Global Over-The-Counter Drugs Market: Industry Trends, Share, Size, Growth, Opportunity And Forecast 2018-2026

 

Over-the-counter (OTC) drugs, also known as non-prescription drugs, can be used without a prescription or the need to seek treatment from a healthcare professional. They are safe and effective for treating pain, cough and cold, diarrhea, constipation, acne, and recurring migraines and allergies. They are currently available in pharmacies, convenience stores, supermarkets, and gas stations all over the world.

Trends in the OTC Drugs Market:

One of the major factors driving the market growth is the increasing use of the Over-the-counter Drugs Market to treat minor ailments among individuals. Aside from that, over-the-counter medications such as antacids, histamine-2 (H2) blockers, and proton pump inhibitors (PPIs) are used to treat and prevent heartburn or acid indigestion.

Furthermore, as a result of the coronavirus disease (COVID-19) outbreak, people are becoming more aware of the importance of self-care. This, in turn, increases nutritional supplement sales and strengthens market growth. Furthermore, key players are diversifying their product portfolios in order to broaden their consumer base and geographical presence. This, combined with an increase in regulatory approvals for switching prescription drugs to the Over-the-counter Drugs Market, is positively influencing the Over-the-counter Drugs Market. Aside from that, as healthcare costs rise, an increasing number of people are turning to over-the-counter drugs rather than consulting physicians.

Furthermore, self-medication practices can help control chronic diseases, reduce absenteeism from work, and prevent scarce medical resources from being depleted by minor ailments. Other factors driving overall sales and profitability include a growing geriatric population worldwide, rapid expansion of distribution channels, and significant growth in the pharmaceutical industry.

To increase product visibility, key players are focusing on strategic alliances and partnerships with companies in distant geographies. For example, Nuvo Pharmaceuticals, Inc. acquired an ex-US products and existing royalty streams for 'Resultz,' an OTC treatment for head lice, from Piedmont Pharmaceuticals LLC in January 2018. Alkem Laboratories Limited, GlaxoSmithKline Plc., Boehringer Ingelheim GmbH, Glenmark Pharmaceuticals Ltd., Cipla Ltd., Johnson and Johnson Inc., Pfizer, Inc., Novartis AG, Merck KGaA, Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. are key players in the global over-the-counter drugs market.