Over The Counter Drugs Market Contemplated to Witness a Significant CAGR of 5.93% by 2027, Analyzes DelveInsight

Las Vegas, USA, May 25, 2022 (GLOBE NEWSWIRE) — Over The Counter Drugs Market Contemplated to Witness a Significant CAGR of 5.93% by 2027, Analyzes DelveInsight

The Over The Counter (OTC) Drugs market is witnessing an explosion in product demand owing to numerous reasons such as the surge in the prevalence of different indications resulting in pain leading to the growing demand for analgesics. Moreover, the growing prevalence of gastrointestinal issues is another key factor contributing to the growth of OTC gastrointestinal drugs directly leading to a surge in the Over The Counter Drugs Market in the coming years.

DelveInsight’s Over The Counter Drugs Market Insights and Forecast report provides the current and forecast Over The Counter Drugs, upcoming innovations in the devices, individual market shares of the devices, challenges, drivers, and barriers, market trends, and key competitors in the Over The Counter Drugs Market scenario.

Some of the essential takeaways from the Over The Counter Drugs Market report: 

• According to DelveInsight analysis, North America is expected to dominate the overall Over The Counter Drugs Market during the forecasted period.
• Key Over The Counter Drugs companies proactively working in the market include Johnson & Johsnon Services Inc, BAYER AG, Novartis, Sanofi-Aventis U.S. LLC., Pfizer Inc, GlaxoSmithKline plc., Cipla Inc., Piramal Enterprises Limited, Duramed Pharmaceuticals, Inc, Glenmark Pharmaceuticals., Dr. Reddy’s Laboratories, Innovus Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., Viatris Inc, Reckitt Benckiser Group PLC, Afaxys Pharma, LLC, FOUNDATION CONSUMER HEALTHCARE, Alcon Inc and others.
• As per DelveInsight estimates, The Global Over The Counter (OTC) drugs market size was valued at USD 151.15 billion in 2021, growing at a CAGR of 5.93% during the forecast period from 2022 to 2027 to reach USD 213.08 billion by 2027.
• In December 2021, the US Food and Drug Administration approved the prescription drug Lastacaft (alcaftadine ophthalmic solution), a 0.25% to Over The Counter drug.
• In June 2021, Bayer received regulatory approval from the US FDA for their product Asepro Allergy as an OTC drug for temporary relief from nasal congestion, itch and runny nose, and other respiratory allergies.
• In July 2020, Alcon Inc received the approval from the US FDA for Pataday Once Daily Relief Extra Strength(olopatadine hydrochloride ophthalmic solution 0.7%), formerly prescribed as Pazeo®, has been approved by the Food and Drug Administration (FDA) for sale Over The Counter (OTC) in the United States.

To pick on the latest highlights related to Over The Counter Drugs get the snapshot of the key highlights entailed in the Over The Counter Drugs Market Report

Over The Counter Drugs Overview 

Over The Counter (OTC) drugs are essentially non-prescription drugs that can be obtained by consumers without any prescription from healthcare professionals. These drugs are also regulated by the concerned regulatory authorities and are efficient and safe to use. 

Over The Counter Drugs Market Insight 

Geographically, the Global Over The Counter Drugs Market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. In terms of revenue share, North America is projected to amass the largest share in revenue generation in the Over The Counter (OTC) drugs market. Some of the factors responsible for the growth of the North America Over The Counter drugs market is the number of switches from Rx to OTC status for various drugs, growing preference of Over The Counter drugs over prescription drugs, and comparatively less stringent regulatory guidelines for marketing approvals among others. One of the prominent markets in the North American region is the United States. As per the Allergy and Asthma Foundation of America (2021), allergies are the sixth leading cause of chronic illness in the United States.

Additionally, the extensive switch of the Rx medication to OTC status is another factor driving the Over The Counter Drugs market growth in the North American region. For instance, in March 2022, Nasonex 24HR Allergy (mometasone furoate) nasal spray was given the OTC status by the US FDA. Moreover, the rising healthcare costs is expected to add to the demand for the Over The Counter Drugs as they cost significantly less than prescription drugs. Thus all the factors stated above are predicted to aid in the growth of the North America Over The Counter Drugs Market during the forecast period.

Learn more about the Several Uses of Over The Counter Drugs @ Over The Counter Drugs Usage Assessment

Over The Counter Drugs Market Dynamics

One of the primary factors driving the Over The Counter drugs market growth is the upsurge in the use of analgesics due to increasing in various modalities affecting the musculoskeletal system cause problems such as arthritis, back pain, fibromyalgia among other indications such as menstrual cramps, headaches etcetera. Over The Counter drugs market is witnessing an explosion in product demand due to numerous reasons such as the surge in the prevalence of different indications resulting in pain leading to the growing demand for analgesics. Moreover, the growing prevalence of gastrointestinal issues is another factor contributing to the growth of Over The Counter gastrointestinal drugs market.  Besides the factors stated above, the rapid switch from prescription to Over The Counter status of various medications is also expected to play a key role in establishing an upward growth trend in the Over The Counter drugs market in the coming years.

However, on the other hand, the misuse of Over The Counter drugs for substance abuse, the probability of counterfeiting of Over The Counter drugs, and the possibility of adverse drug reactions may prove to be deterrents to Over The Counter drugs market growth. Besides these factors Over The Counter market was impacted by the imposition of the lockdown due to the COVID-19 pandemic. Even though this specific market maintained a high product demand during the COVID-19 pandemic, there was a significant disruption in the supply chain wherein products such as contraceptive pills, analgesics, and allergy medication witnessed a slight reduction in production in the initial phase of the lockdown leading to Over The Counter drugs market.

To gain a better understanding of the COVID-19 impact on Over The Counter Drugs get a snapshot of the Over The Counter Drugs Impact by COVID-19

Scope of the Over The Counter Drugs Market Report

• Coverage: Global
• Study Period: 2021-2027
• Market Segmentation By Therapeutic Category: Cold, Cough, & Allergy, Gastrointestinal, Analgesics, Dermatological, and Others
• Market Segmentation By Formulation: Tablets, Powders, & Capsules, Drops, Topical Creams & Ointments, Others
• Market Segmentation By Distribution Channel: Hospital Pharmacies, Retail Pharmacies (drug stores), Online Pharmacies, Others
• Market Segmentation By Geography: North America, Europe, Asia-Pacific, Rest of World
• Porter’s Five Forces Analysis
• Product Profiles
• Case Studies 
• KOL’s Views
• Analyst’s View

Delveinsight Analysis: The Global Over The Counter (OTC) drugs market was valued at USD 151.15 billion in 2021, expected to grow at a CAGR of 5.93% during the forecast period from 2022 to 2027 to reach USD 213.08 billion by 2027. 

Know more about which MedTech player is set to dominate the market @ Key Over The Counter Drugs Companies 

Table of Contents 

Gain rich insights about the latest OTC products regulatory approvals  @ Over The Counter Drugs Regulatory Landscape And Patent Analysis

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