Global Over-The-Counter Drugs Market 2023-2030: A Cost-Effective Solution for Accessible Healthcare

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Aug 04, 2023, 13:30 ET

DUBLIN, Aug. 4, 2023 /PRNewswire/ -- The "Global Over The Counter Drugs Market Outlook 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The Global Over The Counter Drugs Market has witnessed significant growth, with the market size estimated at USD 426.96 billion in 2022 and expected to reach USD 841.2 billion by 2030, growing at a CAGR of 8.84% during the forecast period. Several factors contribute to this growth, including the cost-effective nature of over-the-counter drugs for treating minor health issues, which reduces the burden on physicians and healthcare facilities. Additionally, a favorable regulatory framework further propels market expansion.

Market Dynamics

Drivers

Over-the-counter drugs offer a cost-effective solution for treating minor health issues, making them a preferred choice for consumers seeking accessible and affordable healthcare solutions. The reduced burden on physicians and healthcare facilities due to self-treatment with over-the-counter drugs contributes to market growth. Furthermore, a favorable regulatory framework supports the easy availability of these drugs without the need for a prescription.

Restraints

The market faces challenges due to the presence of substitute drugs in the saturated market. As alternatives become readily available, they can impact the demand for over-the-counter drugs.

Opportunities

The market presents opportunities through increased accessibility via retail outlets and supermarkets. The convenience of purchasing over-the-counter drugs in such locations attracts consumers. Moreover, technological advancements and product innovations offer the potential for the development of new and improved over-the-counter drugs.

Challenges

One of the key challenges faced by the market is the pressure to keep drug prices low. As consumers seek affordable options, manufacturers must balance cost considerations while maintaining product quality.

Market Segmentation & Coverage

The global over-the-counter drugs market is categorized based on product, distribution channel, and region.

Based on Product, the market includes Analgesics, Cough, Cold, & Flu Products, Dermatology Products, Gastrointestinal Products, Ophthalmic Products, Sleeping Aids, Vitamins, Minerals & Supplements, and Weight-Loss & Dietary Products. Among these, Ophthalmic Products are projected to witness significant market share during the forecast period.

Based on Distribution Channel, the market comprises Hospital Pharmacies, Online Stores, and Retail Pharmacies. Hospital Pharmacies are expected to witness significant market share during the forecast period.

Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas commanded the largest market share of 38.75% in 2022, followed by Europe, Middle East & Africa.

FPNV Positioning Matrix

The FPNV Positioning Matrix is essential for assessing the Global Over The Counter Drugs Market. It provides a comprehensive evaluation of vendors based on Business Strategy and Product Satisfaction metrics. Vendors are categorized into four quadrants: Forefront (F), Pathfinder (P), Niche (N), or Vital (V), representing varying levels of success.

Market Share Analysis

The Market Share Analysis offers insights into the current state of vendors in the market space. By comparing vendor contributions to overall revenue and customer base, this analysis provides a greater understanding of their performance and competitive landscape.

Conclusion

The Global Over The Counter Drugs Market is on a steady growth trajectory, driven by cost-effectiveness, favorable regulations, and increased accessibility through various distribution channels. While challenges such as substitute drugs and pricing pressures persist, opportunities in technological advancements and innovative product development are expected to shape the market's future. As the market expands, stakeholders must remain proactive in seizing opportunities and implementing strategic moves to gain a competitive advantage.

Key Topics Covered

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Over The Counter Drugs Market, by Product
7. Over The Counter Drugs Market, by Distribution Channel
8. Americas Over The Counter Drugs Market
9. Asia-Pacific Over The Counter Drugs Market
10. Europe, Middle East & Africa Over The Counter Drugs Market
11. Competitive Landscape
12. Competitive Portfolio
13. Appendix

Companies Mentioned

Alembic Pharmaceuticals Ltd.
Alkem Laboratories Limited
Cipla, Inc.
Dr. Reddy's Laboratories
GlaxoSmithKline PLC
Glenmark Pharmaceuticals Limited
Hetero Drugs Ltd.
Johnson & Johnson Pvt. Ltd.
Lupin Limited
Mankind Pharma
Mylan Pharmaceuticals Pvt. Ltd. by Viatris
Pfizer Inc.
Sanofi S.A.
Sun Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/3sh4b8

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