OTC Drugs Market To Witness Huge Growth By 2030

The global OTC drugs market size is estimated to be USD 164.65 billion in 2021 and reach USD 269.36 billion in 2027, registering a CAGR of 8.55% during the forecast period, 2021-2027. Over-the-counter (OTC) drugs are defined as the class of medicines that can be acquired directly by a consumer devoid of a prescription from a healthcare professional. OTC drugs are often known as non-prescription medicines. These drugs are safe and effective choices if they are administered in accordance with the directions delivered by healthcare professionals. Over-the-counter drugs are essentially used to treat conditions that do not require direct medical consultation. The OTC drugs market is booming with the allowance of earlier high-priced drugs, leading to a significant shift to the OTC category.

Factors Affecting the OTC Drugs Industry over the Forecast Period
The increasing adoption rate of over-the-counter drugs for treating minor diseases and increased R&D expenditure, coupled with the growing government funding in OTC drug development, will raise the demand for OTC drugs, offering growth to the global market.

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Factors such as the easy availability & affordability of OTC drugs in pharmacies, growing demand for personalized medicines among consumers, and diverse product portfolio for healthcare business are further anticipated to drive the global growth of the OTC drugs market.

Technological advancements regarding OTC drugs applications in developing countries also boost up the growth of the OTC drugs market in the healthcare and pharmaceutical sector across the globe significantly.

However, drug abuse, drug addiction, lack of knowledge among people on drugs, and strict government regulations on approval of drugs may restrain the growth of OTC drugs in the global market over the forecast period.

Impact of COVID-19 on OTC Drugs Market
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