The size of the European Over-the-counter drugs market was estimated at USD 56.64 Million in 2022. It is further projected to reach USD 83.54 Million by 2027, growing at a CAGR of 8.08% between 2022 to 2027.
The growing geriatric population significantly contributes to the European OTC drugs market as the senior population is vulnerable to various chronic diseases such as cancer, diabetes, and cardiovascular diseases. As the drugs help in relieving pains and aches and some of the drugs helps to prevent illness and conditions such as athlete’s foot, tooth decay as well as helps to manage recurring problems such as allergies and migraine are the major causes that are increasing the demand for the OTC drugs in the European market.
Other factors such as increasing disposable income, growing awareness about health, and consumption of junk food, which majorly leads to lifestyle disorders, are expected to influence the over-the-counter drugs market in the European region. In addition, new channels of accessibility in the emerging markets in retail outlets and supermarkets in emerging countries such as Germany, the UK, and Italy are uplifting the OTC drugs market.
On the other hand, the growing adoption rate towards OTC drugs, increasing disposable income, and favorable reimbursement policies propel market growth. Moreover, the increasing initiatives and investments from government and non-government firms for research purposes such as developing drug delivery systems with the increase in the medical and healthcare infrastructure is expected to encourage market growth.
Growing competition between the players for developing effective and affordable medications is expected to expand the market growth. Furthermore, an increase in the advancement in the technology for developing innovative and affordable products for the consumers and development in the consumers inclined towards adopting self-medication for some illnesses such as fatigue and anxiety are accelerating the demand for OTC drugs in the market.
However, the stringent government policies for approval of drugs and concern about the abuse of drug substances are majorly restricting the market's growth. Also, lack of awareness about the drugs in some rural areas and inappropriate medications due to incorrect self-diagnosis may lead to various types of side effects, allergies such as nausea, dehydration that affect the European market growth of the OTC drugs.
This research report on the European OTC Drugs Market has been segmented and sub-segmented into the following categories:
By Product Type:
By Formulation Type:
By Distribution Channels:
Geographically, the European region accounts for the second-largest market in the global OTC drugs market, and it is expected to register a prominent growth rate during the forecast period. The regional market growth is attributed to well-established healthcare infrastructure, increasing healthcare expenditure, and favorable reimbursements policies. In addition, the increase is due to the rising population with the rise in the growth of older people in the region that is Europe has more than 90.4 million people who are more than or 65 years. Furthermore, the increase in the adoption of OTC drugs for self- medications purposes increases the demand in the market. The major growth contributors in the region are Germany, the UK, Italy, France, and Spain.
The German OTC Drugs market is predicted to account for the largest share of the European market over the forecast period. Furthermore, it is anticipated to witness a significant share during the forecast period. The increasing preference for OTC products is enhancing the considerable market growth in the country. Also, the Rapid shift from Rx to OTC, the presence of pharmaceutical companies, and favorable reimbursement policies are contributing to the market growth.
In the same way, the UK is most likely to witness a significant share in the European OTC drugs market in the coming years owing to the Rapid shift from Rx to OTC, well-established healthcare infrastructure, and presence of key market players.
On the other hand, emerging countries like Italy, France, and Spain are estimated to showcase promising shares in the OTC drugs market. The market growth is expected to be driven by increased initiative and funding from government and non-government firms in the medical and healthcare system, growing population, and implementation of key market strategies. Furthermore, due to the rapid increase in the developing market and the adoption of an unhealthy lifestyle, smoking, physical inactivity is accelerating the need for OTC drugs.
KEY MARKET PLAYERS:
A few of the key players in the European Over-The-Counter Drugs Market profiled in this report are GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi, and Takeda. They are the top companies that contribute to the North American OTC drugs market. However, the loss of patent protection is leading the companies to switch to OTC.
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