OTC Products - Worldwide | Statista Market Forecast (2024)

Analyst Opinion

The OTC Products (Pharmacies) market in worldwide is experiencing significant growth and development.

Customer preferences:

Customers in the OTC Products (Pharmacies) market are increasingly seeking convenience and accessibility. They prefer to have easy access to a wide range of products without the need for a prescription. This trend is driven by the desire for self-care and the increasing awareness of the benefits of preventive healthcare. Customers also value competitive pricing and the availability of trusted and reliable brands.

Trends in the market:

One of the key trends in the OTC Products (Pharmacies) market is the expansion of product offerings. Pharmacies are diversifying their product portfolios to cater to the changing needs and preferences of customers. This includes the introduction of new and innovative products, such as natural and organic remedies, vitamins and supplements, and personal care items. Pharmacies are also focusing on providing specialized services, such as medication management and health consultations, to enhance the overall customer experience. Another trend in the market is the increasing adoption of e-commerce. Pharmacies are leveraging online platforms to reach a wider customer base and provide convenient shopping options. Online pharmacies offer the convenience of home delivery and easy access to product information and reviews. This trend has been accelerated by the COVID-19 pandemic, as customers have turned to online shopping for their healthcare needs.

Local special circumstances:

The OTC Products (Pharmacies) market in each country has its own unique set of circumstances that influence its development. For example, in developed countries with well-established healthcare systems, pharmacies play a significant role in providing accessible and affordable healthcare. In contrast, in developing countries with limited access to healthcare facilities, pharmacies serve as primary points of care and play a crucial role in improving healthcare outcomes. In some countries, regulations and restrictions on the sale of certain OTC products may impact the market. For instance, some countries have stricter regulations on the sale of medications, requiring a prescription for even common OTC drugs. This can limit the growth potential of the OTC Products (Pharmacies) market in those regions.

Underlying macroeconomic factors:

The growth of the OTC Products (Pharmacies) market is closely tied to macroeconomic factors such as population growth, urbanization, and income levels. As the global population continues to grow and urbanization increases, the demand for healthcare products and services, including OTC products, is expected to rise. Rising disposable incomes in many countries also contribute to increased spending on healthcare and wellness products. Furthermore, the aging population is driving the demand for OTC products. As people age, they often require more healthcare products and services to manage chronic conditions and maintain their health. This demographic trend is expected to fuel the growth of the OTC Products (Pharmacies) market in the coming years. In conclusion, the OTC Products (Pharmacies) market in worldwide is witnessing significant growth and development. Customer preferences for convenience, accessibility, and competitive pricing are driving the expansion of product offerings and the adoption of e-commerce. Local special circumstances, such as healthcare systems and regulations, vary across countries and impact the market's development. Underlying macroeconomic factors, including population growth, urbanization, and income levels, also play a significant role in shaping the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

OTC Products - Worldwide | Statista Market Forecast (2024)

FAQs

OTC Products - Worldwide | Statista Market Forecast? ›

The OTC Products market worldwide is projected to achieve a revenue of US$368.90bn in 2024. It is expected to exhibit an annual growth rate (CAGR 2024-2028) of 4.59%, leading to a market volume of US$441.50bn by 2028.

What are the top 5 OTC categories by sale? ›

OTC Sales Statistics
Category2020 (in millions)2021 (in millions)
Hand Sanitizer606322
Heartburn280278
Hemorrhoid Treatment3232
Jock Itch77
29 more rows

What products are considered OTC? ›

OTC Supplies
  • Pain relievers and fever control medicine (e.g., acetaminophen, ibuprofen)
  • Decongestants (e.g., Sudafed*)
  • Expectorant (e.g., Mucinex, Robitussin)
  • Antihistamines (e.g., Benadryl)
  • Saline nasal spray.
  • Cough drops.

What is the OTC market in the US? ›

The over-the-counter (OTC) market helps investors trade securities via a broker-dealer network instead of on a centralized exchange like the New York Stock Exchange. Although OTC networks are not formal exchanges, they still have eligibility requirements determined by the SEC.

What is an example of an OTC market? ›

Examples of over-the-counter stocks and securities include derivatives (especially non-standardized), foreign currency, ADRs, and new issues.

