North America Over-the-Counter (OTC) Drugs Market By Product (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Minerals and Vitamin Supplements, Sleeping Aids, Ophthalmic Products), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2022–2028
- Published Date: June, 2022 | Report ID: CLS-9 | No of pages: 200 | Format:
Manifold rise in public healthcare spending, rising patient awareness, and expanding insurance coverage are accelerating market growth.
Market Size - Over USD XX billion in 2021, over USD XX billion by 2028, Market Growth - CAGR of over XX%, Market Trends – The launch of branded generics businesses offering OTC drugs and significant expansion of market coverage by multinationals pharma giants will trigger the market growth.
Industry Trends
North America OTC Drugs Market size exceeded USD XX billion in 2021 and is estimated to grow at over XX% CAGR between 2022 and 2028.
Over-the-counter (OTC) pharmaceuticals are medicines offered to consumers directly without the mandate to furnish a prescription from a doctor/healthcare professional. These are in contrast to prescription medications, which can only be sold to consumers who have a valid prescription from registered healthcare professionals/doctors.
The North America OTC drugs market is expected to undergo a dynamic transition as the increasing availability and manufacture of OTC medications for a wide variety of common illness problems will considerably increase the market revenue. The recurrence of common flu and colds increases the demand for treatments. Furthermore, throughout the projection timeframe, awareness and demand for vitamin supplements and weight reduction products will significantly add to the industry value. The cost-benefit ratio, favorable effects, and increased accessibility are also expected to drive demand for over-the-counter medications.
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COVID-19's emergence has impacted millions of individuals throughout the world, as well as various industrial sectors. The outbreak of the Coronavirus has had a significant impact on OTC medicine sales, with a greater focus on personal health during the pandemic. This has resulted in a considerable increase in the use of cold and flu medications, as well as vitamins. However, OTC medicine sales were prohibited in some areas to prevent hoarding and sustain supplies. As a result, the pandemic has had a favorable influence on the sector as well as a moderately negative impact in some locations, and it is expected to witness an increase in demand as COVID-19 prevalence declines across North America.
A significant increase in production augmenting the number of new product releases, will reshape industry growth
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Expansion of product availability in the market, as a result of the move from prescription to over-the-counter pharmaceuticals, will boost industry growth. Because OTC medications greatly reduce treatment costs, they make therapy more affordable to all patient groups. These medications are also cost-effective solutions for millions of people who do not have health insurance. Furthermore, over-the-counter medications eliminate the cost of doctor appointments. Given the broad move from Rx to OTC and lower treatment costs, the industry will experience brisk demand in the future years.
The growing population of people suffering from vitamin deficiency and obesity as a result of poor lifestyle choices will increase demand for associated OTC goods. As demand grows, manufacturers will increase their pace of moving from Rx to OTC in order to enhance their commercial position. As per the latest data available with the CDC’s National Centre for Health Statistics, 42.4% of all U.S. adults were obese as of 2017-2018. With a focus on weight loss among these individuals, the market is expected to rise at a rapid pace throughout the projected period. As a result, there is a high need for vitamin supplements.
The growing number of vitamin and mineral deficient people will increase product supply
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In 2021, mineral and vitamin supplements accounted for more than XX% of the North America OTC drugs industry. The increased prevalence of disorders caused by vitamin deficiencies in both adults and children adds to a greater need for vitamin- and mineral-based treatments.
The incidence of sickness will eventually have an impact on the need for supplements. Vitamin A insufficiency affects nearly 150 million preschool-aged children worldwide, according to the Centers for Disease Control and Prevention. Furthermore, around 1.8 billion individuals worldwide have inadequate iodine consumption. As a result, the growing number of nutrient-deficient people, together with rising demand for micronutrients for healthy development and illness prevention, would have a beneficial influence on sector growth throughout the projection period.
Adoption of self-medication, along with a burgeoning pharmaceutical sector, will boost the U.S. industry growth potential
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Owing to the widespread use of self-medication, the U.S. OTC drugs industry is expected to increase at a rate of more than XX% CAGR through 2028. In addition, an increasing elderly population with a variety of illnesses caused by deficits associated with ageing contributes to market increase. The U.S. also has a large number of players that are pursuing various expansion plans. With increased product availability and penetration, the area will see a steady increase in demand, boosting OTC product sales.
Launch of innovative solutions with enhanced features to gain a competitive edge
Among the major participants in the North America OTC industry are Johnson & Johnson, Bayer, GlaxoSmithKline, Sanofi, Dr. Reddy's Laboratories, and Cipla. These industry giants are pursuing a variety of inorganic growth techniques in order to obtain market share and a long-term competitive edge.
For instance, Amerisource Bergen entered into a strategic merger with Walgreens Boots in January 2021. Walgreens Boots Alliance Healthcare Business was amalgamated with Amerisource Bergen, helping the company re-focus its strategies to augment its retail pharmacy dominance. The two firms have joined hands to complement each other’s strength in the regional OTC market and leverage on the competitive advantage of the merger.
Walgreens Boots Alliance Healthcare Business was amalgamated with Amerisource Bergen, helping the company re-focus its strategies to augment its retail pharmacy business. The two firms are extending and increasing their commercial partnerships through this strategic cooperation.
The North America OTC Drug market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2028 for the following segments:
By Product
- Analgesics
- Cold
- Cough & Flu Products
- Gastrointestinal Products
- Minerals and Vitamin Supplements
- Ophthalmic Products
- Skin Products
- Sleeping Aids
- Weight Loss Products
- Other Products
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Other Distribution Channels
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada