Latest News- Over-The-Counter (OTC) Drug Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Over-The-Counter (OTC) Drug Market is being driven by New product launches in global over-the-counter drug market

The Over-The-Counter (OTC) Drug Market is expected to grow at a CAGR of 6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 56.1 billion. The global geriatric population is projected to expand significantly by approximately 1.5 billion by the year 2050, according to the World Health Organization (WHO). This demographic shift is particularly notable in developing countries, including China, India, Japan, Bangladesh, and South Korea. Elderly individuals often grapple with various health issues such as cancer, diabetes, hypertension, and blood sugar imbalances. Consequently, they frequently require medication to manage these conditions. Over-the-counter (OTC) drugs offer a convenient solution for geriatric patients seeking relief from mild symptoms, allowing them to self-medicate and maintain their independence. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Route Of Administration
  • Oral
  • Topical
  • Parenteral
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• New product launches in global over-the-counter drug market
• Rising prevalence of diseases and OTC drug use
• Favorable regulatory framework for OTC drugs

However, the market also witnesses some limitations, which are as follows:

• Price sensitivity issues associated with OTC drugs
• Disadvantages associated with OTC drugs
• Intake of wrong medication due to incorrect self-diagnosis

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Market Scope in Over-The-Counter (OTC) Drug Market Research Report

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Research Analysis Overview

The Over-The-Counter (OTC) drug market caters to various health concerns, offering solutions for pain management and symptom relief. It promotes medication adherence and ensures drug safety by reducing medication errors and drug abuse. OTC availability supports self-care practices, empowering consumers with health literacy and access to drug information resources. Pharmacist counseling and medication management are crucial for chronic disease management, while home remedies and natural remedies complement conventional treatments. Functional medicine, personalized nutrition, and lifestyle modifications contribute to healthy aging and preventive health. OTC drugs address chronic pain, fatigue, sleep disorders, mental health, stress management, immune support, digestive health, joint health, cardiovascular health, skin health, hair health, oral health, eye health, women's health, and men's health.

Market Research Overview

The Over-The-Counter (OTC) drug market encompasses businesses involved in the research and development (R&D) or production of a diverse range of healthcare products, including pain relief, cold and flu remedies, allergy relief, digestive health solutions, sleep aids, vitamins and supplements, herbal remedies, homeopathic medicine, and first aid supplies. According to Technavio, the global pharmaceuticals market, which includes manufacturers and providers of these OTC offerings, is projected to grow significantly due to several key factors. Among these, the increasing global population aging is a significant driver. By 2050, approximately one-quarter of the US population and Europe's population are predicted to be over 60 years old, necessitating a greater demand for healthcare solutions addressing the unique needs of this demographic.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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