Over-the-counter (OTC) drugs are medications available for purchase without a prescription from a healthcare professional. They are designed for self-care, allowing individuals to manage common health issues such as headaches, colds, allergies and digestive problems.
The over the counter (OTC) drugs market consists of sales by entities (organizations, sole traders and partnerships) of over the counter (OTC) drugs that are typically used when symptoms are mild to moderate and do not require a doctor's intervention. OTC drugs often serve as the first line of treatment for minor ailments and can act as substitutes for prescription medications in certain situations. They are widely used across various settings, including homes, workplaces and while traveling, providing convenient relief from everyday health concerns.
The global over the counter (OTC) drugs market was valued at $125,906.54 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.
Increasing Investment in Research And Development
The increasing investment in research and development contributed to the growth of the over-the-counter (OTC) drugs market in the historic period. The increasing investment in research and development (R&D) drives the growth of the over-the-counter (OTC) drug by driving innovation in self-care treatments. This investment has led to the development of more effective, safer and targeted formulations, improved drug delivery methods and enhanced regulatory compliance. Additionally, R&D fosters brand differentiation and strengthens market competitiveness, attracting consumers with advanced, science-backed OTC products. For instance, in December 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union, the EU's expenditure on research and development (R&D) increased to €352 billion ($384.42 billion) in 2022, marking a 6.34% rise from €331 billion ($361.48) in the previous year. Therefore, increasing investment in research and development drove the growth of the over-the-counter (OTC) drugs market.
Development of Bioequivalent Ophthalmic Solution to Provide Eye Allergy Relief
Major companies operating in the over-the-counter (OTC) drugs market are focusing on the development of bioequivalent ophthalmic solutions to provide eye allergy relief. It offers the same therapeutic benefits at a potentially more competitive price, presenting an opportunity to drive revenue growth, expand its ophthalmic portfolio and solidify its position in the OTC pharmaceutical market. For instance, in March 2025, Glenmark Pharmaceuticals Inc., a US-based pharmaceutical company, received final approval from the U.S. Food and Drug Administration (FDA) for its olopatadine hydrochloride ophthalmic solution USP, 0.2% (OTC). This product is recognized as bioequivalent to Alcon Laboratories' Pataday Once Daily Relief Ophthalmic Solution, 0.2% (OTC). Distribution in the U.S. will be managed by Glenmark Therapeutics Inc., USA. With the Pataday market generating approximately $50.7 million in annual sales, this approval presents a strategic growth opportunity for Glenmark to strengthen its ophthalmic portfolio and expand its presence in the over-the-counter eye care segment.
The global over the counter (OTC) drugs markets is fairly fragmented, with large number of players operating in the market. The top 10 competitors in the market made up 14.11% of the total market in 2023.
Over The Counter (OTC) Drugs Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global over the counter (OTC) drugs market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Where is the largest and fastest-growing market for over the counter (OTC) drugs? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The over the counter (OTC) drugs market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider over the counter (OTC) drugs market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics:- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by formulation type, by distribution channel and by end user.
- Key Trends:- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis:- Framework Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional And Country Analysis:- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation:- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by formulation type, by distribution channel and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth:- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape:- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies:- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking:- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard:- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions:- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments:- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies:- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets
- Conclusions And Recommendations:- This section includes recommendations for over-the-counter (OTC) drugs market providers in terms of product/service offerings geographic expansion, marketing strategies and target groups
- Appendix:- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Cough, Cold And Flu Products; Analgesics; Dermatology Products; Gastrointestinal Products; Vitamins, Mineral And Supplements (VMS); Weight Loss Or Dietary Products; Ophthalmic Products; Sleeping Aids; Other Product Types
- 2) By Formulation Type: Tablets; Liquids; Ointments; Sprays; Other Formulation Types
- 3) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Online Pharmacies; Other Channels
- 4) By End User: Specialty Clinics; Homecare; Hospitals; Other End Users
- Companies Mentioned: Bayer AG; Johnson & Johnson; GlaxoSmithKline PLC; Reckitt Benckiser Group PLC; Sanofi S.A.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; over the counter (OTC) drugs indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.