The U.S. Over the Counter Drugs Market size was worth USD 24.61 billion in 2022 and is estimated to grow at a CAGR of 6.2% to reach USD 33.25 billion by 2027.
The market is showcasing evident potential in the mentioned forecasting period. Over-the-counter (OTC) drugs are effective and safe drugs that can be bought without a prescription from pharmacies and local stores. Aspirin, Acetaminophen, and ibuprofen are the most common OTC drugs in the United States.
OTC medicines provide 24/7 access to healthcare options for busy families and caregivers. It is estimated that in the United States, there are a total of 2.9 billion retail trips annually to purchase OTC products. There are about 54,000 pharmacies and more than 7,50,000 retail outlets in the United States to avail of the OTC drugs. On average, United States households spend about $338 per year on Over-the-Counter Drugs.
A proactive approach towards ailments drives United States Market for OTC drugs, and the shift from Rx-to-OTC among people represents the core driver of market growth. In addition, an increasing number of mergers and acquisitions play a crucial role in reshaping the United States OTC drugs market.
Changes in cultural attitudes toward self-medication for minor health problems, the convenience of direct purchase, affordability of over-the-counter drugs, high adoption and acceptance in developing markets, savings enabled by the use of over-the-counter drugs, and drug innovations and developments are a few of the key factors driving the U.S. over-the-counter drugs market. In addition, the rising prevalence of ailments such as gastrointestinal disorders, dermatological infections, obesity, sleep disorders, and flu, to name a few, is driving up medicine demand.
In the United States, the growing tendency to switch from prescription to over-the-counter (OTC) drugs is expected to boost the market growth in the coming years. To improve and increase self-medication, companies are moving prescription medications to OTC drugs. In addition, the cost-effectiveness of OTC medications boosts demand for them even more. The FDA in the United States has approved the conversion of five prescription pharmaceuticals to over-the-counter medicines. In 2020, the US OTC pharmaceuticals market accounted for 96 percent of North America's revenue.
The high reactivity rate has further spurred the market growth to the country's availability and use of non-prescription medications. Furthermore, certain American organizations educate the younger generation on using these medications safely to avoid drug abuse. Some, such as tooth decay and athlete's foot, prevent or treat diseases. Other drugs can help with chronic problems, including migraines and allergies. The Food and Drug Administration (FDA) in the United States determines whether a medicine is safe and effective enough to be sold over the counter.
Inappropriate self-diagnosis resulting from incorrect medicines is one of the limiting factors projected to hamper the growth rate of the U.S. OTC drugs market during the forecast period. Many over-the-counter cough and cold medicines have resulted in medication errors and adverse side effects in patients.
This research report has been segmented & sub-segmented the U.S. OTC drugs market into the following categories:
The OTC pharmaceuticals business is innovation-driven, relying on introducing new treatments for a variety of diseases with varying degrees of severity and efficacy. Consumer confidence has grown due to product developments in OTC pharmaceuticals, which has resulted in increased demand for OTC drugs. Although the North American region has a large share in the global market, the United States has a small share compared to other global leaders. This could be due to the US government's strict regulatory requirements regarding labeling medications as OTC. However, there has been a shift in public perception of the OTC market in recent years. Self-medication is on the rise in the United States, and demand for over-the-counter (OTC) medications is also on the rise. With the increased focus on personal health, the COVID-19 outbreak has significantly impacted medicine sales. Manufacturing businesses expanding the number of OTC medicines available in the region and switching prescriptions to OTC treatments all contribute to the market's growth. According to the National Institute of Health, 93 percent of Americans would instead treat minor ailments with over-the-counter medications than seek professional help, and 85 percent of parents would instead treat minor ailments in their children with over-the-counter medications than seek professional help. As a result of this, a larger market is developing.
KEY MARKET PLAYERS:
A few of the noteworthy companies in the United States Over the Counter Drugs Market profiled in this report are Eu Yan Sang International Ltd, Bayer AG, Johnson & Johnson, GlaxoSmithKline plc, Merck Pte Ltd, Sunward Pharmaceutical Pte Ltd, Beacons Pharmaceuticals (Pte) Ltd.
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