Over-The-Counter Drugs Market Growth: Regional Growth and Forecast
Over-The-Counter
Drugs Market size was valued at USD 166 billion in 2022 and is expected to
reach at USD 254 billion by 2030, and grow at a CAGR of 5.5% over the forecast
period of 2023-2030.
The Over-The-Counter Drugs Market Report provides a
comprehensive analysis of the global Over-The-Counter Drugs market,
highlighting key trends, growth drivers, challenges, and opportunities. The
report aims to assist industry stakeholders in making informed decisions and
formulating effective strategies.
The Over-The-Counter (OTC) drugs market has witnessed
significant growth in recent years, driven by various factors such as
increasing self-medication practices, rising healthcare costs, and the growing
prevalence of minor ailments. OTC drugs refer to medications that can be
purchased directly by consumers without a prescription from a healthcare
professional.
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One of the key advantages of OTC drugs is their
accessibility and convenience. Consumers can easily obtain these medications
from pharmacies, supermarkets, or online platforms, eliminating the need for
doctor visits and reducing waiting times. This accessibility factor has made
OTC drugs particularly popular for treating common ailments like headaches,
colds, allergies, and digestive issues.
Moreover, the cost-effectiveness of OTC drugs compared to
prescription medications has further fueled their demand. With rising
healthcare costs and insurance limitations, many individuals find it more
affordable to purchase OTC drugs for minor health concerns rather than seeking
medical advice or getting a prescription. This affordability factor has also
contributed to the market's growth.
KEY MARKET SEGMENTS
By Product Type
·
Analgesics
·
Cold & Cough remedies,
·
Digestives & Intestinal remedies
·
Skin Treatment
·
Others
By Distribution Channel
·
Drug Stores & Retail Pharmacies,
·
Hospital Pharmacies
·
Online Pharmacies
Major Players Listed in the Report are as Follows:
Johnson & Johnson, Bayer Ag, Novartis Ag, Sanofi,
Pfizer, Takeda pharmaceutical, Reckitt Benckiser group and Others.
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