The global OTC pharmaceuticals market size was valued at USD 117,913.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. This can be credited to the rising prevalence of nutritional supplements from the consumers of the U.S. and China. The market is majorly driven by high demand for over-the-counter products. There is an increase in cough and cold cases among people. The increasing availability of gels and ointments will enhance the sales of analgesics products. Moreover, the rising popularity of anti-platelet tablets in the Asia Pacific will further drive the market.
Product innovations by the key players will contribute to market growth. Moreover, the growing customer preference for over-the-counter analgesics is a prominent trend to boost market growth. Technological advancement in the pharmaceutical industry will spur market growth. However, time-consuming drug approval process is restricting market growth. At present, key players are focusing to provide pain-reliever with particularly long-lasting action. Hence the analgesics market is expected to perform significant market growth during the forecast period.
Due to the Covid-19 pandemic the sales of cold, cough medicine was increased by over 25.0% in the U.S. The supply chain of the OTC pharmaceutical market had strongly reflected the positive growth during the pandemic era. Local drug stores, hospital pharmacies, and retail pharmacies are improving the sales statistics during the pandemic era owing to the rising demand for paracetamol to recover the fever symptoms after the vaccination activity.
The cold and cough remedies segment accounted for the largest revenue share of over 30.0% in 2020 owing to increasing demand for these drugs due to the rising prevalence of cough and cold cases. Rising aging population is also another factor driving segment growth over the forecast period. Cold, cough medicines are the most common over-the-counter medicines purchased by people. Moreover, physicians recommend the use of these medicines only after minor health issues such as cough, cold and fever. But in various other countries, these medicines are sold directly to the patients without prescription as per their rules and regulations.
The analgesics segment is expected to register the highest CAGR of 6.3% from 2021 to 2028 due to its growing adoption of paracetamol. Rising demand for liquid-filled aspirin capsules from the consumers of the U.S. and U.K. to recover from rheumatologic diseases will enhance the segmental growth during the forecast period.
The offline segment dominated the market for OTC pharmaceuticals and accounted for the largest revenue share of 70.0% in 2020. The demand for OTC Pharmaceuticals is rising among customers due to more sustainability offered by these offline stores than any other channel. Hence the segment is projected to show growth during the assessment period. Ease of hard cash transaction services, trustworthy relationship with domestic consumers are the other factors that will propel market growth during the forecast period.
The online segment is estimated to showcase significant growth over the forecast period. OTC pharmaceuticals can be purchased at a low price via online platforms. Such channels have the ability to provide various benefits such as free shipping charges, coupon benefits, and other offers. Moreover, many online types from the rising incidence of app-based sellers that are significantly popular are also driving the segment over the forecast period.
North America dominated the over-the-counter pharmaceuticals market for OTC pharmaceuticals and accounted for around 45.0% revenue share in 2020 due to the high demand for OTC medicine products in the U.S and Canada. Also, the increasing cases of respiratory disease will drive the market over the forecast period. The increasing population of old age people and growing air pollution are driving the growth of the market for OTC pharmaceuticals.
In Asia Pacific, the market for OTC pharmaceuticals is expected to witness a CAGR of 5.4% from 2021 to 2028. This can be credited to the increasing demand for OTC pharmaceuticals medicine in this region. The rising prevalence of the respiratory disease has led to rising demand for OTC pharmaceuticals types. Hence this region is estimated to show the fastest growth rate over the forecast period.
Companies' main focus is on innovating new types of OTC pharmaceuticals to meet the increasing demand. Various new players are entering the market for OTC pharmaceuticals due to low entry barriers. Companies' main focus is to provide over-the-counter medicines at lower cost. The prime key players are focusing to procure pain-killers which are effectively used to recover acute pain. Fast-acting activity with a non-drowsy effect is propelling the market growth. Multiple companies are targeting to launch arthritis pain relief gel and other OTC medicines. Some of the prominent players in the over-the-counter (OTC) pharmaceuticals market include:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 123.3 billion |
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Revenue forecast in 2028 |
USD 171.3 billion |
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Growth Rate |
CAGR of 4.8% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Types, distribution channel, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Germany; U.K.; France; China; Japan; South Africa; Brazil |
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Key companies profiled |
Johnson & Johnson; Reckitt Benckiser Group plc; Bayer AG; GlaxoSmithKline plc; AstraZeneca plc; Pfizer Inc.; Sun Pharmaceutical Industries Ltd.; Novartis AG; Prestige Brands, Inc.; Procter & Gamble |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global OTC pharmaceuticals market report on the basis of types, distribution channel, and region:
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