Overview and Scope
OTC drugs refer to pharmaceuticals that are available over the counter and are used to treat common medical disorders and dietary supplements are created to increase the amount of certain nutrients or bioactive compounds in the diet they are not meant to treat, prevent, or cure disease.
Sizing and Forecast
The otc drug and dietary supplement market size has grown strongly in recent years. It will grow from $310.97 billion in 2023 to $331.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increased number of fitness enthusiasts, demographic shifts and aging population, regulatory approvals and safety standards, pharmacy and retail expansions, marketing and advertising strategies.
The otc drug and dietary supplement market size is expected to see strong growth in the next few years. It will grow to $438.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to personalized nutrition and supplements, nutraceutical innovations, expansion of functional foods, global health crises and preparedness, government initiatives for wellness. Major trends in the forecast period include product innovations, clean label and natural ingredients, cannabidiol (cbd) and hemp-based products, sustainable and eco-friendly packaging, partnerships and collaborations.
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Segmentation & Regional Insights
The otc drug and dietary supplement market covered in this report is segmented –
1) By Category: Vitamin And Dietary Supplements, Cough And Cold Products, Analgesics, Gastrointestinal Products, Sleep Aids, Otic Products, Wart Removers, Mouth Care Products, Ophthalmic Products, Other Categories
2) By Dosage Form: Tablets, Hard Capsules, Powders, Ointments, Soft Capsules, Liquids, Other Dosage Forms
3) By Application: Pharmacies, Grocery Stores, Vitamin And Health Food Stores, Online Pharmacies
North America was the largest region in the OTC drug and dietary supplement market in 2023. The regions covered in the otc drug and dietary supplement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
A rise in pharma R&D expenditure is expected to boost the OTC drug and dietary supplement market going forward. R&D investment can be defined as the expenses undertaken by a company for developing, designing, and enhancing its offerings. Increased expenditure can boost innovation and productivity in designing and formulating OTC, and dietary supplements. For instance, according to a report published by the European Federation of Pharmaceutical Industries and Associations, a Belgium-based pharmaceuticals-based trade association, in 2021 European health industries invested about 41.5 billion euros ($44.47 billion) for R&D expenditure, an increase compared to 39.65 billion euros ($42.49 billion) in 2020. Therefore, a rise in pharma R&D expenditure is driving the OTC drug and dietary supplement market.
Key Industry Players
Major companies operating in the otc drug and dietary supplement market report are Pfizer Inc., Johnson & Johnson Ltd., F. Hoffmann-La Roche AG, Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A, AstraZeneca plc, Abbott Laboratories Inc, GSK plc, Gilead Sciences Inc., Reckitt Benckiser Plc., Teva Pharmaceutical Industries Ltd., Alcon Inc., Bausch Health Companies Inc., Sun Pharmaceutical Industries Ltd., Church & Dwight Co Inc, Perrigo Company plc, Dr. Reddy’s Laboratories Ltd., Cipla Limited, Glenmark Pharmaceuticals Limited, Alkem Laboratories Ltd, Nutraceutical International Corporation, Procter & Gamble Health Limited, Reese Pharmaceutical Company, UPM Pharmaceuticals Inc, Gemini Pharmaceuticals Inc., Pharmavite LLC, Now Health Group Inc., Alfresa Pharma Corporation
The otc drug and dietary supplement market report table of contents includes:
1. Executive Summary
2. OTC Drug And Dietary Supplement Market Characteristics
3. OTC Drug And Dietary Supplement Market Trends And Strategies
4. OTC Drug And Dietary Supplement Market – Macro Economic Scenario
5. Global OTC Drug And Dietary Supplement Market Size and Growth
…
32. Global OTC Drug And Dietary Supplement Market Competitive Benchmarking
33. Global OTC Drug And Dietary Supplement Market Competitive Dashboard
34. Key Mergers And Acquisitions In The OTC Drug And Dietary Supplement Market
35.OTC Drug And Dietary Supplement Market Future Outlook and Potential Analysis
36. Appendix
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