The OTC (over the counter) drug and dietary supplement market encompasses products that consumers can purchase without a prescription for self-care and health maintenance.
The OTC drugs and dietary supplement market consists of sales, by entities (organizations, sole traders and partnerships), of OTC drugs and dietary supplement. OTC drugs are used to treat various minor health issues, while dietary supplements provide nutritional support, such as vitamins, minerals, and other substances. These products are widely utilized by individuals seeking to manage minor ailments or boost their overall health without the need for medical consultation. They play a critical role in public health by offering accessible and often more affordable options for symptom relief and wellness.
The global OTC drug and dietary supplement market was valued at $223,312.9 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.0%.
Rise In Pharma Research And Development (R&D) Expenditure
During the historic period, the rise in pharma research and development (R&D) expenditure drove the growth of the OTC drug and dietary supplement market. Increased investment in research and development (R&D) resulted in the creation of advanced OTC drugs and dietary supplements. These innovations encompassed superior formulations, enhanced delivery methods and improved safety standards, enhancing product appeal among consumers. For instance, according to a report published by the European Federation of Pharmaceutical Industries and Associations, a Belgium-based pharmaceuticals-based trade association, in 2021 European health industries invested about 41.5 billion euros ($44.47 billion) for research and development (R&D) expenditure, an increase compared to 39.65 billion euros ($42.49 billion) in 2020. Therefore, a rise in pharma research and development (R&D) expenditure supported the growth of the OTC drug and dietary supplement market.
New Over-The-Counter Option For Opioid Overdose Reversal
Companies operating in the OTC drug and dietary supplement market are deploying new over-the-counter options for opioid overdose reversal. It facilitates access to a critical life-saving intervention, potentially lowering fatalities in emergency scenarios where immediate medical help may be limited or unavailable. For instance, in April 2024, Amneal Pharmaceuticals, Inc., a US-based generics and specialty pharmaceutical company, has announced the U.S. FDA approval and availability of its over-the-counter (OTC) Naloxone Hydrochloride (Naloxone HCI) Nasal Spray, USP, 4mg. This product is a generic equivalent to OTC NARCAN(R) HCI Nasal Spray and is intended for the emergency treatment of opioid overdoses, including those involving heroin, fentanyl and prescription opioids. Amneal's Naloxone HCI Nasal Spray is formulated to quickly reverse the life-threatening effects of an opioid overdose by binding to opioid receptors and restoring normal respiration within two to three minutes in individuals whose breathing has significantly slowed or stopped.
The global OTC drug and dietary supplement market is fragmented, with a few large number of players operating in the market. The top ten competitors in the market made up 21.5% of the total market in 2023.
OTC Drug And Dietary Supplement Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global OTC drug and dietary supplement market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for OTC drug and dietary supplement? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The OTC drug and dietary supplement 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 OTC drug and dietary supplement 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 category, by dosage form and by distribution channel.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the OTC drug and dietary supplement market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by category, by dosage form and by distribution channel in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) 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 is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- 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 OTC drugs and dietary supplement 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 Category: Vitamin And Dietary Supplements; Cough And Cold Dosage Forms; Analgesics; Gastrointestinal Dosage Forms; Skin; Other Categories
- 2) By Dosage Form: Tablets; Hard Capsules; Powders; Ointments; Soft Capsules; Liquids; Other Dosage Forms
- 3) By Distribution Channel: Pharmacies; Grocery Stores; Vitamin And Health Food Stores; Online Pharmacies
- Companies Mentioned: Nestle S.A.; Procter & Gamble Co.; Haleon plc; Abbott Laboratories; Sanofi S.A.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; 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; OTC drug and dietary supplement 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.