OTC Drug and Dietary Supplement Market Growth & Forecast 2031

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.

OTC Drug and Dietary Supplement Market Analysis

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.

OTC Drug and Dietary Supplement Market Overview

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.

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OTC Drug and Dietary Supplement Market: Strategic Insights

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OTC Drug and Dietary Supplement Market Drivers and Opportunities

Growing Preference for Non-Prescription Drugs over Prescription Drugs

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.

R&D Activities by Market Players to Offer Improved OTC Drugs – An Opportunity 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.

OTC Drug and Dietary Supplement Market Report Segmentation Analysis

Key segments that contributed to the derivation of the OTC Drug and Dietary Supplement Market analysis are product, type, form, and distribution channel.

• Based on product, the OTC Drug and Dietary Supplement Market is segmented into cough and cold products, vitamins and dietary supplements, analgesics, gastrointestinal products, sleep aids, oral care products, ophthalmic products, antacids, feminine care, and others. The analgesics segment held the largest market share in 2023.
• Based on type, the OTC Drug and Dietary Supplement Market is bifurcated into branded and generic. The generic segment held the largest market share in 2023.
• By form, the market is segmented into tablets, capsules, powders, ointments, liquid, and other. The tablets segment held the largest share of the market in 2023.
• In terms of distribution channel, the market is segmented hospital and retail pharmacies, retail stores, online channels, and others. The hospital and retail pharmacies segment held the largest share of the market in 2023.

OTC Drug and Dietary Supplement Market Share Analysis by Geography

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.

OTC Drug and Dietary Supplement Market Regional Insights

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.

OTC Drug and Dietary Supplement Market Report Scope

OTC Drug and Dietary Supplement Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. GlaxoSmithKline plc
2. Sanofi
3. Johnson and Johnson Services, Inc
4. Abbott
5. AbbVie Inc
6. Bausch Health Companies Inc

Disclaimer: The companies listed above are not ranked in any particular order.

OTC Drug and Dietary Supplement Market News and Recent Developments

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:

• Emcure Pharmaceuticals announced its entry into the over-the-counter (OTC) market, with its product Galact.  Enriched with the potency of Shatavari and six other herbs, Galact is meticulously formulated to boost breast milk production for mothers. (Source: Nuffoods Spectrum, Press Release, 2024)
• McKesson launched its Foster & Thrive assortment of private brand over-the-counter (OTC) health and wellness products. According to the company, the new brand will unify McKesson’s private brand portfolio which includes OTC products sold under the Health Mart and Sunmark brands. (Source: Bareback Media Pvt. Ltd, Press Release, 2023)

OTC Drug and Dietary Supplement Market Report Coverage and Deliverables

The “OTC Drug and Dietary Supplement Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles