Over the counter (OTC) drugs are non-prescription medicines, which are sold directly to consumers without any prescription from doctors and other healthcare professionals. The OTC drugs are regulated by governmental bodies to ensure that the ingredients used are safe and effective for use without a physician's supervision. These drugs are regulated by active pharmaceutical ingredients (APIs) not final product. Dietary supplements are intended to provide nutrients to increase the quantity of consumption or provide non-nutrient chemicals that have biologically beneficial effects to users. These supplements are available across all distribution channels such as pharmacies, grocery stores, shopping marts, online pharmacies, and other retailers. The global over the counter (OTC) drugs & dietary supplements market was valued at $223 billion in 2016, and is expected to reach at $335 billion by 2023, registering a CAGR of 5.9% from 2017 to 2023.
The global over the counter (OTC) drugs & dietary supplements market is driven by improvement in lifestyle & ageing of baby boomers, rise in consumer awareness related to preventative healthcare, and proliferation of distribution channels. In addition, increase in trend of self-directed consumers and self-medication for the treatment of primary health conditions have fueled the market growth. However, stringent regulations by FDA and other governing bodies related to the safety & efficacy of OTC medications have delayed the approval restricting the market growth. Furthermore, minors, i.e. individuals under 18 years of age, are restricted to buy certain medications, which consist addictive chemicals, impeding the market growth.
The global over the counter (OTC) drugs & dietary supplements market is segmented based on category, dosage form, product, distribution channel, and geography. Based on category, it is divided into vitamin and dietary supplements, cough & cold products, analgesics, gastrointestinal products, sleep aids, otic products, wart removers, mouth care products, ophthalmic products, botanicals, antacids, smoking cessation products, feminine care, and others. On the basis of dosage form, it is classified into tablets, hard capsules, powders, ointments, soft capsules, liquids, and others. Based on product, it is categorized into branded and generic drugs. Based on distribution channel, it is divided into pharmacies, grocery stores, vitamin & health food stores, online pharmacies, and others.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest market share in 2016, and is expected to maintain its dominance throughout the forecast period. This is attributed to the high consumer base especially for dietary supplements as consumers are more health conscious. However, Asia-Pacific is expected to emerge as a lucrative area for market players, due to increase in disposable income along with a shift in the consumer preference towards self-medication, improvement in healthcare facilities, and rapid development of economic conditions.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global over the counter (OTC) drugs & dietary supplements market along with current trends and future estimations to elucidate the imminent investment pockets.
Comprehensive analyses of factors that drive and restrict the market growth are provided in the report.
Comprehensive quantitative analysis of the industry from 2016 to 2023 is provided to enable stakeholders to capitalize on the prevailing market opportunities.
Extensive analysis of the key segments of the industry helps in understanding the trending products across the various regions.
Key market players and their strategies are provided to understand the competitive outlook of the industry.
KEY MARKET SEGMENTS
By Category
Vitamin & Dietary Supplements
Cough & Cold Products
Analgesics
Gastrointestinal Products
Sleep Aids
Otic Products
Wart Removers
Mouth Care Products
Ophthalmic Products
Botanicals
Antacids
Smoking Cessation Products
Feminine Care
Others
By Dosage Form
Tablets
Hard Capsules
Powders
Ointments
Soft Capsules
Liquids
Others
By Product
Branded Drugs
Generic Drugs
By Distribution Channel
Pharmacies
Grocery Stores
Vitamin & Health Food Stores
Online Pharmacy
Others
By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Argentina
Turkey
South Africa
Saudi Arabia
Rest of LAMEA
KEY PLAYERS PROFILED
Pfizer Inc.
Novartis International AG.
Roche Holding AG
Merck & Co., Inc.
Sanofi S.A
Johnson & Johnson
Gilead Sciences
GlaxoSmithKline plc.
Bayer Healthcare AG
AstraZeneca plc.
The other players in the value chain include (profiles not included in the report)
Alacer Corp
Alcon Inc.
Alfresa Pharma Corporation
Alkalon A/S
Alliance Healthcare
Allergan, Plc.
Reckitt Benckiser Plc.
Bausch & Lomb
AbbVie Inc.
The Colgate-Palmolive Company
