Over the Counter Drugs Market, By Product Type (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral, and Supplements (VMS), Weight-loss/Dietary Products, Ophthalmic Products, Sleeping Aids, and Other Product Types), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, and Other Distribution Channels), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Published In : Sep 2022

Code : CMI1218

Pages :165

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Challenges And Opportunities

Global Over the Counter Drugs Market Drivers:

Inclination of pharmaceutical companies toward OTC drugs from Rx drugs is expected to boost the growth of the global over the counter drugs market during the forecast period. Rx-to-OTC switch is the transfer of proven prescription drugs to nonprescription, OTC status. This in turn save quite a bit of money for the consumer, and thus, consumers around the world are more inclined towards OTC drugs. In February 2020, the U.S. Food and Drug Administration (FDA) converted three prescription drugs to OTC drugs, increasing access to the drugs, including one for arthritis pain and two for redness of the eyes and itching due to allergies.

Favorable regulatory framework is expected to augment growth of the global over the counter drugs market over the forecast period. For instance, OTC drugs are developed under the OTC Monograph Process or through the New Drug Application (NDA) Process. OTC monographs represent regulatory standards for the marketing of non-prescription drug products not covered by new drug applications. The Food and Drug Administration (FDA) has regulated most OTC drugs, through the OTC monograph process.

Global Over the Counter Drugs Market Opportunities:

Increase in preference or demand for Over the Counter drugs around the world is expected to provide lucrative growth opportunities for players in the global over the counter drugs market. For instance, in January 2021, Hamdard Laboratories launched 12 OTC drugs that will help boost immunity. The new range of products contain ingredients such as Kalonji, Aswagandhi, Jamun powder, and Gilo along with Zafran which are known for strengthening body immunity and the overall health, Hamdard Laboratories said in a statement. These over-the-counter drugs have been launched in the Indian market.

Increase in prevalence of chronic diseases, such as diabetes, worldwide is expected to provide significant growth opportunities for players in the global over the counter drugs market. For instance, according to International Diabetes Foundation (IDF), around 537 million adults (20-79 years) worldwide are living with diabetes. Three in four adults with diabetes live in low- and middle-income countries. Moreover, the total number of individuals living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.

Global Over the Counter Drugs Market Restraints:

Lack of awareness about OTC drugs in rural areas expected to hinder growth of the global over the counter drugs market. For instance, people in rural area are not aware about the availability and benefits of OTC drugs. Lack of adequate knowledge about OTC medications may directly lead to bad outcomes, such as overuse or non-compliance to treatment programs. Awareness regarding over the counter drugs (OTC) drugs will help to lead better medical practices and will prevent any untoward medical occurrence.

Probability of substance abuse is expected to hinder growth of the global over the counter drugs market. For instance, along with the potential benefits, over the counter drugs have a drawback of substance abuse. Abuse of OTC drugs is most prevalent among teens between 13 & 16, with 1 in every 10 teens reporting the abuse of cough medicine to get high. Through vigilance and patient education, pharmacists can raise awareness of the critical need to prevent misuse and abuse of over the counter drugs (OTC) drugs.