Market Trends of Over The Counter Drugs Industry
The Cough, Cold, and Flu Products Segment is Expected to Witness Significant Growth Over the Forecast Period
Many different types of viruses can cause a common cold. The condition is generally harmless, and symptoms usually resolve within two weeks. Industry statistics show that the number of people suffering from cough, cold, and flu is increasing the utilization of over-the-counter (OTC) drugs. Consumers depend on OTC cough, cold, or flu medicines as they are the first resort to relieve symptoms. For instance, in December 2022, an article published by the Cochrane Database of Systematic Reviews mentioned that around 70 million workdays, 189 million school days, and 126 million workdays were missed by employees, children, and parents caring for children with a cold, respectively. As per market statistics, it is said to pose an economic burden of USD 40 billion every year in the United States.
Furthermore, in January 2024, an article published in the IJID Regions Journal reported the prevalence of respiratory syncytial virus and influenza-like illnesses that cause cough, cold, and fever was 16.2% among children below five years in Ethiopia in 2022. Thus, the higher prevalence of flu and cold is expected to spur growth as paracetamol is commonly used to manage these conditions. Owing to their easy procurement, the sale of OTC drugs for cough, cold, and flu increased globally. Thus, given the aforementioned factors, the segment is expected to boom significantly over the forecast period.
North America is Expected to Hold the Major Share in the Over-the-Counter Drugs Market During the Forecast Period
The over-the-counter drug market in North America is anticipated to grow significantly owing to factors such as the growing prevalence of infections, coupled with the adoption of self-medication to relieve symptoms and an increase in the approval of OTC drugs in the region.
Industry trends also highlights that the increasing burden of medical conditions is boosting the demand for over-the-counter drugs. For instance, in September 2022, an article published in the Journal of Pain and Therapy mentioned that migraine is an extraordinarily prevalent neurological disease, affecting about 39 million men, women, and children in the United States. The increase in patients with migraine requiring self-medication is expected to boost the market growth.
Regulatory guidelines support the utilization of over-the-counter medications in the region and contribute to market growth. For instance, in June 2022, the US Food and Drug Administration proposed a rule that non-prescription drug products with an additional condition for non-prescription use will maximize the alternatives for developing and marketing safe and effective non-prescription drug products to improve public health.
Additionally, industry trends also show that the increasing product approvals and product launches in the region are driving the growth of the market studied. For instance, in June 2023, Futura Medical received market authorization from the Food and Drug Administration (FDA) for OTC MED3000 for erectile dysfunction treatment in the United States. Additionally, in July 2023, Perrigo Company PLC received the US Food and Drug Administration approval for a progestin-only daily oral contraceptive, Opill, for over the counter (OTC) use for all ages in the United States. Thus, the sales forecast indicates that the market is expected to grow significantly in North America.
