Global Over the Counter (OTC) Drugs Market Report, published by Variant Market Research, forecast that the global market is expected to reach $273 billion by 2024 from $125 billion in 2016; growing at a CAGR of 10.2% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 10.8% and 10.4%, respectively, during the forecast period.
Convenience in direct purchase, and increased consumer awareness towards treatment of minor health issues are the major factors driving the global OTC drugs market. Moreover, quick availability and high consumer acceptance has also supplemented the growth of the market. However, lack of awareness among uneducated consumers, majorly in the rural areas and problems involved in taking wrong medications would act as a restraint for the market. Product innovation and expansion in untapped markets of developing economies would unfold attractive business opportunities for the market in the coming years.
The global Over the Counter drugs market has been bifurcated on the basis of type and geography. By type the market is segmented into analgesic & pain relievers, dermatological products, cough, cold, and flu products, vitamin supplements, mineral supplements, ophthalmic products, and others (Include digestive products, sleep aids & weight loss products). The ophthalmic products segment is further categorized into dry eye, glaucoma, allergic & infective drugs, and other treatments.
Geographically, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest market share in 2016 due to high demand for OTC drugs in the U.S. Asia-Pacific accounted for around one third of the global market share driven by increased consumer awareness in countries such as China and Japan. In terms of growth, Asia-Pacific is expected to grow at the fastest CAGR of 10.8% during the forecast period 2016-2024.
Major players in the global Over the Counter (OTC) drugs market are Lucentis, Restacis, Vigamox, Sanofi, Bayer AG, Merck KGaA, Novartis AG, Pfizer Inc., Johnson & Johnson Inc., GlaxoSmithKline Plc, Alkem Laboratories Limited, and Teva Pharmaceutical Industries Ltd., among others.