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Over the Counter (OTC) Drugs Market Size

Report ID: GMI1884
Published Date: Dec 2022
Report Format: PDF

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Over the Counter Drugs Market Size

OTC Drugs Market size reached more than USD 162 billion in 2022 and is anticipated to exhibit over 5% CAGR from 2023-2032.

A steady shift from Rx, or doctor’s prescribed drugs to OTC drugs across pharmaceutical companies in developing nations, notably the U.S. will complement industry growth. Pharma giants are rapidly switching to OTC models allowing drug stores to compensate for the revenue losses rendered by patent expiry concerns pertaining to Rx. OTC has many benefits such as easy off-the-shelf availability, cost effectivity, and improved accessibility.

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Growing concerns associated with substance abuse and incorrect diagnosis may impede the sale of OTC drugs. While OTC drugs are safe if consumed in the recommended dosage, they can be easily abused like illegal prescription drugs. Drug abuse is a big concern across several countries as it increases the risk of kidney failure, memory loss, and heart problems, and can even be fatal in some cases.

Over the counter (OTC) Drugs Market Report Attributes
Report Attribute	Details
Base Year:	2022
Over the counter (OTC) Drugs Market Size in 2022:	USD 162 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5%
2032 Value Projection:	USD 266 Billion
Historical Data for:	2018 to 2022
No. of Pages:	151
Tables, Charts & Figures:	169
Segments covered:	Product, Distribution Channel, and Region
Growth Drivers:	Pharmaceutical companies switching from Rx to OTC drugs, especially in the U.S. Growing trend of self-medication in developing economies Significant cost savings due to OTC drug usage in Asia Pacific and Latin America
Pitfalls & Challenges:	Several concerns pertaining to incorrect diagnosis and substance abuse

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market size for OTC drugs reached over USD 162 billion in 2022 and is anticipated to exhibit over 5% CAGR from 2023-2032

Gastrointestinal products is estimated to surpass USD 25 billion by 2032 owing to the rising prevalence of digestive disorders.

Asia Pacific Over the Counter drugs market size is poised to reach over USD 108 billion by the end of 2032 driven by the rising geriatric population and growing inclination toward non-prescription drugs.

Bayer AG, Sanofi, Johnson & Johnson Services Inc., Cipla, Inc., Glenmark Pharmaceuticals Ltd., Dr. Reddy's Laboratories, Viatris, Inc. are some of the leading companies in the market.