78% of the consumers were able to self-select and use avanafil with the help of DFL. This demonstrates that rising prevalence for over the counter drugs to offer convenient and affordable solutions to the consumers.
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Market Breakup by Product Type
Market Breakup by Dosage Form
Market Breakup by Route of Administration
Market Breakup by Distribution Channel
Market Breakup by Region
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Geographically, North America is anticipated to dominate the regional markets. The market growth can be attributed to the presence of strategic key players, rising incidence of product launches, and a preference for over-the-counter drugs. The market is also propelled by the increasing incidence of FDA approvals for critical medical conditions.
Europe is the fastest-growing region in the over-the-counter drugs market, owing to increasing research and development activities, and rising awareness of over-the-counter drugs amongst the general population. In addition, collaborations between public and private entities to bring economical, convenient, and advanced solutions to the consumers is expected to drive over the counter (OTC) drugs market growth in the region.
The rising infrastructure development, leading to launch of new drug stores and pharmacies are anticipated to enhance the Asia Pacific market share as well.
In March 2023, Perrigo Company plc, a leading provider of consumer self-care products received the United States FDA approval for the combination of Acetaminophen and Ibuprofen tablets. Developed as the OTC version of Advil Dual Action Tablets 250 mg/125 mg, the drug can be found useful for treating multiple pain relief symptoms. The market has been witnessing a surge in approvals from the regulatory authorities which is expected to boost the over the counter (OTC) drugs market share in the forecast period.
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
Please note that this only represents a partial list of companies, and the complete list has been provided in the report.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Dosage Form |
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| Breakup by Route of Administration |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market attained a value of about USD 179.06 billion in 2023 driven by the increasing incidence of drug approvals from prominent regulatory bodies across the globe.
The market is anticipated to grow at a CAGR of 6.9% during the forecast period of 2024-2032 and is likely to reach a market value of USD 326.43 billion by 2032.
The increasing prevalence of chronic diseases, viral and seasonal infections, rising number of clinical trials and research activities to bring affordable and accessible solutions to the consumers are driving the market demand.
Key market players launching new OTC drugs is one of the major market trends. In March 2023, Perrigo Company plc, received the United States FDA approval for their latest pain relief OTC drug. Developed as an alternative to Advil Dual Action Tablets 250 mg/125 mg, the combination of Acetaminophen and Ibuprofen tablets can be used as a potent alternative.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
Product types include analgesics, cold, cough, and flu products, gastrointestinal products, ophthalmic products, and dermatology products, among others.
Common dosage forms include tablets, capsules, liquids, creams, ointments, and powders among others.
Various routes of administration include oral, injectable, and topicals among others.
Based on distribution channels, segments are hospital pharmacy, online pharmacy, and retail pharmacy among others.
Key players involved in the market are Johnson & Johnson, GlaxoSmithKline plc, Bayer AG, Sanofi S.A., Pfizer Inc., Novartis International AG, Reckitt Benckiser Group plc., Takeda Pharmaceutical Company Limited, Boehringer Ingelheim., Perrigo Company plc, Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Procter & Gamble Co., Prestige Consumer Healthcare Inc., Perrigo Company plc., Taisho Pharmaceutical Holdings Co., Ltd., Mylan N.V., Church & Dwight Co., Inc., Alvogen, and Cipla Limited.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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