The European Over-the-counter drugs market was estimated at USD 56.64 Million in 2022. It is projected to reach USD 83.54 Million by 2027, growing at a CAGR of 8.08% between 2022 and 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. Furthermore, the drugs help in relieving pains and aches, and some of the drugs help to prevent illness and conditions such as athlete's foot and 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. However, 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 of 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, are expected to encourage market growth. Growing competition between the players for developing effective and affordable medications is expected to expand the OTC drugs market growth in Europe. Furthermore, an increase in the advancement in the technology for developing innovative and affordable products for 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 European market.
The growing demand for self-medication and drugs across the European region is anticipated to result in the OTC drugs market growth in Europe. Self-medication OTC drugs can be available to every consumer in pharmacy stores at a minimal price. During the COVID-19 pandemic, the consumption of OTC drugs has increased due to the lack of doctor consultations for minor issues in their body to reduce the virus spread.
Furthermore, growing approvals for over-the-counter drugs is another significant attribute promoting the market’s expansion. Growing product launches of new OTC drugs for minor issues such as colds, flu, fever, headache, body pains, and others are expected to favor the over-the-counter drugs market growth in the European region. The increasing efforts by the key market participants are expected to boost the market growth. Several manufacturers that produce over-the-counter drugs have accelerated their manufacturing activities to meet the growing demand and manufacturing OTC drugs in various dosages to satisfy the needs of all age groups. Several manufacturers are doing aggressive promotional activities to increase their product sales, which is expected to favor the market growth in this region. The increasing consumption of nutritional supplements among Europeans drives the European over-the-counter drugs market. The awareness regarding the advantages associated with nutritional supplements is increasing and resulting in growing adoption. Nutritional supplements can complete protein and vitamin gaps and helps to stay fit.
However, the stringent government policies for the 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 side effects and allergies, such as nausea, and dehydration, that affect the European market growth of OTC drugs.
This research report on the European OTC Drugs Market has been segmented and sub-segmented into the following categories:
By Product Type:
Based on product type, the cough, cold, and flu segment had a significant share of the over-the-counter drugs market in Europe in 2021, and the domination of the segment is expected to continue throughout the forecast period. The availability of various drugs, increasing incidence of cough and cold among people, growing aging population in Europe, and increasing pollution levels are propelling the growth of the segment.
By Formulation Type:
Based on the formulation type, the tablets segment led the market in 2021. Europe is one of the regions that had a significant impact by COVID-19. During the COVID-19 pandemic, the consumption of drugs in tablet form has increased significantly.
By Distribution Channels:
The European region accounted for the second largest in the global OTC drugs market in 2021 and 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 reimbursement 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 65 years. Furthermore, the increase in the adoption of OTC drugs for self- medications purposes increases the growth 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 most significant European market share over the forecast period. Furthermore, it is anticipated to witness a significant share during the forecast period. This is because 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 contribute 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 the 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, a growing population, and implementing key market strategies. Furthermore, due to the rapid increase in the developing market and the adoption of an unhealthy lifestyle, smoking and physical inactivity are 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 contributing to the North American OTC drugs market. However, the loss of patent protection leads companies to switch to OTC.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: email@example.com