The OTC Drug and Dietary Supplement Market size was estimated to be US$ 367.01 billion in 2023 and is expected to reach US$ 680.19 billion by 2031; it is estimated to record a CAGR of 8.0% till 2031. Selection of OTC drugs for minor diseases is likely to remain key OTC Drug and Dietary Supplement Market trends.
The growing emphasis on patient-centric care, advancement in healthcare technology, cost-effectiveness of OTC drug and dietary supplements, and increasing preference for telemedicine is mainly fueling the growth of the OTC drug and dietary supplement market. In addition, increasing geriatric population, increasing home healthcare, and increasing prevalence of chronic and infectious diseases is driving the growth of the OTC drug and dietary supplement market.
Over the counter (OTC) drugs are available to the public for their general purpose. OTC medicines are available for various medical symptoms due to medical conditions such as coughs and colds, diarrhoea, heartburn, constipation, acne, pain, and others. On the other hand, dietary supplements are available OTC for fitness purposes. These OTC drugs and nutritional supplements have two type, such as branded or generic.
Government and consumers' mounting pressure on reducing pricing would help accelerate the prescription to OTC (Rx-to-OTC) transition. There is widespread support for OTC usage among physicians for fever, cold/cough, and minor ailments of that nature; beyond that, the physicians do have some reservations. Although there are generic prescription medications that are cheaper than OTC drugs, most of the OTC drugs are cheaper than prescription drugs. Non-prescription drugs are preferred because they’re readily available, more affordable and are perceived as more natural. Increasing preference for non-prescription drugs over prescription drugs due to its advantages is fueling the growth of OTC drug and dietary supplement market.
Customer confidence in OTC brands is encouraging drug manufacturers to undertake increasingly large number of research and development activities for laxatives, oral antiseptics, heartburn remedies anti-smoking products, analgesics, and nutrition aids, among other compounds that are sold OTC. This has led them to expand their manufacturing and R&D operations. For instance, Novartis Consumer Health Inc. opened its third global research and development center for OTC products in Mumbai, India. In many developed countries, the lineup of OTC drugs available to consumers is expanding. Meanwhile, in emerging countries, the use of these drugs is increasing while related healthcare systems are steady, thus, the growth is expected in OTC products. Key market players of the market apply strategies such as mergers and acquisitions for the development of the OTC drug and dietary supplement market.
Key segments that contributed to the derivation of the OTC Drug and Dietary Supplement Market analysis are product, type, form, and distribution channel.
The geographic scope of the OTC Drug and Dietary Supplement Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the OTC Drug and Dietary Supplement Market. In North America, the US holds the significant share of the OTC drug and dietary supplement market. The growth in North America is characterized by high prevalence of infectious diseases, rising government support for pharmaceutical industry, growing healthcare expenditure, rising adoption of non-prescription drugs, higher adoption of telehealth services, increase in number of service providers, and developing healthcare institutions. On the other hand, the dietary supplement demand is much higher for all the age groups in the US.
The regional trends and factors influencing the OTC Drug and Dietary Supplement Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses OTC Drug and Dietary Supplement Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 367.01 Billion |
| Market Size by 2031 | US$ 680.19 Billion |
| Global CAGR (2023 - 2031) | 8.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The OTC Drug and Dietary Supplement Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the OTC Drug and Dietary Supplement Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The OTC Drug and Dietary Supplement Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for viral antigens and strategies:
The “OTC Drug and Dietary Supplement Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: