April 21, 2020
According to a recent study titled ‘Over-the-Counter (OTC) Drugs Market Size By Product, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global over-the-counter (OTC) drugs market is expected to surpass USD 185 billion by the year 2025.
Surging geriatric population base that is highly susceptible to various ailments like joint pain will boost the demand for OTC drugs. Growing awareness about multiple diseases coupled with availability of non-prescription for these diseases is boosting the self-medication trend. Besides, shifting focus of pharma companies towards OTC from Rx pertaining to supportive federal regulations is favoring the growth of over-the-counter drugs market.
However, concerns regarding incorrect diagnosis and substance abuse could negatively impact the over-the-counter market growth. Drug abuse generally leads to numerous health problems like memory loss, heart problems, and kidney failure.
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Surging use of minerals and vitamins for improved lifestyle will stimulate the segmental growth. The report cites that in 2018, minerals & vitamins product segment controlled more than 28.5% of the overall market share. Easy access to minerals and multivitamins coupled with burgeoning demand for vitamin D supplements will broaden the industry horizon over the projected timeframe.
On the geographical front, the U.S. over-the-counter drugs market accounted for the largest share in 2016 and is set to witness exponential growth over the coming years. This growth can be contributed to the massive geriatric population and patients going through chronic illness across the region.
Currently, industry participants like GlaxoSmithKline, Bayer Corporation, Johnson & Johnson, Sanofi, Sun Pharmaceutical Industries, Pfizer, Cipla, Novartis, Dr. Reddy's Laboratories, Glenmark Pharmaceuticals, and Teva Pharmaceutical Industries are constantly investing on research and development activities to innovate new products.
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