Market Size of Spain Over-the-counter (OTC) Drugs Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.40 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Spain OTC Drugs Market Analysis
The Spain over-the-counter (OTC) drugs market registered a CAGR of nearly 5.4% over the forecast period, 2022-2027.
During the COVID-19 situation, where the population is generally avoiding hospital and clinic visits unless necessary, the trend of self-medication has been observed to increase exponentially. Over-the-counter (OTC) medicines are witnessing an unprecedented demand amid the COVID-19 crisis, owing to the restricted visits to hospitals and health professionals. For instance, in March 2020, Sandoz, one of the largest medicine providers, in Europe reported that it was increasing supplies of key antibiotics needed to respond to the COVID-19 crisis owing to the increased demand in the European countries.
The major factors propelling the growth of the Spain OTC drugs market include product innovation, growing distribution channels, an inclination of the pharmaceutical companies from Rx to OTC drugs, and increasing self-medication among the general population. The increasing healthcare costs demand better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs has increased in the past years owing to its advantages, such as it helps improve the accessibility and cost benefits of healthcare services. Thus, there is an increase in the trend toward self-medication in European countries, including Spain.
For instance, a report published in June 2020, titled "Spain Pharma Market & Regulatory Report" stated that according to the Spain's pharmaceutical market with patented drugs comprising 81% of the total in 2019 at a value of USD 24.45 billion. The generic drugs accounted for a low 14.3% of the market and over-the-counter (OTC) medicines accounted for just 4.7% of the market. The same source that, from November 1 2019, Spain's Ministry of Health implemented a price reduction across 16,454 medicines. These price cuts will impact prescription (pharmacy and hospital setting) and OTC medicines, which are expected to reduce public expenditure on medicines by USD 129 million a year. Such intitatives by the government would support the growth of the market in upcoming period.
Thus, owing to the abovementioned factors, market is expected to show growth over the forecast period. However, incorrect self diagnosis and probability of self abuse may hinder the growth of the market.
Spain OTC Drugs Industry Segmentation
Over-the-counter (OTC) medications do not need a doctor's prescription. This convenience for consumers enables the direct purchase of medicines. The Spain over-the-counter (OTC) drugs market is segmented by product (cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamin, mineral, and supplement (VMS) products, weight-loss/dietary products, ophthalmic products, sleeping aids, and other product types) and distribution channel (retail pharmacies, online pharmacies, and other distribution channels). The report offers the value (in USD million) for the above segments.
By Product | |
Cough, Cold, and Flu Products | |
Analgesics | |
Dermatology Products | |
Gastrointestinal Products | |
Vitamin, Mineral, and Supplement (VMS) Products | |
Weight-loss/Dietary Products | |
Ophthalmic Products | |
Sleeping Aids | |
Other Product Types |
By Distribution Channel | |
Retail Pharmacies | |
Online Pharmacies | |
Other Distribution Channels |
Spain Over-the-counter (OTC) Drugs Market Size Summary
The Spain over-the-counter (OTC) drugs market is experiencing significant growth, driven by factors such as product innovation, expanding distribution channels, and a shift from prescription to OTC medications by pharmaceutical companies. The trend of self-medication has surged, particularly during the COVID-19 pandemic, as individuals sought to avoid hospital visits. This has led to an increased demand for OTC medicines, which are seen as more accessible and cost-effective. The aging population in Spain, coupled with the rising prevalence of common ailments like coughs, colds, and flu, has further fueled the market's expansion. Government initiatives, such as price reductions on medicines, are expected to support market growth by making healthcare more affordable.
The competitive landscape of the Spain OTC drugs market is characterized by the presence of major players like Bayer, Pfizer Inc., Sanofi SA, GlaxoSmithKline PLC, and Reckitt Benckiser Group PLC, alongside mid-size and smaller companies that are gaining market share through technological advancements and product innovations. The market is witnessing a rise in demand for quick-relief products, such as throat lozenges and aspirin, which are popular for their efficacy and ease of access. Despite the market's growth potential, challenges such as incorrect self-diagnosis and the risk of self-abuse may pose obstacles. Overall, the market is poised for continued expansion, supported by ongoing developments and consumer preferences for convenient healthcare solutions.
Spain Over-the-counter (OTC) Drugs Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Inclination of Pharmaceutical Companies to Switch From Rx to OTC Drugs
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1.2.2 Increasing Self Medication Among the General Population
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1.2.3 High Penetration in Emerging Markets
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1.3 Market Restraints
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1.3.1 Incorrect Self Diagnosis
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1.3.2 Probability of Substance Abuse
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Cough, Cold, and Flu Products
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2.1.2 Analgesics
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2.1.3 Dermatology Products
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2.1.4 Gastrointestinal Products
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2.1.5 Vitamin, Mineral, and Supplement (VMS) Products
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2.1.6 Weight-loss/Dietary Products
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2.1.7 Ophthalmic Products
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2.1.8 Sleeping Aids
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2.1.9 Other Product Types
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2.2 By Distribution Channel
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2.2.1 Retail Pharmacies
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2.2.2 Online Pharmacies
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2.2.3 Other Distribution Channels
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Spain Over-the-counter (OTC) Drugs Market Size FAQs
What is the current Spain Over-the-counter (OTC) Drugs Market size?
The Spain Over-the-counter (OTC) Drugs Market is projected to register a CAGR of 5.40% during the forecast period (2024-2029)
Who are the key players in Spain Over-the-counter (OTC) Drugs Market?
Sanofi SA, GlaxoSmithKline PLC, Bayer, Pfizer Inc and Reckitt Benckiser Group PLC are the major companies operating in the Spain Over-the-counter (OTC) Drugs Market.