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
Market Size Value in US$ 2, 93,255.40Million in 2019 Market Size Value by US$ 4, 92,102.49Million by 2027 Growth rate CAGR of 6.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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OTC Drug and Dietary Supplement Market: Strategic Insights
| Market Size Value in | US$ 2, 93,255.40Million in 2019 |
| Market Size Value by | US$ 4, 92,102.49Million by 2027 |
| Growth rate | CAGR of 6.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Type ; Form ; Distribution Channel , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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