Over The Counter Drugs Market Achieves CAGR of 4.9% with Revenue Growth US$ 201.4 Mn by 2028| Coherent Market Insights

 

Over The Counter Drugs Market

In contrast to prescription drugs, which may only be supplied to customers with a valid prescription, over-the-counter (OTC) drugs are medications sold directly to a consumer without a requirement for a prescription from a healthcare professional. In many nations, OTC medications are chosen by a regulatory body to make sure they contain components that are secure and efficient when used without a doctor's supervision. Instead of final products, OTC drugs are typically regulated based on their active pharmaceutical ingredient (API). Governments give manufacturers the freedom to combine ingredients, or combinations of ingredients, into proprietary mixtures by regulating APIs rather than particular drug formulations.

The Global Over-The-Counter Drug Market Had A Value Of US$ 143.7 Million In 2021 And Is Anticipated To Grow At A CAGR Of 4.9% From 2022 To 2028 To Reach US$ 201.4 Million. Due to the rising prevalence of diseases, rising demand for OTC medications, and the growing popularity of self-medication, the global Over-The-Counter Drug Market is expanding rapidly. Additionally, the market is anticipated to grow as pharma companies turn away from RX drugs and toward OTC medications. However, it is anticipated that factors like the likelihood of substance abuse and a lack of awareness in rural areas will impede the market's expansion.

When a medication is referred to as over-the-counter (OTC), it means that it can be purchased without a doctor's prescription. Contrarily, prescription medications need a prescription from a doctor or other healthcare provider and are only to be used by the person who has been prescribed them. Some medications may be categorized legally as over-the-counter (i.e., no prescription is necessary), but only a pharmacist may dispense them after determining the patient's needs or providing patient education. Different countries have different laws governing the places that can sell drugs, who is allowed to dispense them, and whether a prescription is necessary.

The Global Over-The-Counter Drug Market is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa based on geography. Due to the rising trend of self-medication with OTC analgesics and the introduction of new products, North America is anticipated to gain the largest market share among the regions over the course of the forecast period. OTC medications are safe and have clear labels thanks to U.S. Food and Drug Administration (FDA) regulations. There is no need for a prescription to purchase and use over-the-counter (OTC) medications. All OTC medications must therefore adhere to FDA quality, effectiveness, and safety standards.

Over The Counter Drugs Market Segmentations-

·        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

Top Companies covered are- Pfizer Inc., Perrigo Company PLC, GlaxoSmithKline PLC, Mylan NV, Bayer AG, Reckitt Benckiser Group PLC, Johnson and Johnson, Sanofi, and Takeda Pharmaceutical Company Ltd., among others.

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