What is the most popular OTC drug? ›

The 10 most common over-the-counter medicines used worldwide include:
  • Acetaminophen.
  • Ibuprofen.
  • Fexofenadine.
  • Loratadine.
  • Hydrocortisone creams.
  • Dextromethorphan.
  • Pseudoephedrine.
  • Bismuth subsalicylate.
Jan 5, 2023

What are the 2 main types of OTC medication? ›

Over-the-counter pain medicines can help with headache, arthritis pain, sprains, and other minor joint and muscle problems.
  • Acetaminophen -- Try this medicine first for your pain. ...
  • Nonsteroidal anti-inflammatory drugs (NSAIDs) -- You can buy some NSAIDs, such as ibuprofen and naproxen, without a prescription.
Jul 8, 2023

What are the products of the OTC market? ›

Some of the products most commonly traded OTC include stocks, bonds, derivatives, and currencies. Most shares offered OTC are called penny stocks since they trade for less than $5 per share.

How do you identify OTC products? ›

The FDA requires most OTC and prescription drug tablets and capsules to have an imprint. This code -- combined with the pill's size, color, and shape -- helps you tell it apart from other medications.

What can be traded on OTC market? ›

The over-the-counter market refers to securities trading that takes place outside of the major exchanges. There are more than 12,000 securities traded on the OTC market, including stocks, exchange-traded funds (ETFs), bonds, commodities and derivatives.

What is the best OTC trading platform? ›

Best for Low Costs

Fidelity offers free OTC market stock trading. Other brokers usually charge some type of fee for trading the over-the-counter market, but Fidelity does not. It's hard to beat free and Fidelity provides it, along with free stock and ETF trading, too.

What products can I buy with my OTC card? ›

Eligible items include:
  • Nicotine replacement therapy items.
  • Band aids and first aid supplies.
  • Food scales.
  • Oral hygiene care products.
  • OTC antibiotic creams/ointments.
  • OTC antihistamines and allergy sprays.
  • OTC cold/cough/flu drugs.
  • OTC pain relievers.

How many companies are on OTC? ›

There are approximately 10,000 OTC securities that make up a wide array of different companies, including large-cap American Depositary Receipts (ADRs), foreign ordinaries, and small and micro-cap growth companies.

What is considered OTC products? ›

Over-the-counter (OTC) medicines are those that can be sold directly to people without a prescription. OTC medicines treat a variety of illnesses and their symptoms including pain, coughs and colds, diarrhea, constipation, acne, and others.

What are the disadvantages of OTC? ›

Disadvantages
  • Higher risk. Volatility: OTC stocks are often more volatile than their exchange-listed counterparts. ...
  • Limited information and transparency. ...
  • Lack of liquidity. ...
  • Potential for fraud. ...
  • Limited analyst coverage.

How many OTC products are there? ›

The new drug approval and OTC Drug Review processes play an essential role in ensuring that OTC drugs are both safe and effective for their intended uses. OTC drugs marketed in the United States (U.S.) have been estimated at between 100,000 to 300,000 products.

What do OTC brands sell? ›

What are over-the-counter (OTC) medicines? Over-the-counter (OTC) medicines are those that can be sold directly to people without a prescription. OTC medicines treat a variety of illnesses and their symptoms including pain, coughs and colds, diarrhea, constipation, acne, and others.

What is a OTC drug classification? ›

Over-the-Counter Drugs

OTC drugs are typically used to alleviate medical conditions with mild symptoms, such as common cold, gastritis, and others. Over-the-counter drugs usually contain relatively safe ingredients with a low risk of side effects.

What is the most common OTC medication used by elderly people? ›

The most commonly used NOAs among the elderly included paracetamol, acetylsalicylic acid (ASA) and ibuprofen. Patients consumed the medications for intractable headaches, toothaches, fevers, colds and joint disorders.

What is Category I in the OTC? ›

FDA's Current Regulation of OTC Drugs

Category I: generally recognized as safe and effective for the claimed therapeutic indication; Category II: not generally recognized as safe and effective or unacceptable indications; or.

References

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